First off, lets start by giving a brief explanation about what ChainLink is.
What is ChainLink
Chainlink is a crypto token built on the Ethereum platform.
The current state of blockchain based smart contracts does not allow communication with external data providers, this is the problem ChainLink is trying to solve. By acting as a middle-ware between the smart contract and the external data providers. The contract was deployed on the Ethereum blockchain on Sep-16–2017 9 PM.
More info about the contract can be found here
Token Sale And Distribution
The total supply of the token is 1,000,000,000, and each token is divisible up to 18 decimal places.
The token sale was 19th of September 2017 and the goal $ 32,000,000 was successfully achieved. The price of one (1) link token was $ 0.11 and only 35% of the supply was available for sale.
The idea behind ChainLink is building a highly secure decentralized oracle network, By allowing multiple ChainLink nodes to validate the data, this eliminates any one point of failure.
Current state
The ChainLink team has recently launched the ChainLink test network which means that you can start using ChainLink on the Ethereum test network (Ropsten) and the main network is anticipated by the community to be launched by the end of the year.
The ChainLink code and development is public and the repository can be visited here.
Last Words
There are quiet a few project which aims at creating the middle-ware between smart contracts and the external world. It will be interesting to see which one of those projects will take the lead as this is definitely a huge problem that smart contracts are currently facing.
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