Chainlink • Aug 04, 22
7 New Chainlink Keepers Features To Help Web3 Developers Innovate Faster
Dive into the latest features of Chainlink Keepers that help Web3 developers build faster and off-load complex automation challenges off-chain.
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Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards.
The price of Chainlink has risen by 14.91% in the past 7 days. The price increased by 3.87% in the last 24 hours. In just the past hour, the price grew by 0.28%. The current price is $7.286 per LINK. Chainlink is 86.22% below the all time high of $52.88.
The current circulating supply is 507,999,970.453 LINK.
Chainlink (LINK) is an Ethereum token that powers the Chainlink decentralized oracle network. This network allows smart contracts on Ethereum to securely connect to external data sources, APIs, and payment systems.
is a decentralized system of that aims to connect data and information from outside a to on-chain . Chainlink enhances smart contract capabilities by allowing access to real-world data and off-chain computing while retaining the security of blockchain technology.
Smart contracts are like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. Since smart contracts work on the blockchain, they are immutable (cannot be changed) and verifiable (everyone can see them). This ensures a high level of trust among stakeholders that they accurately reflect the terms of the agreement and will execute it if and only if conditions are met. However, businesses cannot implement smart contracts in daily transactions for real-world applications, where most data and services do not reside on the blockchain. Since smart contracts require in an on-chain format to build agreements, the challenge lies in linking outside information to blockchain smart contracts in a language both parties understand.
This is where Chainlink comes in. The platform links off-chain and on-chain data through that are software known as middleware. Oracles act as an intermediary, translating data from the real world to smart contracts on the blockchain and back again. Chainlink aims to provide a secure, decentralized, and therefore tamper-proof "blockchain-middleware" and an easy way to access the multiple inputs and outputs needed by a complex smart contract. Chainlink aims to accelerate the development of useful smart contracts through simple and secure access to important off-chain resources.
To achieve its goals, the Chainlink network aims to deliver the following:
Reliable, tamper-proof network: The platform connects extremely accurate data/ to any smart contract using decentralization, trusted nodes, premium data, and proofs. API stands for application programming interface, and it allows enterprises to share data and functionality from their applications with third-party developers, commercial partners, and internal departments.
Seamless connection to any API: Create a framework for obtaining data from any API, connecting to existing systems, and integrating with any existing or future blockchain.
Proven, ready-made solutions: Integrate pre-built, time-tested oracle solutions that have already helped market-leading decentralized apps safeguard smart contract value.
Secure off-chain computation: To automate contracts, use a decentralized network of Chainlink nodes, eliminating the need for manual intervention and centralized servers.
As per the , the platform's foundation is built on decentralized oracle networks, or DONs for short. A DON is a Chainlink network maintained by a committee of nodes and performs functions as decided by the committee. The intent of DONs is to enhance and expand the capabilities of smart contracts on a target blockchain by providing more functions than available natively. DONs accomplish it by providing security to the three core computing resources: networking, storage, and processing.
Coming to the , LINK is the native token of the platform. Users can pay Chainlink node operators using LINK tokens. The token aims to finance the platform's growth and provide an incentive to users to create more tokens. Users can pay node operators for their services using LINK tokens. Chainlink node operators LINK in the network to indicate their commitment to the network and reward good service. LINK is also used to govern the network. Hence, nodes having a higher stake are more likely to be chosen to fulfill data requests (and thus earn LINK tokens for their services). Similarly, the Chainlink network penalizes faulty or dishonest nodes by taxing their LINK stake.
is the cofounder of Chainlink. He cofounded SmartContract, which connected smart contracts to external data and widely accepted bank payments. He was also the cofounder and CEO of Secure Asset Exchange. The updated whitepaper, called Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks, was released on April 15, 2021.
Staking in Chainlink involves nodes, or network members, depositing in the form of LINK tokens. The staked funds serve as an explicit incentive and are liable to forfeiture if a node fails to deliver services or misbehaves. A comparable implicit incentive exists in the Chainlink network, referred to as future fee opportunity (FFO). Users pay fees to nodes that have a good track record or reputation. Any misbehavior by these nodes jeopardizes potential revenue earned through network participation. This process is known as slashing in the blockchain world.
To summarize, in the growing Chainlink network, there are two key economic incentives for correct oracle node behavior:
Explicit incentive for staking (token deposit stake)
Implicit incentive for future fee opportunity (FFO)
These two incentives are mutually beneficial. Oracle nodes can simultaneously participate in the Chainlink staking protocol, generating a steady stream of staking from users while also benefiting from their good behavior collectively.
The token is available on various , including but not limited to . Coinbase is a NASDAQ-listed cryptocurrency exchange that provides a wide range of services and an advanced trading platform for institutions and retail traders.
Assets with the biggest change in unique page views on coinbase.com over the past 24 hours.
The price of 1 Chainlink currently costs $7.29.
The current market cap of Chainlink is $3.70B. A high market cap implies that the asset is highly valued by the market.
The all-time high of Chainlink is $52.88. This all-time high is highest price paid for Chainlink since it was launched.
Over the last 24 hours, the trading volume of Chainlink is $437.17M.
The current circulating supply of Chainlink is 508 million.
The median time that Coinbase customers hold Chainlink before selling it or sending it to another account or address is 107 days.
Chainlink ranks 14 among tradable assets on Coinbase. Popularity is currently based on relative market cap.
Currently, 70% of Coinbase users are buying Chainlink. In other words, 70% of Coinbase customers have increased their net position in Chainlink over the past 24 hours through trading.
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