About ChainLink (LINK)

Overview

Chainlink (LINK) is a cryptocurrency platform developed to execute smart contracts that are connected to real-world data, events and payments. Chainlink focuses on fixing the smart contract connectivity problem; that is the inability to interact with external data or any other resource that operates outside of the node network in which the smart contract is executed. The lack of interaction with the outside world limits what developers can achieve using smart contracts as no input data can be used. This is what Chainlink aims to provide. A platform where smart contracts can connect with external resources while maintaining value for the end user; a tamper-proof digital agreement that is trusted despite external interaction.

Technology

A major concern that stems from smart contacts interacting with data inputs is a loss of connection. That is when a node experiences a connectivity problem and pulls wrong or incorrect data, which then communicates with the smart contract and becomes unreliable. In this case, a smart contract is only as reliable as the single node that is pulling the data. Chainlink aims to combat this issue by allowing multiple nodes to interact and verify the same data input before it becomes a 'trigger.' In doing so, Chainlink maintains the overall value and integrity of the contract that is secure, reliable and trustworthy. Chainlink is an ERC20 token built on the Ethereum (ETH) platform. Ethereum uses a Proof-of-Work (PoW) consensus algorithm to validate transactions and produce new blocks on the chain, similar to Bitcoin. Although, Ethereum plans to move to Proof-of-Stake (PoS) consensus. PoW is the original consensus algorithm and is considered highly secure. However, it is criticised and limited by the processing power required to mine, which has a negative impact on the environment. With PoW, miners race against each other to solve a complex mathematical puzzle, and the first to do so receives a reward. The more computational power a miner has, the more likely they are to solve the puzzle. Once the mathematical puzzle is solved, a new block is formed and added to the blockchain. Transactions placed in this block are considered confirmed.

Future Focus

Chainlink look to continue development of the protocol and perfecting the execution of smart contracts with external inputs. Chainlink hopes to build with current partners and develop relationships with new partners. In 2017 Chainlink won a partnership to develop a Proof of Concept (PoC) with SWIFT, the largest global provider for secure financial transactions. This will be a significant factor for smart contracts that execute output functions, such as payment. For more information regarding Chainlink visit the official website.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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