Chainlink announces the launch of its mainnet on Ethereum ๐จ This article is 5 years old...
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Chainlink announces the launch of its mainnet on Ethereum
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Updated: Feb. 3, 2020 at 9:04 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Chainlink, a decentralized oracle service, announced the launch of its mainnet on the Ethereum network. The company is working towards achieving real-time information validation in smart contracts, saying it will have an โimmenseโ potential for adoption in various industries.
Chainlink goes live on Ethereum
Chainlink, an interoperability-focused company that aims to solve the connectivity problem in smart contracts, has quietly been developing its latest project. According to the company’s official blog post, the Chainlink network is now live on Ethereum.
The move will enable the creation of a decentralized oracle network run by multiple independent node operatorsโsomething the company has been working on for more than a year. Chainlink said that the mainnet launch followed the successful completion of three independent security audits, as well as the completion of various internal scalability and stress tests.
While the launch was hinted at earlier this year, a clear increase in demand for reliable decentralized oracle mechanisms was what led to the Ethereum mainnet launch.
Chainlink’s oracle solves the problem of trusted third parties
Put simply, oracles are the connection between blockchains and the real world and are used to feed real-world and real-time data into smart contracts. The concept itself is nothing new, but Chainlink’s implementation isโthe company’s mechanism supports Ethereum, Bitcoin, Hyperledger, and every other major blockchain.
Sergey Nazarov, the Chainlink community leader and SmartContract.com chief executive officer, explained Chainlink’s approach to solving the problem of a “single trusted third party” in blockchains. He said that the company used decentralized computation to secure smart contracts. He explained:
“The Chainlink network allows multiple independent nodes to perform decentralized computations about the accuracy of an external input before it is written into a smart contract.”
According to the company’s announcement, some of the first oracle networks on Ethereum will be focused on retrieving market prices and feeding them into smart contracts, e.g. the ETH-USD conversion rate.
The company also noted that they will have an onboarding process to list endorsed Chainlink nodes in the official documentation of the project. Other third parties will also be able to run Chainlink nodes themselves, as the project’s code is open source.
Chainlink Market Data
At the time of press 9:04 pm UTC on Feb. 3, 2020, Chainlink is ranked #15 by market cap and the price is down 1.33% over the past 24 hours. Chainlink has a market capitalization of $932.2 million with a 24-hour trading volume of $110.56 million. Learn more about Chainlink ›
Crypto Market Summary
At the time of press 9:04 pm UTC on Feb. 3, 2020, the total crypto market is valued at at $251.79 billion with a 24-hour volume of $98.91 billion. Bitcoin dominance is currently at 67.48%. Learn more about the crypto market ›
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Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
Ethereum
$3,385.44
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
SmartContract
Smart Contracts verify an execute themselves by monitoring external data sources like digital payments, GPS or any other data that can be used to objectively prove a contract’s performance.
Sergey Nazarov began his career building peer-to-peer marketplaces, going on to the investment team at FirstMark Capital.