What is ChainLink (LINK)?
ChainLink is billed as a natural evolution in the world of smart contracts. A smart contract allows parties to do far more than a simple transaction – they can program a set of conditions on the blockchain to allow for a trustless transaction. Buy ChainLink (LINK) India with BuyBitcoin.
But are these conditions being met when external resources are involved, as they are in the majority of real-world scenarios? The contract doesn’t know! Enter ChainLink, a connection to external data for smart contracts.
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ChainLink has a team of 2. Below are the bio of the team members:
- Sergey Nazarov, Co-founder and CEO – Serial entrepreneur, a veteran in the blockchain space. Prior to starting SmartContract, he was the founder of Secure Asset Exchange, an exchange network similar to ShapeShift, and CryptoMail, a decentralized email service.
- Steve Ellis, Co-founder and CTO – Serial entrepreneur, having worked together with Sergey Nazarov on Secure Asset Exchange. Previously worked as a software engineer at Pivotal Labs.
- ChainLink has a strong team of advisors, including Ari Juels, Professor of Computer Science at Cornell Tech and Director of IC3, Andrew Miller, Associate Professor of Computer Science at the University of Illinois and an advisor to Zcash and Tezos, and Hudson Jameson, one of the key members of the Ethereum Foundation
The LINK Product
ChainLink aspires to be the bridge between the blockchain world and current business systems. This bridge is known as an oracle (not to be confused with the Oracle brand of databases). Without an oracle for smart contracts, a business would have to completely retool themselves into a blockchain-based operation in order to be compatible with blockchain. Perhaps they will ultimately end up there, but that journey is long and arduous – and possibly unnecessary.
ChainLink is also working on a decentralized network of oracles. If a smart contract required external data, acquiring it from a singular source returns us to the perils of centralization – a singular point which can be compromised.
Buy ChainLink (LINK) India
BuyBitcoin will soon add ChainLink (LINK) cryptocurrency to the platform. Keep visiting for updates.
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