• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Chainlink and Smart Contracts: Bridging to the Real World

user avatar

by Giorgi Kostiuk

a year ago


  1. What is Chainlink?
  2. History of Chainlink
  3. Use Cases and Features

  4. Smart Contracts are a major part of the blockchain that helps automate the execution of functions when set conditions are met. However, its functionality was ultimately limited due to one major drawback: lack of access to real-world data. This limitation was solved with the launch of Chainlink, a decentralized oracle network that connects smart contracts with off-chain data sources. In this article, we’ll discuss Chainlink, its history, use cases, and its workings.

    What is Chainlink?

    Chainlink can be described as a decentralized platform that operates on the Oracle network. It links smart contracts to the real world through nodes that gather data from off-chain sources. This improves the functionality of smart contracts, allowing them to engage with real-world events such as payments, booking services, and more while maintaining security and reliability. In addition to real-time data, Chainlink also involves off-chain computing and cross-chain interoperability, making it suitable for dApps that must get data from sources beyond the blockchain. LINK is used in Chainlink as a means of payment, most especially to the node operators that provide the off-chain data and services provided on the blockchain system.

    History of Chainlink

    The platform is based on the Ethereum blockchain, and its blockchain-agnostic architecture can support various blockchains. Because of its design, Chainlink is also capable of delivering real-world data feeds to various DeFi projects present in various blockchain platforms while maintaining the same level of security as the Ethereum blockchain.

    Use Cases and Features

    On the Chainlink platform, smart contracts can receive real-world data thanks to the oracle network, which provides a reliable and secure connection between blockchain and off-chain data sources. This unique capability allows smart contracts to participate in events occurring outside the blockchain, such as weather forecasting, sports events, election results, and more.

    Chainlink offers unique opportunities for integrating real-world data into smart contracts, significantly expanding their functionality and applications. Based on the Ethereum blockchain, the platform maintains a high level of security and is an important element in the development of the DeFi ecosystem.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

The Importance of the WASDE Report in Agricultural Trading

chest

The WASDE report is a key document for agricultural commodities, providing forecasts on supply and demand.

user avatarKenji Takahashi

Understanding the EIA Weekly Petroleum Status Report

chest

The EIA's Weekly Petroleum Status Report (WPSR) is essential for energy traders, providing detailed updates on US crude oil and refined product inventories.

user avatarGustavo Mendoza

Seven Essential Strategies for Successful Commodity Trading

chest

Professional traders use specific strategies to convert complex government reports into actionable trading signals, synthesizing seven critical strategies for analyzing commodity reports effectively.

user avatarMaria Fernandez

Ripple Achieves Major Compliance Milestone with OCC Approval

chest

Ripple has achieved a significant milestone by receiving conditional approval from the OCC to charter Ripple National Trust Bank, enhancing the compliance framework for its stablecoin RLUSD.

user avatarMiguel Rodriguez

Ripple Strengthens Digital Asset Infrastructure with Key Acquisitions

chest

Ripple strengthens its digital asset infrastructure through key acquisitions in 2025, including GTreasury, Rail, Palisade, and Ripple Prime, aiming to modernize financial services globally.

user avatarRajesh Kumar

GeeFi Introduces CrossChain Swap Functionality Without Custodial Risk

chest

GeeFi GEE has launched a new crosschain swap functionality that allows users to exchange assets directly from the wallet interface without relinquishing custody of their private keys.

user avatarLuis Flores

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.