The ChainLink Network
Most people in the crypto community have heard of smart contracts and their many benefits. These contracts have provided a way to add immutable trust to a token sale or ICO and given businesses the opportunity to complete transactions quickly and efficiently. However, they have several drawbacks. The first and foremost being they are written by developers and not lawyers. Due to the complexity of the contracts they must be created by someone with a unique set of skills and then verified by lawyers with little to no engineering experience. This gap in skills and understanding has led to security concerns and the erosion of trust in smart contracts. The Chain Link Network has created a way to take the complexities of smart contract creation and combined them with traditional banking and business systems to provide current businesses with a way to take advantage of new technology.
The reality is that it takes decades for traditional businesses to switch over to new technology. Let’s use television as an example. How many different ways is television delivered to homes around the world? Many of us are switching over to streaming through the use of fiber optic cables, but most people still use traditional cable providers and antennas to receive our favorite shows. The reason is that it is costly and time consuming to develop and use new technology. Smart contracts are not just new technology; they represent the cutting edge of a wave of fundamental changes in how business is conducted. Unfortunately, not every business is aware of how blockchain technology can assist them, and if they do they have no programming knowledge and little trust in the ability for lines of code to safely and effectively execute multi-million dollar transactions on a blockchain.
The ChainLink Network has placed itself directly in the middle of this problem. They have developed software that can allow a smart contract creator a way to interact with different data providers, payment solutions, and the traditional banking system. In addition, companies utilizing smart contracts on the Ethereum Network can chose to be paid in Bitcoin, FIAT, or other cryptocurriences. Imagine a contract made between a record label and a musician. Real-time data can be gathered about YouTube views, album sales, concert revenue, travel schedules, social media, and other expenses. This data from various APIs is pulled into ChainLink Network where it provides the smart contract the information it needs to execute on the Ethereum Network. Now the artist can get paid in USD, the social media company can receive the Bitcoin it requested, the Youtube director can receive his payment based on unique views, and the band’s bus driver can get paid in the Euros he requested. All of this done in real-time, around the world, in a way that can be verified by each party.
So why do you need a token on the ChainLink Network? The LINK token will be used to compensate the data providers, ChainLink node operators, payment providers, and other online service providers. This compensation will both help guarantee accurate data, in addition to increasing decentralization across the network.
Traditional Banks and large enterprise businesses are not going to all switch to smart contracts today, or even next year. However, by allowing banks and businesses to use their trusted systems and networks the Chain Link Network allows them to interact with block chains and cryptocurrencies despite little smart contract knowledge. They can receive all the rewards of decentralization, trust, and immutability without the expense of switching over their old systems. This allows change to happen organically, over time, minimizing expenses.
Cryptocurrency and Token Sales have always been great at showing us what the future could look like in a few years. You are often contributing to an idea or a concept without a working prototype. The ChainLink Network’s crowd sale gives you the experience of a team running a successful business on smartcontract.com combined with cutting edge innovation. The network provides a solution for a real problem that small and large companies face. How can I take advantage of block-chain technology without hiring my own development team, and taking on a large amount of risk? The answer is the ChainLink Network and the LINK token.
“Delivering blockchain, payments, data, and smart contracts, to the world of business”
The pre-sale is currently taking place now, and the crowdsale begins September 7th.
API — is a set of routines, protocols, and tools for building software applications. An API specifies how software components should interact
BlockChain — a digital ledger in which transactions made in Bitcoin or another cryptocurrency are recorded chronologically and publicly.
LINK Token — The method of payment used by creators of smart contracts to those data providers, payment providers, and online providers whom provide services needed for the execution of the smart contract.
Oracles — solutions are integrated from applications to disk and designed to address complex application and systems integration requirements across diverse enterprise environments.