ChainLink cryptocurrency – scandalous beginning and interesting prospects

Incryptico » ChainLink cryptocurrency — scandalous beginning and interesting prospects
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Today there are many digitized contracts and agreements. Such automated documents are forced to use data from outside, which are entered into external systems. This is necessary to prove the fulfillment of the terms of contracts. Chainlink is a way to forget about inconvenience and apply smart contracts. The main effort of the development team of the developers lies on increasing ChainLink’s appliancy in securities, trade financing and insurance.

What are smart contracts

Smart contract-a breakthrough in technology that significantly affects society. Not so long ago, the use of new items was impossible for a simple user. With the advent of ChainLink cryptocurrency and creating a convenient dispersed network of oracles – this became possible.
The created network is called Link. Thanks to these components, the Bitcoin and Ethereum contracts automatically join the payments and applications systems, carrying out financial transactions. Link-creates the necessary conditions for smart contracts. Safe access is opened not only to information, but also to various functions of the API technology. In turn, Chainlink collaborates with Link tokens.
Smart contracts in the blockchain or as they are also called intellectual-open the opportunity, without using intermediaries, to exchange valuable assets or money. The difficulty in using these contracts is to connect them to programs that use the usual calculation methods. Oracles that help perform the task are intermediate software that produces the necessary access.

ChainLink cryptocurrency - scandalous beginning and interesting prospects

The scandalous beginning of Chainlink

It is interesting that the founders of open source cryptocurrencies are two people. Sergey Nazarov is a director, and Steve Ellis is a technical manager. Specialists are also involved for consultations.
Introducing their idea, the founders used Crowdsale Chainllink. Kraudseil helps startups unite people into a joint project and their money or other resources. An error was made when informing investors and in the very conduct of crowdsile. Technical points, as well as the future capabilities of Chainllink remained on top.
Preparation for the event took place within a month. Participants were supposed to make a fee in the amount of 100 Ethereum coins. For registration, an email address was required. The participants received a letter with a detailed description of the work a couple of days before the start. Everyone received the Efirium address, on which it was necessary to put no more than 7 ETH. Part of the address was hidden and opened only at the beginning of the ICO.
The campaign started, but due to the failure, the inaccessible address part, it opened only after a few minutes. Tokensil lasted 10 minutes. Many people managed to send coins. Thousands of unnecessary comments appeared. Participants independently set the total collection amount. It was 3 million dollars. Although the plans had half from 16 million. It took a few minutes to collect. Thus, many supported the company accused the creators of deceit. In fact, making a mistake, the creators ruined the reputation of their project. For a long time, users will be and remind of what has happened.

Features of Chainllink

We already know that Link is the oracles collected in the network. The user can work with protected smart contracts and the functionality and sources will become available to him, and API (simplified code). FID – entry service or file containing information about the product. The payment system provides them to create contracts, while exchanging for tokens.

Cooperation takes place with Ethereum, Bitcoin and Hyperledger. Using oracle systems, users receive remuneration. For the delivery of the service, the blockchain is collected in the chain of blocks, as well as non -block. The system holds the information received from the oracles and makes it possible to independently process. The oracle can be: VISA-by making transactions or the New York Stock Exchange-having reliable trading data.


Now the founders of the company are working hard to eliminate possible errors, when comparing smart contracts and information resources. Chainllink non -locking services will be paid by Link tokens. The number of users will create demand and determine the price criterion. Production is prepared 1 mil tokens. Distribution plans are as follows:

ChainLink cryptocurrency - scandalous beginning and interesting prospects
  • Foldsal – 35%.
  • System launch – 35%.
  • The rest covers the cost of development.
  •  Is it worth it to invest

    An important point has occurred – partnership with SWIFT, which legalizes the project. People do not need to use different sources. Now really used in smart contracts are not thorough. Chainlink may become one of the discoverers that can provide accurate, reliable sources of information from the outside.
    However, you need to be careful – it is hardly worth counting on quick income. Smart contracts, according to Chainlink developers, are poorly interacting with the outside world. Protected oracles do not solve the issue. The technology is designed to multiply the use of smart contracts in some applications. Accordingly, users will become the ChainLink market. Such a niche is quite narrow, so income is unlikely to become instant. By investing, you should think about long investments.

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