Plans to grow Chainlink’s oracle network and shore up its security through a new token staking system could give the project a new lease of life in the second half of 2022.
What Is Chainlink?
Chainlink is a decentralized node network that provides data and information from off-chain sources to blockchain smart contracts via oracles.
When a smart contract needs to source external data, such as Bitcoin’s price in USD, it can request it from Chainlink’s oracle network. When a contract makes a request, eligible oracles provide answers, and then a Chainlink Aggregation Contract takes all the data from the oracles and reconciles it for an accurate result. Oracles are then rewarded with LINK tokens for their efforts. While Chainlink is best known for providing oracle services to decentralized finance protocols that rely on off-chain price feeds, it also provides prompt, accurate off-chain data reports for everything from the SWIFT payment system to AccuWeather.
Currently, only Chainlink...
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