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- r/chainlink
- Crypto firms among ‘greatest risks’ for money laundering in 2022-2023: UK govtCointelegraph.com News – 1 hour agoCrypto firms, wealth management companies, and retail and wholesale banking remain “particularly vulnerable” to financial crime, according to a U.K. Treasury report. Crypto firms were…
- DeFi lending giant Aave unveils V4 protocol overhaulCointelegraph.com News – 1 hour agoAave Labs shared a proposal for the next version of its protocol, which included improvements to its stablecoin, GHO. Aave Labs, the firm behind the…
- Bitcoin 4% dip may ‘panic’ short-term holders as price falls below average costCointelegraph.com News – 2 hours agoBitcoin short-term holders are currently holding a 3% unrealized loss but it “isn’t the end of the world,” according to a crypto analyst. Bitcoin (BTC)…
- BlackRock Bitcoin ETF sees first outflow day amid record ETF bleedCointelegraph.com News – 3 hours agoBlackRock’s IBIT saw around $37 million in outflows for the first time while the remaining spot Bitcoin ETFs collectively notched over $526.8 million in outflows.…
- US probes Jack Dorsey’s Block, Inc. over financial transactions: ReportCointelegraph.com News – 3 hours agoU.S. prosecutors are reportedly investigating the fintech firm after a whistleblower claimed it processed thousands of transactions for users from sanctioned countries and terrorist groups.…
What is Chainlink?
ChainLink is a decentralized oracle (software built on top of a blockchain), which provides external data to Ethereum smart contracts. ChainLink is an open source project, started at September 2017 by a company SmartContract. This company was already creating secure oracles for Bitcoin and Ethereum for over 3 years, but in 2017 decided to move towards their own middleware ChainLink. At the moment ChainLink is maintained by 3 developers.
The main purpose for creating ChainLink was to provide nnectivity between blockchains and external software such as bank payments, retail payments (Visa, Paypal), market data (NYSE, Bloomberg) and backend systems (SalesForce, SAP). This allows to integrate blockchain with off-chain sales and local payments, to turn them into smart contracts in exchange for LINK tockens. LINK token is an EIP20 Ethereum token with some additional functions. ICO for LINK tokens was completed on September 2017 raising total of $32.00 M.
Currently ChainLink only works with Ropsten, a test Ethereum network.