What is ChainLink? / introduction / basics of altcoins (LINK)

Chainlink is a platform developed by SmartContract that serves as middleware.

Basic information

By making full use of this platform, smart contract applications that have only worked on one blockchain could be made available on different blockchains. In addition, Chainlink will be able to connect off-chain (external) data, APIs, real legal tender and other assets that do not use the blockchain by entering the middle.

The official website of Chainlink describes the platform as follows

Smart contracts are inherently disconnected

Blockchains are highly secure and reliable networks for value exchange but lack the functionality to natively fetch external data or send data to off-chain systems in a manner that retains end-to-end tamper-resistance.

ChainLink Official Website

Chainlink connects smart contracts to the real world

Through the use of secure oracles, Chainlink extends the functionality of blockchains by connecting smart contracts to real-world data, events, payments, and more in a highly tamper-resistant and reliable manner.

ChainLink Official Website

Features of Chainink

Ties to physical assets

Conventional smart contracts have found it difficult to interact with external physical assets, but Chainlink makes it possible to connect different blockchains by using the aforementioned “middleware. Chainlink also makes it possible to connect to external web applications and physical assets such as Paypal, VISA, bank accounts, and other payment, financial systems, and market data. Therefore, physical assets connected by Chainlink can also be strictly managed by the blockchain.

External remittance of virtual currency payments

Virtual currency transfers on the blockchain can be connected to SWIFT (Society for Worldwide Interbank Transfers), VISA credit cards, and PayPal.

We’ve introduced Chainlink, and we look forward to seeing what the future holds for Chainlink!