Chainlink
Last updated
Last updated
Chainlink is the industry standard for building, accessing and selling oracle services needed to power hybrid smart contracts on any blockchain.
Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications.
Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
It allows transfer of data from off chain sources to on chain sources, It allows smart contracts to access real world data that exist out of blockchain in a secure manner.
Step 1: Client smart contract is called by a transaction to execute a function, whose implementation requires external data. It prepares a request using a Job ID that has been acquired a prior, plus the parameter values it wants to use for the Job execution.
Step 2 : Transfer LINK tokens in the oracle smart contract along with the job id to fulfill their request to the chainlink node.
Step 3: The Chainlink node that had the Job ID deployed on it realizes it’s the responsible party for the request. It combines the Job Specification corresponding to the Job ID, with the parameters contained in the event, to form the execution context for the job.
Step 5: After having acquired the desired data, the Chainlink node submits a transaction to the Oracle contract, signaling the fulfillment of the Job request.
Step 6: The Oracle contract uses the request ID to look up the corresponding requestor, and calls back the requestor contract with the Oracle result data.
At this point, the client smart contract has successfully gotten hold of the data from the outside world and proceeds to process the original transaction request by the client application.
Chainlink's native token is LINK token which is an ERC-677 token standard using to perform transactions on the chainlink network. See ERC-677 token standards for more details.
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