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What is Chainlink all about
Ever since Ethereum opened the door for smart contracts on blockchain technology, an entirely new realm of possibilities was brought forward for the real-world application of the technology. However, as the first iteration, Ethereum does have its limitations.
One such limitation is getting data in and out of the blockchain in order to trigger smart contracts in a secure manner. Chainlink looked to address this with oracles. Oracles are sources of data between the blockchain and the “real” world.”
Chainlink has created a network of nodes that provide information to and from the blockchain which has been welcomed as a vital piece of smart contract infrastructure. This “blockchain middleware” means Chainlink oracles can add information, like price feeds, event results, and links to traditional payment systems without sacrificing decentralization or security.
Chainlink, as a kind of middleware, is different from many blockchain projects and cryptocurrencies and means that other projects and major companies are looking to Chainlink to integrate their oracles to make smart contracts smarter.
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LINK Questions & Answers
What is the Chainlink price today?
Price of Chainlink today is 22.40 Euro.
What was the highest Chainlink price ever?
The price of Chainlink reached its highest point on 2021-05-10, when it was at 43.32 Euro.
Is Chainlink going to cost more in one month?
On the basis of our price prediction algorithm we suspect Chainlink's cost will be between €14.82 and €22.93 in one month time.
Is Chainlink going to be worth more in half a year?
Long-term forecasts are extremely difficult to make, but based on our price prediction we suspect Chainlink's value will be anywhere between €11.11 and €23.57 in half a year.
What will the price of Chainlink be in 3 months?
According to our price prediction we suspect that the price of Chainlink is likely going to be between €11.11 and €22.93 in three months.
Does Chainlink have a large following on social media?
69015 users were participating in discussing Chainlink on Reddit in the last 48 hours. Chainlink's official Twitter handle is followed by 543234 people.
Why are Oracles a big deal?
Oracles represent a new era for smart contracts as these executable agreements can now utilize data outside of the blockchain world and further maintain the decentralized aspects of smart contracts
Is Chainlink similar to Ethereum?
Chainlink, unlike many other blockchains, is not trying to emulate or improve upon Ethereum, it is rather trying to facilitate Ethereum and similar chains. By providing oracle support to smart contracts, these blockchains have the ability to be much more functional in their own execution.
What are some examples of Oracles in action?
Oracles are being seen as important parts of the growing DeFi space as they can provide price feeds for smart contracts and help with the execution of transactions in a decentralized finance space.
How does ChainLink help improve the blockchain space?
ChainLink is seen as a facilitator of smarter smart contracts. While Ethereum introduces smart contracts to the technology, oracles from ChainLink help make these contracts more operational and flexible with the verified data they can access.