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Chainlink (LINK) is a decentralized oracle network that aims to bridge the gap between smart contracts on the blockchain and real-world data. It was created in 2017 by Sergey Nazarov and Steve Ellis, and has since become one of the most popular and valuable cryptocurrencies in the world. In this article, we will explore the history, founders, and tokenomics of Chainlink.

History

Chainlink was created in 2017 by Sergey Nazarov and Steve Ellis. Nazarov had previously founded SmartContract.com, a company that focused on connecting smart contracts to real-world data. Nazarov believed that there was a need for a decentralized oracle network that could provide secure and reliable data to smart contracts on the blockchain.

Chainlink’s initial coin offering (ICO) was launched in September 2017, and raised over $32 million. The network officially launched in June 2019, and since then has gained a lot of attention from the cryptocurrency community.

Founders

As mentioned earlier, Chainlink was founded by Sergey Nazarov and Steve Ellis. Nazarov serves as the CEO of the company, while Ellis is the CTO.

Nazarov is a well-respected figure in the blockchain community and has been involved in several other blockchain projects, including SmartContract.com and Secure Asset Exchange. Ellis is also an experienced developer, and has worked on several other blockchain projects in the past.

Tokenomics

Chainlink’s native cryptocurrency is called LINK. The token is used to pay for transaction fees on the network and is also used for staking and governance. LINK has a maximum supply of 1 billion tokens, with around 420 million currently in circulation.

One intelligent thing about of Chainlink’s tokenomics is that it uses a unique staking mechanism called “node operators.” Node operators are individuals or organizations that run nodes on the Chainlink network and provide data to smart contracts. In exchange for their services, node operators receive LINK tokens as a reward.

Another smart angle of Chainlink’s tokenomics is that the network uses a “gas” system, similar to Ethereum. This means that users must pay a certain amount of LINK tokens to execute smart contracts on the network. The amount of LINK required for gas is determined by the market, which helps to ensure that the network remains efficient and secure.