Blockchain Oracles for Hybrid Smart Contracts - Deepstash
Blockchain Oracles for Hybrid Smart Contracts

Blockchain Oracles for Hybrid Smart Contracts


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Blockchain Oracles for Hybrid Smart Contracts

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What is Chainlink (LINK)?

Chainlink is the most widely used oracle solution for securely connecting smart contracts to the real world. With Chainlink, developers on any blockchain can access tamper-proof, high-quality external inputs to enhance their smart contract applications. 


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What Makes Chainlink Unique?

Chainlink is one of the first networks to allow the integration of off-chain data into smart contracts.

Managed by a global, decentralized community of hundreds of thousands of people, the Chainlink Network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance, and gaming ecosystems.


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  • Due to the integration of off-chain data, Chainlink has attracted the attention of numerous trusted data providers.
  • Data providers can sell access to data directly to Chainlink, thus monetizing the information they have.
  • Chainlink allows users to become node operators and earn revenue.
  • Chainlink uses a large collection of node operators to collectively power a wide range of decentralized Price Feed oracle networks live in-production, which currently secure billions in value for leading DeFi applications like Synthetix, Aave, yEarn and more.


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Stani Kulechov - CEO

Part of composability is that you don’t have to build everything by yourself. Chainlink’s oracle is very good, and it’s part of this whole composability idea, it’s vital.


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Justin Moses - CTO

We really did our due diligence and looked around... Chainlink is definitely the most established, and every time we dealt with them the level of expertise was incredible so I feel like we are in good hands.


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Andre Cronje - Founder

Our team can sleep peacefully at night because we've just shifted all of our worries about oracles onto Chainlink. Having that peace of mind and comfort as a builder, I cannot express how vital it is.


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Alex Mashinsky - CEo

Integrating industry-leading decentralized oracle technology is the key step in the continued decentralization of Celsius. Partnering with Chainlink solidifies our mission to bring revolutionary financial services to millions around the world.


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How Is the Chainlink Network Secured?

  • As an Ethereum-based ERC-20 token, Chainlink is secured by the proof-of-stake (PoS) consensus mechanism. PoS models are becoming increasingly popular as they need less electrical power and are easily scalable.


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Highly secure and flexible infrastructure

  • Reliable, tamper-proof network
  • Seamless connection to any API
  • Proven, time-tested solutions
  • Transparent oracle computation


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Reliable, tamper-proof network

Use decentralization, trusted nodes, premium data, and cryptographic proofs to connect highly accurate and available data/APIs to any smart contract.


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Seamless connection to any API

Build on a flexible framework that can retrieve data from any API, connect with your existing systems, and integrate with any blockchain, now and in the future.


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Proven, time-tested solutions

Integrate battle-hardened and time-tested oracle solutions that secure billions of dollars in value for market-leading blockchain projects.


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Transparent oracle computation

Independently monitor and verify Chainlink’s open-source code, the performance of its oracle networks, and the quality of individual node operators.


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Chainlink greatly expands the capabilities of smart contracts by enabling access to real-world data and off-chain computation while maintaining the security and reliability guarantees inherent to blockchain technology.


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During the initial coin offering (ICO) for LINK, Chainlink announced a total and maximum supply of 1,000,000,000 LINK tokens. 

According to the ICO documentation:

  • 35% of the total token supply will go towards node operators and the incentivization of the ecosystem. 
  • Another 35% of LINK tokens were distributed during public sale events. 
  • Lastly, the remaining 30% of the total token supply was directed towards the company for the continued development of the Chainlink ecosystem and network.


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Who Are the Founders of Chainlink?

Sergey Nazarov is a co-founder and CEO at Chainlink Labs.

Sergey Nazarov began his career building peer-to-peer marketplaces, going on to the investment team at FirstMark Capital. He joined the cryptocurrency revolution in 2011, and believes it has the ability to change the way societies distribute wealth, enforce contracts, and share critical information with their citizens.


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Sergey Nazarov

If you consider how many asset managers are afraid of the existing financial system failing them, and if they go on to place even a 5% of their portfolio into Bitcoin, then $100,000 per Bitcoin is a very conservative estimate.


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Chainlink and the LINK token are among the most popular cryptocurrencies on the market. Considering this, a lot of exchanges have pushed to start offering trades in LINK. One top exchange to buy Chainlink is Binance.

Other exchanges offering trades in LINK include:

  • Huobi Global
  • Coinbase Pro
  • Kraken

Note - I also extracted some ideas and information from

Don’t Risk More Than You Can Afford to Lose!


23 reads


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