Chainlink is a decentralized oracle network that provides external data feeds, randomness, and off-chain computations to blockchain networks and smart contracts. It aims to expand the capabilities of smart contracts by allowing them to securely interact with resources outside their native blockchain. The Chainlink network has oracle nodes that retrieve and verify external data which is then fed to smart contracts in a decentralized manner. This data can trigger smart contract execution and allows for many more use cases across decentralized finance, insurance, gaming and more.
Chainlink plans to evolve into a decentralized metalayer through its Chainlink 2.0 roadmap. This new architecture introduces Decentralized Oracle Networks that can offer scalability, confidentiality and hybrid smart contracts spanning both on-chain and off-chain infrastructure. The additional capabilities unlock further innovation in DeFi and various oracle services like high quality data feeds, verifiable randomness, automation services, transaction ordering and identity. With many integrations and partnerships already, Chainlink is positioned to become the industry standard to connect smart contracts to the external resources they need. Show Less
