The Chainlink project is a decentralized platform for concluding smart contracts based on the Ethereum blockchain. The LINK cryptocurrency is used to collect fees for, among others, smart contracts.
In an innovative way, the creators of the LINK cryptocurrency solve problems related to the connectivity of smart contracts with external data sources. The utility token of the project is a cryptocurrency based on ethereum ERC-20, i.e., chainlink.
Chainlink inspires trust not only among investors but also in international clearing organizations. The project’s author is the founder of the Smart Contracts startup – entrepreneur and developer – Sergey Nazarov. In 2017, the LINK cryptocurrency was successfully tested regarding API integration with SWIFT. Additionally, chainlink is compatible with Ethereum and Bitcoin blockchain networks.
Chainlink (LINK) – a cryptocurrency for concluding smart contracts
As we mentioned, the chainlink digital currency (LINK) was created as an innovative cryptocurrency for smart contracts. Chainlink acts as an intermediary between data sources and a smart contract. Based on the Ethereum blockchain, the ERC-20 token enables the conclusion of smart contracts that can be integrated with external tools and data providers.
The versatility of this solution opens up new opportunities for users of smart contracts. The system uses functionalities known from Oracle relational databases, which are widely used worldwide for communication. In this way, the creators of chainlink took care of both business opportunities and a greater level of blockchain security. The facts above allow for optimistic forecasts of the LINK exchange rate.