AN ORACLE NETWORK

Thought it will be good to talk about the Chainlink network today, it is also known as Link. Chainlink is an Oracle network, it just simply means it can transfer real way data to programs on the blockchain. Think of it in a way where Chainlink is a middleman that allows this contract to quickly connect to other big better sources. Like the state within the actual name of the crypto Chainlink, it is like a bridge that connects the smartcontract, and the data it needs and it connects it together. Some examples of external data that this program may want to receive could be stock prices, sports scores, and any data resource or API out there.

Beyond these simple aspects of connecting simple aspect of connecting smart-contract to data, Chainlink updated its version from 2 years ago to expand its set of services to include connecting smart-contract with off-chain competition events. With this expansion of the off-chain functionality within its smart contract, there is essentially a whole new class of hybrid smart-contract that are all dependent on the Chainlink nodes. With this information, Chainlink is now partnering with some of the biggest companies all around the world including Ethereum, Cardano, Solana, PolkaDot, and more.

To apply this to the real world, Chainlink has also partnered up with Google for its Google Cloud service and to be able to partner up and put more of its data on the blockchain. Binance is also using Chainlink to connect its data to blockchain platforms. Chainlink has been ramping up its effort to increase the adoption to attract new users to its network. In a recent tweet, they started all this recent development and future plan for the project which includes a wide range of other web3 services.

At of all of that, Chainlink went ahead and added a feature called the Proof of Reserve protocol which automates unchain audit to verify results that are held by certain entities within the network. During the whole collapse of the market, the bear times, and the recession, you should know how important this feature is. Don't forget that just a little while, lack of reserve audit is what led Terra UST also known as UST to go from its $1 peg to 1 cent in just a single month. With the Chainlink Proof of Reserve feature, stablecoin protocols can enhance that stability and transparency by providing real-time insight into the reserves which will bring users and market confidence as well as more credibility into the crypto space.