This is the official HackerNoon wiki for Chainlink. As part of our coin price pages, this living wiki displays on Chainlink crypto price page. If you’d like to suggest edits to our official Chainlink wiki, please submit them in comment field below, a real human editor will read and review your suggestions for accuracy and publication.
Chainlink is an
The History
Chainlink was founded by programmer Sergey Nazarov and co-founded by Steve Ellis in 2017.
In 2014, the Secure Asset Exchange (SAE) project was created. It focused on
On September 4th, 2017 Nazarov and Ellis co-authored a whitepaper with professor Ari Jules from Cornell University. The paper introduced Chainlink’s protocol and network. Chainlink carried out a crowd sale for the LINK token on September 19th of the same year. The sale was a success, selling $32 million worth of tokens in two hours. However, $29 million from the sale was raised before the sale therefore less than 10% of the tokens were bought by the public. One link sold for $0.11.
In 2018, Chainlink integrated an execution environment-based
Chainlink registered its trademark in 2019.
Biggest Claim to Fame
The decentralized platform developed by Chainlink and fuelled by the LINK token managed to stay afloat during the period when the prices dropped and did not peak, commonly known as the
Chainlink also combines the ideas of
Chainlink has developed a platform for blockchain oracle that allows smart contracts to get data from the traditional financial system, something that smart contracts on Ethereum don’t have a way to access outside of the Ethereum ecosystem.
Chainlink Criticism
The biggest criticism Chainlink faces is in regard to the
Chainlink also has a problem in collecting compensation from smart contracts. There is an amount of collateral set aside for use in case a mistake is made on either side of a smart contract. However, the value is fixed and claims are hard to follow up on. The compensation may be too high or too low for the damages caused. Even when reported, the follow-up is not easy to deal with as the value of the mistake cannot be proven with an appropriate level of accuracy.
The Chainlink Team
Chainlink was created by Sergey Nazarov and co-founded by Steve Ellis in 2017.
Sergei Nazarov founded Exist Local in 2009 which was a peer-to-peer marketplace. He proceeded to work as a partner at QED capital for three years and founded a decentralized email service known as Crypto Mail. He was involved with the creation of the Secure Asset Exchange that focused on decentralized clearing which was closed in 2016. He and Sam Ellis, another member of the SAE cofounded Chainlink together.
Sam Ellis headed the development team as a software engineer at Pivotal labs, a consulting firm based in California before joining the SAE and later joining Sergei Nazarov in forming Chainlink.
In Conclusion
In terms of smart contracts, Chainlink is unmatched. The technology they use gives it an edge over other crypto markets. They have the means to create a self-sufficient and well-protected ecosystem through the use of real-world data and blockchain technology. There are, however, problems that can arise from connecting blockchain and real-world data that do not have clear solutions. These solutions and risk assessments should be considered before adopting Chainlink into the daily lives of people.
This is the official HackerNoon wiki for Chainlink. As part of our coin price pages, this living wiki displays on Chainlink crypto price page. If you’d like to suggest edits to our official Chainlink wiki, please submit them in comment field below, a real human editor will read and review your suggestions for accuracy and publication.