Chainlink to Launch Cross-Chain Solution
2024-11-06


Chainlink has announced a new cross-chain, cross-border solution in collaboration with ANZ Australia and ADDX under the Monetary Authority of Singapore’s (MAS) Project Guardian.
The solution demonstrates how Chainlink’s CCIP Private Transactions provide privacy-enabled cross-chain, cross-border connectivity for tokenized commercial paper.
LINK Info
Chainlink is a decentralized oracle network built on blockchain technology that enables smart contracts to securely interact with external data sources, such as APIs and other data feeds. It aims to provide reliable and trustworthy data to smart contracts, enhancing their functionality and utility.
The operation of Chainlink revolves around a network of nodes that bid to provide requested data to smart contracts. When a smart contract issues a data request, Chainlink’s protocol registers it and forwards the request to these nodes. The nodes then submit their bids, and through an internal reputation system, Chainlink selects trustworthy sources to fulfill the data needs of the smart contract, thereby safeguarding against inaccurate data and potential attacks.
LINK is the native ERC-20 token of the Chainlink network and serves multiple purposes within the ecosystem. Smart contracts pay for data services in LINK tokens, and node operators stake LINK to participate in data bids. The token has a capped supply of 1 billion, with no mining or staking process to increase its circulating supply. LINK is crucial for incentivizing accurate and reliable data provision by node operators.