As developers begin to implement their chosen smart contract, they encounter the connectivity problem; their smart contract is unable to connect with key external resources like off-chain data and APIs. This lack of external connectivity is due to the method by which consensus is reached around a blockchain's transaction data, and will therefore be a problem for every smart contract network.
Smart contracts are applications that execute on decentralized infrastructure, such as a blockchain. They are tamperproof, in the sense that no party (even their creator) can alter their code or interfere with their execution. Historically, contracts embodied in code have run in a centralized manner that leaves them subject to alteration, termination, and even deletion by a privileged party. In contrast, smart contracts’ execution guarantees, which bind all parties to an agreement as written, create a new and powerful type of trust relationship that does not rely on trust in any one party. Because they are self-verifying and self-executing (i.e., tamperproof as explained above), smart contracts thus offer a superior vehicle for realizing and administering digital agreements.
The powerful new trust model that smart contracts embody, though, introduces a new technical challenge: connectivity. The vast majority of interesting smart contract applications rely on data about the real world that comes from key resources, specifically data feeds and APIs, that are external to the blockchain. Because of the mechanics of the consensus mechanisms underpinning blockchains, a blockchain cannot directly fetch such critical data.
We propose a solution to the smart contract connectivity problem in the form of ChainLink, a secure oracle network. What differentiates ChainLink from other oracle solutions is its ability to operate as a fully decentralized network. This decentralized approach limits the trust in any single party, enabling the tamperproof quality valued in smart contracts to be extended to the end-to-end operation between smart contracts and the APIs they rely on. Making smart contracts externally aware, meaning capable of interacting with off-chain resources, is necessary if they are going to replace the digital agreements in use today.
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Blockchain Enthusiast and Advisor Rated on Dec 12, 2018 Modified on Dec 12, 2018
4
5
5
27%
One of the coolest projects of this year, listed at Binance, high volumes and price growth. It is a pity they did not make a good profile here to receive good marks
Investor - Advisor Rated on Jul 13, 2019 Modified on Jul 13, 2019
4
4
4
14%
ChainLink is potentially able to solve a very common and crucial connectivity problem for many smart contracts:
Smart contracts need to interface with the data feeds, events and widely accepted payment methods that centralized digital agreements already rely on to provide value. By providing the building blocks needed by complex smart contracts in the form of critical inputs and key outputs, ChainLink seeks to enable the next generation of smart contracts to become the dominant form of digital agreement.
The project is well positioned in the market as timing, team and place are very good for rapid adoption by larger private and public blockchains. It has been able to partner already with some great names in the industry.
Timing of the ICO was good as managed to raise sufficient capital to quickly build out the project and be traded on Binance.
It is not very easy to oversee the dynamics around the token use and value and as a result to it is hard to predict how valuable the token may become in the future. The token itself is a utility token and as such should not raise regulatory issues.
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