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Chainlink, which was founded in 2017, is a blockchain abstraction layer that enables universally connected smart contracts. Chainlink enables blockchains to securely interact with external data feeds, events, and payment methods via a decentralized oracle network, providing the critical off-chain information required by complex smart contracts to become the dominant form of digital agreement.
A large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and others drives the Chainlink Network. The company is committed to ensuring decentralized participation for all node operators and users who want to contribute to the network.
Smart contracts are similar to traditional contracts; however, instead of being written on paper, these contracts run as protocols on the blockchain. Smart contracts are immutable (cannot be changed) and verifiable because they operate on the blockchain (everyone can see them). This ensures that stakeholders have a high level of trust that they accurately reflect the terms of the agreement and will execute it if and only if conditions are met.
Businesses, however, cannot use smart contracts in daily transactions for real-world applications because most data and services are not stored on the blockchain. Because smart contracts require off-chain data in an on-chain format to be built, the challenge is linking outside information to blockchain smart contracts in a language that both parties understand.
Chainlink comes into play here. The platform connects off-chain and on-chain data using oracles, which are middleware software. Oracles act as a bridge between the real world and smart contracts on the blockchain, and vice versa. Chainlink’s goal is to provide secure, decentralized, and thus tamper-proof “blockchain-middleware,” as well as an easy way to access the multiple inputs and outputs required by a complex smart contract. Chainlink’s goal is to accelerate the development of useful smart contracts by providing easy and secure access to critical off-chain resources.
To achieve its goals, the Chainlink network aims to deliver the following:
Reliable, tamper-proof network: Using decentralization, trusted nodes, premium data, and cryptographic proofs, the platform connects extremely accurate data/APIs to any smart contract. API (application programming interface) allows businesses to share data and functionality from their applications with third-party developers, commercial partners, and internal departments.
Seamless connection to any API: Create a framework for getting data from any API, connecting to existing systems, and integrating with any current or future blockchain.
Proven, ready-made solutions: Integrate pre-built, time-tested Oracle solutions that have previously assisted market-leading decentralized apps in protecting smart contract value.
Secure off-chain computation: Use a decentralized network of Chainlink nodes to automate contracts, eliminating the need for manual intervention and centralized servers.
Sergey Nazarov is the CEO and co-founder of Chainlink Labs. He earned a bachelor’s degree in business administration from New York University, with a concentration in philosophy and administration. As a teaching fellow at NYU Stern School of Business, he began his professional career. Nazarov co-founded ExistLocal, a peer-to-peer marketplace for genuine local experiences, in 2009.
In addition, he co-founded CryptaMail, a completely decentralized, blockchain-based email service, in 2014. In 2014, Nazarov co-founded SmartContract with Steve Ellis, a platform that brings smart contracts to life by connecting them to external data and widely accepted bank payments. SmartContract was one of the entrepreneurial ventures that led to the formation of Chainlink by Sergey Nazarov.
In 2010, Steve Ellis earned a bachelor’s degree in computer science from New York University. He began working as a software engineer at Pivotal Labs shortly after graduating. He co-founded the Secure Asset Exchange in 2014, a company that provides easy web access to a decentralized asset exchange.
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