Chainlink Mainnet Plans to Launch May 30th On Ethereum Network as LINK Price Skys to $0.84
Chainlink CEO Sergey Nazarov has announced that they are planning to launch the Chainlink Mainnet on Ethereum on May 30th. The announcement took place at Consensus 2019, in New York City.
— Chainlink – Official Channel (@chainlink) May 14, 2019
“We’re going from these theoretical questions to a more practical implementation that will hopefully result in the creation of more value, if not immediately than over the near term.”
The main function of ChainLink is to create a bridge between on-chain resources and off-chain resources. This means there are two primary components in the ChainLink architecture – an on-chain infrastructure and an off-chain infrastructure. The on-chain smart contracts are the first part of ChainLink’s architecture.
Included in the smart contracts are oracles which are created to process user data requests. Off-chain components are the other part of the ChainLink architecture. These are Oracle nodes that exist off-chain but are connected to the Ethereum network.
A protected and dependable channel to access and verify external events, such as market prices, IoT events, and shipping data is required for smart contracts to improve on today’s insurance bonds, securities, e-signatures and cross border bank payments. Chainlink is building such a channel by drawing on networks of decentralized, independent oracle providers for ultra-secure and accurate data.
Earlier this week we at BitcoinExchangeGuide had bought you a story of Chainlink and Hedera Hashgraph announcing their collaboration.
This partnership involves the integration of Chainlink’s oracle network, LINK with Hedera’s DLT (Distributed Ledger Technology), HBAR. Specifically, the agreement will entail Chainlink helping to implement its oracle network into the enterprise-minded Hedera Hashgraph ledger. As such, those writing Hashgraph smart contracts will be able to leverage Chainlink’s oracles in the future.