CHAINLINK: DECENTRALIZED ORACLE NETWORK

A video on Chainlink, the most popular decentrazlied oracle network. BUY CHAINLINK HERE:

• ByBit
• Binance
• Kucoin

Chainlink is a decentralized oracle network.

It enables interaction between smart contracts, real-world data, APIs, and other off-chain resources.

Chainlink ensures that smart contracts can reliably and securley access external information. Making them more versatile and enabling the creation of more complex applications.

In simple terms.

Chainlink is a bridge between the isolated world of blockchains and the vast amount of off-chain data that's available today.

There are many use cases for Chainlink.

For example accessing off-chain pricing, or FOREX pricing, everything from what the weather is to event outcomes for probability markets.

Another important use case for Chainlink is its random number generator.

Without it, blockchains struggle to generate random numbers.

Random numbers power games and gambling. 2 industries that're quite popular in crypto.

The chainlink network consists of numerous independent nodes.

Each node retrieves, verifies and delivers data from the realworld to smart contracts.

These nodes are called Oracles. And they spend their time fetching information from external sources.

Chainlink also verifies data accuracy and authenticity by using cryptographic proof and consensus mechanisms amount multiple oracles to validate information before it's accepted by a smart contract.

Chainlink is really secure. Namely, because there're multiple oracles contributing.

This eliminates single points of failure and minimizes the risk of data manipulation.

This makes Chainlink robust enough for accuracy in crucial services, such as Financial Services.

Chainlink is used heavily in DeFi, insurance, gaming, supply chain management and many more sectors.

And last but not least, Chainlink has a token. LINK.

Link is used for payments on the network. Every contract call requires LINK to process.

Link is also used to incentivise the Oracle nodes. Who earn LINK for processing data. ... https://www.youtube.com/watch?v=H_eEuD5bhdE