One of the most relevant projects in the ecosystem of decentralized finance (DeFi) is Chainlink (LINK) and not precisely because it is a lending, yield farming or liquidity mining protocol, but rather because it provides a service that is vital for these and other platforms: a decentralized, secure and reliable oracle. Proving that Bitcoin is not the only cryptocurrency that is growing considerably in recent weeks.<\/p>\n\n\n\n
This currency has tools that blockchain technology uses to interact with the physical world. In other words, they are a means that allows information from the real world to be transferred to the blockchain, and in this way, smart contracts can execute actions according to this information. A bridge between the decentralized world of blockchain and the traditional one.<\/p>\n\n\n\n
In this sense, Chainlink is precisely that, a huge network of decentralized oracles that is run with the help of the Ethereum (ETH) network and an ERC-20 token that allows creating a self-sustaining, secure and above all decentralized operating infrastructure.<\/p>\n\n\n\n
The technology behind ChainLink and its use as we have seen has significant potential to improve smart contracts. Currently ChainLink operates with smart contracts issued on the Ethereum network, although they indicate that in the future they hope to incorporate their technology into more cryptocurrencies, as well, this modena has several factors that favor its growth:<\/p>\n\n\n\n
\u25b8<\/em><\/strong>It is a decentralized oracle with great extension capacity. The protocol can provide information on almost anything, something that is possible thanks to its extensible infrastructure.<\/p>\n\n\n\n \u25b8<\/em><\/strong>The system is completely decentralized and is in fact built with security-centric operation in mind and the correctness of the data being provided.<\/p>\n\n\n\n \u25b8<\/em><\/strong>The installation of the Chainlink nodes is simple to carry out, which allows the massification of the network of nodes of this network.<\/p>\n\n\n\n \u25b8<\/em><\/strong>The economic model of the protocol allows anyone with a node within the network to obtain good profits by providing the services requested by those who use the protocol.<\/p>\n\n\n\n \u25b8<\/em><\/strong>The system is completely free software and can be verified in all its instances of operation.<\/p>\n\n\n\n Also read: One of the most relevant projects in the ecosystem of decentralized finance (DeFi) is Chainlink (LINK) and not precisely because it is a lending, yield farming or liquidity mining protocol, but rather because it provides a service that is vital for these and other platforms: a decentralized, secure and reliable oracle. Proving that Bitcoin is […]<\/p>\n","protected":false},"author":1,"featured_media":2880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[196,33],"class_list":["post-2879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tutorial","tag-cryptocurrencies","tag-tutorial"],"yoast_head":"\n
Monero untraceable cryptocurrency<\/a>
Cryptocurrencies security is a growing problem<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"