Decentralized oracle network
Because blockchains are basically algorithms, they are blind to the outside world unless you provide them with information. What kinds of information might you want to provide a blockchain? Things like asset prices, balances, or computation performed offline by other apps. Chainlink is a tamper-proof, reliable way to provide this information to your online protocols. It is infrastructure for building or connecting “oracles,” otherwise known as data reporters. Users who operate nodes (servers or computers in the decentralized system) in Chainlink’s architecture are paid in Chainlink tokens (LINK).
Anyone who has a data feed or any other software interface can join the Chainlink network and undertake jobs to retrieve and provide data to smart contracts. Chainlink is a piece of infrastructure that is ubiquitous in decentralized finance, but could also form an important part of the next internet, in which data could inform autonomous processes in transportation, farming, and other industries.
Ethereum-based self-paying loan protocol Alchemix has integrated Chainlink keepers into its ecosystem to allow for even more seamless services on its DeFi platform, the Chainlink team shared in a release with CryptoSlate.
Wrapped Filecoin’s path to a DeFi-grade commodity gets closer with Gemini offering Chainlink’s Proof of Reserve support for EFIL.