My entry for the 'Ethereum Outreach and Onboarding Initiative 2' organized by the @leofinance team. This is the second week since this outreach began aiming at onboarding Ethereum users on Hive platform via Leofinance interface. In this week's contest, participants are to write about their favorite ETHEREUM related crypto project. Now that the MetaMask sign up option has successfully been added to the Leofinance interface, the feature is going to serve as a tool in onboarding thousands of Ethereum enthusiasts and Investors. I put in the best of my effort to let Crypto enthusiasts know that they can come on platforms like Leofinance and earn money for creating contents. The most positive news right now is that Ethereum users are not left out, they can also now create contents on the interface and earn ETH. With the way this generation is going, very soon majority of Business firms will all see the need to replace the long-standing centralized automated digital agreements and the traditional legal agreements with advanced smart contracts built with blockchain technology. It is very encouraging to be in the know that majority of people across the globe have tended to save or invest in top ranking Cryptocurrencies rather than use the bank. I am introducing you guys to a project called Chainlink based on the Ethereum blockchain.
WHAT IS CHAINLINK?
Chainlink is a Decentralized blockchain oracle network that gives access to real world data, events and real-time payment. The Decentralized oracle service Network is super secure end-to-end and ensures authentic tamper-proof inputs as well as outputs for smart contracts that are considered to be complex. This simply means you can connect your smart contract to the data sources and APIs which they will be active on. You are also provided an environment where you can send payments directly from your contract to payment systems and bank accounts at anytime and anywhere. The Major objective Of Chainlink is to link the off-chain and on-chain. Smart contracts are chosen over code contracts running in a centralized means owing to the fact that there are not secure and can be deleted or interrupted at any time. Advanced smart contract projects mostly rely on data from external sources which are APIs and data feeds and have to review this data before the contract can be completed. The reason for lack of external connectivity is the method by which consensus is reached around a blockchain's transaction data and this is a problem for every smart contract network you will come across. Hence, Chainlink was introduced to serve as a trustworthy and reliable medium of providing easy and accessible connectivity between data inputs and data outputs.
PROVISION OF OFF-CHAIN INTERACTION:
This Decentralized Network offers you Solution to your inability to get connected. Off-chain resources are being interacted with for the execution of smart contracts. Chainlink project is targeting to use the smart contract medium as a way of managing tokens. Here are examples of robust smart contracts which promises to change the phase of Blockchain technology in the nearest future.
- Securities Smart Contract:
- Trade Finance Smart Contracts
- Insurance Smart Contracts
TOKEN SUPPLY:
Chainlink project is well grounded and helps push data in a reliable and secure state to APIs. The Network has it's own native token called LINK available on CoinGecko. The coin really has potential and is worth investing in. As at the time of writing this post the value of 1 LINK token is $11.10. Wallets that supports the coin are Crypto.com wallet and DeFi wallet. The coin is currently number 6 in market cap ranking on CoinGecko with a market cap of $4 billion dollars. LINK coin has a Circulating Supply of 390,509,556 tokens. The coin is available on Binance, Huobi, CoinSwitch, Kraken, Cex.io and other exchanges.
The emergence of Smart contracts technology is taking the world to an advanced level where digital agreements and transactions can be carried out and completed on a secured environment unlike centralized networks. External data are the ones used to trigger contracts making it super safe and secure. The security capacity that the decentralized oracle Network, Chainlink has is the same which smart contracts provide. Multiple chainlinks are used to evaluate data, points of failure are being terminated just before the data becomes a trigger.
The exciting thing about Smart contracts is that due to the fact that they are tamper-proof, no one gets access to interrupt the execution or disrupt the codes not even the person who created it.
This revolution should be promoted globally so most business ventures can be enlightened about how they can step up their method of carrying out traditional legal agreements, centralized automated digital agreements meaning even payments can be done smoothly with the help of smart contracts.
Read Whitepaper Here: https://link.smartcontract.com/whitepaper
DISCLAIMER: This is not a financial advice.
Contact The Team:
Security
security@chain.link
Technical Support
support@chain.link
Custom Chainlinks
custom@chain.link
Press Inquiries
press@chain.link
Learn More:
Reddit: https://reddit.com/r/Chainlink/
Telegram: https://t.me/Chainlinkofficial
Twitter:https://twitter.com/@Chainlink
YouTube: Chainlink
WeChat:https://blog.chain.link/chainlink-chinese-communities
Weibo: https://m.weibo.cn/u/7043768534
Read this article to join the Ethereum Outreach Inititative and share your ideas: @leofinance/write-about-your-favorite-ethereum-project-and-earn-crypto
Join Leofinance Discord here: https://discord.com/invite/E4jePHe
I want to specially thank the Leofinance team for this wonderful opportunity given to community members to promote the project and attract Ethereum Crypto Enthusiasts. Members will expand their knowledge about the blockchain world and how it works. Have a good one as you explore this Ethereum based project that is here to affect people's lives in a positive way. Thanks for stopping by and see you guys around.
