What is Chainlink Crypto (LINK)?

Chainlink Crypto, which was founded in 2017, is a blockchain abstraction layer that enables universally connected smart contracts. Chainlink Crypto enables blockchains to safely communicate with external data feeds, events, and payment mechanisms via a decentralised oracle network, delivering the vital off-chain information required by complicated smart contracts to become the dominant form of digital agreement.

A broad open-source community of data producers, node operators, smart contract developers, researchers, security auditors, and others drives the Chainlink Crypto Network. The company is committed to ensuring decentralised involvement for all node operators and users who want to contribute to the network.

Who is the founder of Chainlink Crypto?

Sergey Nazarov is the CEO and co-founder of Chainlink Crypto 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 truly decentralised, 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 commonly accepted bank payments. SmartContract was one of the entrepreneurial endeavours that led to the formation of Chainlink Crypto 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 startup that provides easy web access to a decentralised asset exchange.

What makes Chainlink Crypto unique?

Chainlink Crypto was one of the first networks that allowed off-chain data to be included in smart contracts. It is a key player in the data processing industry. Chainlink Crypto has garnered the attention of various trusted data sources, including Brave New Coin, Alpha Vantage, and Huobi, due to the integration of off-chain data. Data suppliers can monetize their information by selling access to data directly to Chainlink Crypto.

Chainlink Crypto enables users to become node operators and earn money by running vital data infrastructure required for the operation of blockchains. Chainlink Crypto employs a large number of node operators to collectively run a wide range of decentralised Price Feed oracle networks that are presently in production, securing billions of dollars in value for major DeFi applications like Synthetix, Aave, Compound, and many more.

Explain Network Security of Chainlink Crypto.

Chainlink Crypto, being an Ethereum-based ERC-20 token, is protected by the proof-of-stake (PoS) consensus process. Unlike Bitocin's proof-of-work (PoW) consensus, PoS selects node validators based on the number of staked tokens.

PoS protocols were developed to combat the massive power usage needed by PoW systems. PoS models are becoming more popular since they use less electrical power and are easily scalable. While PoW has proven to be a reliable consensus technique, Ether and all other ERC-20 tokens have been fast-rising and defining the market trend.

What are the recent developments of Chainlink Crypto?

The development firm behind the Chainlink Crypto protocol, Chainlink Labs, has launched its Cross-Chain Interoperability Protocol (CCIP). CCIP aims to provide interoperability between traditional financial institutions and both public and private blockchains. The protocol has been released under early access on Ethereum, Avalanche, Polygon, Arbitrum, and Optimism, with developers gaining access to CCIP on these platforms' testnets starting from July 20.

CCIP allows enterprises to transfer data and value directly between different blockchain environments, leveraging Swift's messaging infrastructure used by over 11,000 banks worldwide. The goal of CCIP is to bridge the gap between on-chain and off-chain worlds, similar to how TCP/IP standards unified the early internet into the global internet we use today. This interoperability solution is seen as a crucial building block for a blockchain-powered society.

Financial institutions like BNY Mellon, BNP Paribas, Citi, and others are exploring the use of Chainlink crypto interoperability solution. Additionally, the decentralised finance protocol AAVE is planning to implement CCIP, while the decentralised derivatives platform Synthetix is already live on the CCIP mainnet.

For more information of Chainlink (LINK), please visit Suncrypto Price Explorer