How ChainLink works
ChainLink is a token based on the ERC20 protocol that runs on the Ehereum blockchain. Ethereum creator Vitalik Butrin revolutionized the world of blockchain and digital currencies with smart contracts, but the problem with these contracts from the beginning was how they interacted with the outside world and the real world.
•More specifically, it was impossible to transfer information outside of the blockchain to smart contracts. Therefore, ChainLink digital currency was created by a company called Smart Contract to solve this problem.
•The main team behind the project consisted of two people, Sergey Nazarov and Steve Ellis. Sergey had a history of entrepreneurship in various projects and in 2011 he became interested in the world of digital currencies. Prior to launching the Smart Contact project, he also set up a security asset exchange and a decentralized email service.
•Steve was one of the founders of Smart Contact and worked with Sergei to set up a security asset exchange.
•The company decided to expand the Ethereum network to enable digital agreements, creating a bridge between information resources and a set of data that may be through a network like Ethereum.
•This system also made it possible to create cooperation and link smart contracts between heterogeneous and different blockchains.
•In fact, smart contract users are able to use the China Link network to extract data from the user interfaces of applications located outside of the blockchain, data pool, and other resources and combine it with the blockchain, thus providing information about applications. Remove those outside the blockchain and transfer them to the blochchain.
