Why is ChainLink in the top five?
Why is ChainLink in the top five? ChainLink is a decentralized oracle project t
Why is ChainLink in the top five? ChainLink is a decentralized oracle project that provides data services including price data, off-chain data, and network connectivity. These are supported by blockchain technology to ensure decentralization, reliability, and transparency.
Smart contracts running on the blockchain typically need to verify and confirm transactions before they can execute the smart contract as real-world events. When a smart contract is used in a specific way, it is accepted and processed accordingly, and can automatically retrieve results from anywhere. Thus, if a blockchain wants to achieve this goal, it must be able to establish connections with the outside world and request data or other information from that platform.
In addition to these fundamental factors, there is an important advantage that it ensures a trustless system does not have a negative impact on users, meaning that the blockchain does not have enough security features to guarantee the security of the entire system and protect privacy. This benefit allows smart contracts to participate in the blockchain ecosystem without relying on third parties.
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