Proof of Work

Cryptocurrency

Base Ecosystem

Yearn Ecosystem

Ethereum Mainnet

Binance Smart Chain Mainnet

Avalanche C-Chain

Fantom Opera

Polygon Mainnet

Cronos Mainnet Beta

Arbitrum One

Klaytn Mainnet Cypress

Harmony Mainnet Shard 0

Metis Andromeda Mainnet

Huobi ECO Chain Mainnet

Aurora Mainnet

Celo Mainnet

Optimism

Gnosis Chain (formerly xDai)

Theta Mainnet

Moonriver

Emerald Paratime Mainnet

Fusion Mainnet

Telos EVM Mainnet

RSK Mainnet

Moonbeam

IoTeX Network Mainnet

OKExChain Mainnet

Boba Network

Wanchain

KCC Mainnet

Velas EVM Mainnet

Smart Bitcoin Cash

Songbird Canary-Network

CoinEx Smart Chain Mainnet

Fuse Mainnet

Shiden

Elastos Smart Chain

Callisto Mainnet

ThunderCore Mainnet

Meter Mainnet

TomoChain

Energy Web Chain

Syscoin Mainnet

Ubiq

Polis Mainnet

Zyx Mainnet

High Performance Blockchain

GoChain

Palm

Expanse Network

ThaiChain

Metadium Mainnet

Flare Mainnet

Diode Prenet

ThaiChain 2.0 ThaiFi

ELA-DID-Sidechain Mainnet

Dithereum Mainnet

ShibaChain

Genesis L1

GoodData Mainnet

TBWG Chain

Valorbit

Darwinia Crab Network

XinFin Network Mainnet

Ontology Mainnet

EOS Mainnet

Ethereum Classic Mainnet

Ellaism

SoterOne Mainnet

IDChain Mainnet

POA Network Sokol

PrimusChain mainnet

GeneChain

GateChain Mainnet

Nova Network

Garizon Stage0

Garizon Stage1

Garizon Stage2

Garizon Stage3

NEXT Smart Chain

POA Network Core

EtherInc

EtherLite Chain

Fuse Sparknet

Decentralized Web Mainnet

OYchain Mainnet

Factory 127 Mainnet

DAX CHAIN

Lightstreams Mainnet

Seele Mainnet

BMC Mainnet

BitTorrent Chain Mainnet

Arbitrum on xDai

Freight Trust Network

Permission

Setheum

SUR Blockchain Network

Web3Q Mainnet

PulseChain Mainnet

Lisinski

Rupaya

Double-A Chain Mainnet

# An Introduction to Chainlink: The Decentralized Oracle Network

Chainlink is a [decentralized network of oracles](https://coinrotator.app/category/Oracle) that provide data from off-chain sources to on-chain sources, bridging the gap between the blockchain world and the traditional administrative structures. The project was launched in June 2017, co-founded by Sergey Nazarov and Steve Ellis. It is built on the Ethereum network and uses a Proof-of-Stake consensus algorithm.

## Smart Contracts and Oracles

Smart contracts are self-executing agreements written in code and usually run on a blockchain. They can be simple, like a payment agreement, or more complex, like a decentralized financial system. However, smart contracts are limited by their inability to access real-world data, which is where oracles come into play.

An oracle is a software that acts as an intermediary, helping to facilitate a two-way data transfer between smart contracts and the real world. Chainlink's decentralized network of oracles aims to provide accurate and reliable data to blockchains, without relying on a single, centralized source.

## How Chainlink Works

Chainlink uses a series of contracts to ensure the accuracy and reliability of data provided by its oracles. These contracts include:

1. **Requesting Contract**: A user-initiated contract that requests specific data from the Chainlink network.
2. **Service Level Agreement (SLA) Contract**: A matching contract that accesses [off-chain data](https://coinrotator.app/category/Big-Data) and ensures the reliability of the data provided.
3. **Reputation Contract**: Evaluates the track record and authenticity of an oracle, determining its trustworthiness.
4. **Order Matching Contract**: Sends the request contract's query to trusted nodes, selecting suitable nodes to handle the request.
5. **Aggregating Contract**: Validates and reconciles data from multiple sources, providing a single, accurate result.

These contracts work together to ensure that the data received from Chainlink's oracles is accurate and reliable, allowing smart contracts to execute based on real-world information.

## Chainlink's Tokenomics

Chainlink's native token, LINK, is used to fund the project's growth and incentivize participation in the network. There is a maximum supply of 1 billion LINK tokens, with a current circulating supply of over 464 million tokens. The token's limited supply makes it non-inflationary, as an increase in demand will likely result in a price increase.

The distribution of LINK tokens is as follows:

- 35% allocated to network operators and oracle providers
- 30% allocated to the development of the Chainlink ecosystem
- 35% sold in public sales events, such as Initial Coin Offerings (ICOs)

Users can participate in the Chainlink network by becoming node operators themselves, earning LINK tokens by handling data-related tasks and contributing to the network's success.

In summary, the main uses of LINK tokens are to pay the network for data services and to be used as a deposit by node operators to ensure honesty and reliability.

## Team Background

The Chainlink project was co-founded by Sergey Nazarov and Steve Ellis, who bring a wealth of experience and expertise in the technology industry. Sergey Nazarov has a strong background in creating secure oracles, and Steve Ellis has experience as a software engineer with a focus on cryptography and blockchain technologies. Together, they are leading a team of skilled professionals dedicated to building and improving Chainlink's decentralized oracle network.

## Current and Upcoming Project Development

Chainlink is constantly evolving and growing, with new partnerships and integrations in the pipeline. The team is dedicated to enhancing the platform's security, scalability, and overall user experience. Integration with multiple blockchain platforms, collaboration with leading industry players, and the ongoing development of more secure, reliable, and efficient oracle mechanisms are some current focuses of the Chainlink project.

The future of Chainlink is promising, as its innovative, decentralized approach continues to address the critical challenges faced by smart contracts today. By connecting the blockchain world with valuable real-world data, Chainlink is paving the way for more advanced and practical smart contract applications.

## Conclusion

Chainlink is a unique and innovative project that aims to bridge the gap between the blockchain world and real-world data, enabling smart contracts to access and utilize accurate and reliable information. By using a decentralized network of oracles and a series of contracts to validate and aggregate data, Chainlink provides a secure and transparent solution for accessing off-chain data in a [blockchain environment](https://coinrotator.app/?category=Blockchain).

## {{name}} Price Analysis

As of {{month}} {{day}} {{year}} {{name}} has a marketcap of {{marketcap}}. 
This is {{percentagefromath}} from its all time high of {{ath}}. 
In terms of its tokenomics, there's a total supply of {{totalsupply}} with {{percentagecirculatingsupply}} currently outstanding. 
Keep in mind {{name}} has a fully diluted value of {{fdv}} which many investors might interpret as overvalued. 

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.

FINSCHIA

Bithumb

Gate.io

FINSCHIA

Price Data

Analysis

Trade

Market Cap

All-Time High

All-Time Low

Fully Diluted Valuation

Circulating Supply

Total Supply

Max Supply

Tags

Similar Coins