Chainlink
Crypto Overview
Purpose and Utility
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It solves a fundamental problem in blockchain technology known as the 'oracle problem' by providing a reliable way to connect blockchain applications with external data sources.
Business Model
The LINK token serves as payment for node operators who provide data to smart contracts. Node operators must stake LINK tokens as collateral to ensure honest behavior. This creates a clear utility-driven ecosystem where the token facilitates real economic activity.
Real-World Adoption
Chainlink has achieved significant adoption with over 1,000 projects integrating its oracle services. Major partnerships include Google Cloud, SWIFT, and numerous DeFi protocols. The network secures billions of dollars in smart contract value across multiple blockchains.
Platform Development
The project maintains active development with regular updates and improvements. Recent developments include the implementation of staking v0.1, Cross-Chain Interoperability Protocol (CCIP), and Dynamic NFTs. The GitHub repository shows consistent commits and contributions.
Token Distribution
Chainlink has a transparent token distribution model. 35% was sold in the ICO, 30% reserved for node operators and ecosystem development, and 35% held by the team. Team tokens have vesting periods to ensure long-term alignment.
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If we start with this logic, USD, which is the nominal currency, is also suspicious because the state behind it is the devil himself.
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Assalam wa e laikum brother,
As per my knowledge, Perpetual trading (Futures) are not part of projects under LINK, but by other entities like Kraken & Binance.
As for lending, Chainlinkprovides a service called "Data Feed," which is used for lending and borrowing among other purposes. However, its use is not solely for lending purposes. Does this make LINK haraam? Please advise
Also, I couldn’t find any lending platform services offered by LINK. Please let me know if I am wrong.
With that logic all fiat currencies shall be haram to deal with coz the govts fund a variety of activities involving interest and what not.
i disagree not because im holding but because oracles serve as a real-world data provider. what the protocolls do either haram or halal has nothing to do with Chainlink
Thank You brother…any idea if I should purify my profits earned from ChainLink…I am still holding it…thinking to sell
https://docs.chain.link/getting-started/conceptual-overview#:~:text=DeFi%20platforms%20like%20AAVE%20and,many%20independent%20Chainlink%20node%20operators.
Salam Imran, Chainlink doesn't offer perpetual trading or lending directly however they offer data feeds to those platforms like AAVE and Synthetix and most of its clients are in thosearea so most of their revenue comes from them, so for that we assigned it a questionable rating, and Allah knows best.
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