What is the origin of ChainLink:
The origin of ChainLink can be traced back to a startup called SmartContract, which was born in 2014 . This company had the idea of taking advantage of smart contract technology , but in this case, to make agreements between all industry participants, without taking into account their ability and experience.
https://www.blockchainx.tech/bridge-smart-contract-development
Bridge Smart Contract Development Services was supported by Data Collective, an investment group based in San Francisco. Additionally, it was selected as a “2017 Cool Blockchain Application Vendor” by Gartner.
The proper names behind ChainLink (and SmartContract) are:
He has a long history in the industry, being the founder of Secure Asset Exchange, a cryptocurrency exchange platform that bears many similarities to Shape Shift. He also developed the CryptoMail decentralized email service.
Steve Ellis: Co-founder and CTO of ChainLink. He worked with Nazarov at the Secure Asset Exchange company. He has extensive experience in software development, previously working at Pivotal Labs as a software engineer.
Ari Juels: He is the one who wrote the ChainLink whitepaper in collaboration with Nazarov and Ellis. He is currently a professor of computer science at Cornell Tech and director of IC3, as well as an advisor at ChainLink.
Andrew Miller: Former Associate Professor of Computer Science at the University of Illinois. He is currently an advisor to ChainLink, as well as being an advisor to Trezos and Zcash.
Hudson Jameson: He is also an important adviser to the company and one of the most important developers of Ethereum.
the white paper
White paper developed by Steve Ellis, Ari Juels, and Sergey Nazarov . The ChainLink v1.0 whitepaper was published on September 4, 2017.
This document talks about the infrastructure of the project, the problems it solves, its on-chain and off-chain architecture, how oracles are used, reputation management, and the usefulness of the LINK token. In addition, this document shows us the idea of ChainLink to create “smarter” smart contracts that connect with external APIs to the blockchain.
what is an oracle:
They are programs that have the ability to collect information from outside a blockchain and add it to the network . This external data may be necessary for certain smart contracts. The oracles obtain the information through market data feed and web APIs for that purpose.
The power of an oracle lies in its ability to consult external sources to gather the information requested. Once the information is collected, it is processed and adapted to be entered into the blockchain. Said information will be requested by a smart contract that may need information from the “outside world” to operate.
Let’s imagine a stablecoin whose smart contract says that its price is linked to the price of gold. This smart contract has no way of knowing the price of gold, as this information is off-chain. To do this, you must communicate with an oracle that gives you this information.
Thanks to the oracles, the amount of possibilities that we can do with a smart contract increases . We could carry out the purchase/sale of goods and services, a price comparison system for different goods, create an automated asset sale system, etc.
How Chainlink works :
We can say that ChainLink’s job is to create a communication bridge between a blockchain and what is outside the blockchain . So, architecture-wise, it has two modes of operation. On the one hand, we have the operation inside and outside the blockchain.
Operation within the blockchain:
We first have a series of smart contracts within the Ethereum blockchain . These contracts, called oracles, have the ability to process user data requests seeking to take advantage of the capabilities of oracles within the network.
The Cross chain bridge development that requires information from outside the blockchain, makes a request to the smart contracts of the ChainLink network. The smart contracts of this network put the smart contract of a third party in contact with ChainLink’s own oracles. Within these smart contracts we find reputation contracts, order matching contracts and aggregation contracts.
These three types of contracts are:
Reputation Contract: Perform a history check on an oracle provider to verify the integrity of the oracle provider
Order Matching Agreement: It is a record of the agreement in the scope of service of the network user agreement and collects offer from available oracle providers
Aggregation Contracts: Makes a compilation of the collective data of the chosen oracles and balances them to find the best result
ChainLink functions, through these three contracts, perform a three-step process:
Oracle selection: When a request is made through a smart contract , a series of parameters and requirements are demanded for the data search, which is called a service level agreement (SLA). Parameters can include oracle reputation, data specs, number of oracles and required resources, etc. Now the client can filter the data and manually search for the oracles that most interest them . If you don’t want to do a manual search, you can do an automated search using a specific search engine. But it is also that the contracts can implement a penalty rate if an incorrect conduct is carried out. When a contract receives enough quality offers, the oracles are selected and the service is started.
Data report: Let’s go to a step, which we could highlight as very simple. When the oracle is chosen, they perform the requested task, gathering the information from outside the chain and feeding it into the . This information is entered in blocks so that the nodes can access the information and process it.
What is the origin of ChainLink: The origin of ChainLink can be traced back to a startup called SmartContract, which was born in 2014 . This company had the idea of taking advantage of smart contract technology , but in this case, to make agreements between all industry participants, without taking into account their ability and experience.
https://www.blockchainx.tech/bridge-smart-contract-development
Bridge Smart Contract Development Services was supported by Data Collective, an investment group based in San Francisco. Additionally, it was selected as a “2017 Cool Blockchain Application Vendor” by Gartner.
The proper names behind ChainLink (and SmartContract) are:
He has a long history in the industry, being the founder of Secure Asset Exchange, a cryptocurrency exchange platform that bears many similarities to Shape Shift. He also developed the CryptoMail decentralized email service. Steve Ellis: Co-founder and CTO of ChainLink. He worked with Nazarov at the Secure Asset Exchange company. He has extensive experience in software development, previously working at Pivotal Labs as a software engineer. Ari Juels: He is the one who wrote the ChainLink whitepaper in collaboration with Nazarov and Ellis. He is currently a professor of computer science at Cornell Tech and director of IC3, as well as an advisor at ChainLink. Andrew Miller: Former Associate Professor of Computer Science at the University of Illinois. He is currently an advisor to ChainLink, as well as being an advisor to Trezos and Zcash. Hudson Jameson: He is also an important adviser to the company and one of the most important developers of Ethereum. the white paper White paper developed by Steve Ellis, Ari Juels, and Sergey Nazarov . The ChainLink v1.0 whitepaper was published on September 4, 2017.
This document talks about the infrastructure of the project, the problems it solves, its on-chain and off-chain architecture, how oracles are used, reputation management, and the usefulness of the LINK token. In addition, this document shows us the idea of ChainLink to create “smarter” smart contracts that connect with external APIs to the blockchain.
what is an oracle: They are programs that have the ability to collect information from outside a blockchain and add it to the network . This external data may be necessary for certain smart contracts. The oracles obtain the information through market data feed and web APIs for that purpose.
The power of an oracle lies in its ability to consult external sources to gather the information requested. Once the information is collected, it is processed and adapted to be entered into the blockchain. Said information will be requested by a smart contract that may need information from the “outside world” to operate.
Let’s imagine a stablecoin whose smart contract says that its price is linked to the price of gold. This smart contract has no way of knowing the price of gold, as this information is off-chain. To do this, you must communicate with an oracle that gives you this information. Thanks to the oracles, the amount of possibilities that we can do with a smart contract increases . We could carry out the purchase/sale of goods and services, a price comparison system for different goods, create an automated asset sale system, etc.
How Chainlink works : We can say that ChainLink’s job is to create a communication bridge between a blockchain and what is outside the blockchain . So, architecture-wise, it has two modes of operation. On the one hand, we have the operation inside and outside the blockchain.
Operation within the blockchain: We first have a series of smart contracts within the Ethereum blockchain . These contracts, called oracles, have the ability to process user data requests seeking to take advantage of the capabilities of oracles within the network.
The Cross chain bridge development that requires information from outside the blockchain, makes a request to the smart contracts of the ChainLink network. The smart contracts of this network put the smart contract of a third party in contact with ChainLink’s own oracles. Within these smart contracts we find reputation contracts, order matching contracts and aggregation contracts.
These three types of contracts are:
Reputation Contract: Perform a history check on an oracle provider to verify the integrity of the oracle provider Order Matching Agreement: It is a record of the agreement in the scope of service of the network user agreement and collects offer from available oracle providers Aggregation Contracts: Makes a compilation of the collective data of the chosen oracles and balances them to find the best result ChainLink functions, through these three contracts, perform a three-step process:
Oracle selection: When a request is made through a smart contract , a series of parameters and requirements are demanded for the data search, which is called a service level agreement (SLA). Parameters can include oracle reputation, data specs, number of oracles and required resources, etc. Now the client can filter the data and manually search for the oracles that most interest them . If you don’t want to do a manual search, you can do an automated search using a specific search engine. But it is also that the contracts can implement a penalty rate if an incorrect conduct is carried out. When a contract receives enough quality offers, the oracles are selected and the service is started. Data report: Let’s go to a step, which we could highlight as very simple. When the oracle is chosen, they perform the requested task, gathering the information from outside the chain and feeding it into the . This information is entered in blocks so that the nodes can access the information and process it.