Convert LINK to CNY

Chainlink is a blockchain abstraction layer that enables universally connected smart contracts. Through a decentralised oracle network, Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

What is Chainlink (LINK)?

Chainlink is a framework for building Decentralised Oracle Networks (DONs) that bring real-world data onto blockchain networks, enabling the creation of hybrid smart contracts. These DONs provide decentralised services such as Price Feeds, Proof of Reserve, Verifiable Randomness, Keepers, and the ability to connect to any web API

The Chainlink Network is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network.

The network aims to ensure that the external information (pricing, weather data, event outcomes, etc.) and off-chain computations (randomness, transaction automation, fair ordering, etc.) fed to on-chain smart contracts are reliable and tamper-proof.

How did Chainlink started?

Chainlink is an open-source protocol developed by Chainlink Labs (formerly Smart Contract Ltd.), founded in 2014 by Sergey Nazarov and Steve Ellis.

The Chainlink Network went live on the Ethereum mainnet on June 1st, 2019 and has since expanded to support additional blockchains and layer 2 networks such as Polygon, BSC, Avalanche, Arbitrum, and more.

Who Are the Founders of Chainlink?

Sergey Nazarov is a co-founder and CEO at Chainlink Labs. He graduated with a degree in business administration from New York University, with a focus on philosophy and administration. His professional career began as a teaching fellow at NYU Stern School of Business. In 2009, Nazarov co-founded ExistLocal, a peer-to-peer marketplace for authentic local experiences.

In 2014, he also co-founded CryptaMail, a completely decentralised, blockchain-based email service. In 2014, Nazarov teamed up with Steve Ellis and launched SmartContract, a platform that brings smart contracts to life by connecting them to external data and widely accepted bank payments. SmartContract was one of the entrepreneurial ventures that led Sergey Nazarov to the founding of Chainlink.

Steve Ellis graduated with a degree in computer science from New York University in 2010. Right after graduating, he became a software engineer at Pivotal Labs. In 2014, he co-founded the Secure Asset Exchange, a company facilitating easy web access to a decentralised asset exchange.

What Makes Chainlink Unique?

Chainlink is one of the first networks to allow the integration of off-chain data into smart contracts. With many trusted partners, Chainlink is one of the major players in the data processing field. Due to the integration of off-chain data, Chainlink has attracted the attention of numerous trusted data providers, including Brave New Coin, Alpha Vantage and Huobi. Data providers can sell access to data directly to Chainlink, thus monetizing the information they have.

As a decentralised network, Chainlink allows users to become node operators and earn revenue by running critical data infrastructure required for blockchains’ success. Chainlink uses a large collection of node operators to collectively power a wide range of decentralised Price Feed oracle networks live in-production, which currently secure billions in value for leading DeFi applications like Synthetix, Aave, Compound and more.

What can you do with the Chainlink Token (LINK)?

The Chainlink Token is an ERC-677 token that is used to incentivize the proper operation of Chainlink DONs. The token has also been bridged across multiple blockchains to enable native Chainlink oracle integrations.

The LINK token is used within the Chainlink Network for the following components:

Node Operators Fees: Smart contracts are required to pay Chainlink nodes using LINK tokens to obtain access to real-world data and other oracle services.

Implicit Staking: The current and future revenue of Chainlink nodes are denominated in LINK tokens, incentivizing the proper operation of the Chainlink Network.

Explicit Staking: Chainlink nodes in the future can be required to lock up LINK tokens as collateral to back their oracle services, which can be slashed for malicious behaviour.

​Who uses Chainlink?

The Chainlink Network is used by smart contract applications that require access to real-world data and off-chain computations. The network is also used by data providers to monetize their datasets by selling their APIs to smart contract applications.

The most common use case includes securing Decentralised Finance (DeFi) protocols which require financial market data. The Chainlink Network offers a variety of on-chain data feeds that are used to secure tens of billions of dollars. Integrated applications include Aave, Compound, Synthetix, and more.

What is the future of Chainlink?

Chainlink has grown from aggregating and providing cryptocurrency price data to DeFi protocols like Aave, to a lot more. The ecosystem currently access over 1B data points, securing over $75B in value through 1,000 project integrations with 700 oracle networks. Mainstream organisations like AccuWeather, FedEx, FlightStats and the Associated Press have partnered with Chainlink for data verification. However, one of the biggest wins Chainlink have secured is onboarding Eric Schmidt, ex-Google chairman and CEO, as a technical advisor to the oracle network protocol. According to Schmidt, "Chainlink is a secret ingredient to unlocking the potential of smart contract platforms and revolutionising business and society," and he is interested in helping Chainlink build a world powered by truth. Schmidt joins other notable Chainlink advisors including former LinkedIn CEO Jeff Weiner and DocuSign co-founder Tom Gonser.

On the roadmap for 2022, Chainlink will finally rollout staking for LINK holders to secure the network and earn rewards. Chainlink has been working on a staking solution for years, however oracle networks are not a blockchain but a form of decentralised computing. Co-founder Nazarov explained that Chainlink does not produce blocks but “make consensus on hundreds of oracle networks about price data.” He says the team is finally satisfied with the security and scalability of the consensus mechanism and ready to launch staking this year.

Chinese Yuan RMB (CNY)

The Chinese yuan is the official currency of Mainland China. Technically, the yuan is the base unit of the renminbi currency (RMB), but it is sometimes referred to interchangeably with the renminbi.

Origins of Chinese Currency

Dating back over 3000 years, Chinese currency has its roots in both Ancient and Imperial China. In 1914, the Republic of China established the Silver Dollar as its official currency, complemented by the introduction of copper, fen, and nickel coins during the 1930s. However, silver's increased value led to a shift away from the silver standard. Consequently, in 1935, a new currency named Fǎbì was introduced.

Renminbi in Global Exchange

During the period of a controlled economy, the Chinese Yuan Renminbi was pegged to unrealistic exchange values, leading to stringent currency regulations. As China's economy began opening up in 1978, the Yuan Renminbi was primarily utilised domestically, prompting foreigners to resort to exchange certificates, which consequently fostered a thriving black market.

From 1997 to 2005, the Chinese government fixed the exchange rate of the Yuan Renminbi to the US Dollar at an approximate rate of 8.3 CNY to 1 USD. In 2005, a more flexible exchange rate mechanism was introduced, readjusting the RMB to 8.1 Renminbi per US dollar. China initiated a pilot program in 2009, permitting certain businesses in regions like Guangdong and Shanghai to conduct trade with counterparts in Hong Kong, Macau, and select nations. This program has expanded nationwide and internationally. Furthermore, China has established direct currency trade agreements with Australia, Japan, Thailand, Russia, and Vietnam, bypassing the need to convert to the US Dollar. Presently, the Renminbi's value operates under a managed float, determined by a basket of foreign currencies.