Bitcoin, Crypto currency, Blockchain

Chainlink is launching the network on Ethereum Blockchain successfully

4704f1d1d0eab72d2358032c9995d260 - Chainlink is launching the network on Ethereum Blockchain successfully

Chainlink is launching the network on Ethereum Blockchain successfully

Home News Chainlink launches network on Ethereum Blockchain successfully

Of
Marcel Knobloch –
03.06.2019

Chainlink is on interoperability layered network that recently launched on 30.05.2019, on the Ethereum block Chain. The Ecosystem of Ethereum is the basis of a whole range of different applications, all of which are to exploit the potential and the resulting opportunities.

Through this milestone reached by Chainlink, the company can create the Oracle network, finally, and run it. The Oracle network acts as a bridge between the real-time Feed from real data, and a Smart Contract. This is the first implementation in the Oracle network to Feed real-time Martkdaten in Smart Contracts. This is the first Version of the Chainlink is brought on the basis of three key factors on the Market: The successful completion of three Sicherheitsauditds, the completion of various internal scalability and stress tests, as well as a significantly increased demand for a reliable and decentralized solution Software within the Oracle network as a key building block for the design and implementation of various Smart Contracts / dApps acts.

Sergey Nazarov, Community Leader, Chainlink, explained in brief the functioning of the network (freely translated):

With the Chainlink network of several independent nodes can perform decentralised calculations for the accuracy of the external input, before it is written in a Smart Contract.

Honey, the Blockchain will want to use technology to create a decentralized marketplace where buyers and sellers of Airplane parts in real time can trade. The origin and the certification of used aircraft parts to be checked using the Distributed Ledger technology to the authenticity and can be traced. Among the current participants in the Honeywell-market, among other things, Dassault Jet Corp, and the aircraft repair specialist Standard Aero Aviation Holdings Inc. The company also describes that prior to the use of the Blockchain, a transaction has two phone calls, four emails, and then another two days, lasted until it was completed. The sale of major parts such as motors, however, can take even weeks, to offers identified and the relevant documents have been exchanged sins. Through the support of the Blockchain, a buyer can find a part immediately and buy it immediately, and thus the majority of the cost and, above all, valuable time is saved.

Smart Contracts fulfil the following functions within the network:

  • Smart Contracts will fed with information such as delivery date, market events or insurance events, so that these are clearly to be found as Information in the Blockchain
  • Smart Contracts provide a proof of performance of an agreement, this is constant and unique and can take the next step, for example, of the order of a plane part, trigger
  • In addition, Smart Conctracs tamper-resistant, since you can’t access the data feeds to the respective events, but data on the performance of the contract from the real world “outside of the Blockchain” get

The first projects on the Chainlink-network

Reliable market prices and, in particular, crypto currency prices are one of the first decentralized products of the Oracle-network on Ethereum available. Due to the current development demand, according to a statement from the company, according to a reliable System, that the described data “provides On-Chain” currently prepared is greater than ever.

Chainlink will begin with General price data, such as the rate of conversion of ETH to USD, which is fully decentralized data sources as well as Blockchain-Middleware / Oracle – levels. This network will start with three independent sources of data that go through three Nodes. This process should be extended until final einunzwandzig are included Chainlink Nodes in the process and everything is fully automated and reliable runs.

This is just one of the upcoming projects, the organization wants to implement.

Featured Image: Aleksey Ivanov | Shutterstock

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