{"id":10774,"date":"2023-06-10T14:04:28","date_gmt":"2023-06-10T14:04:28","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=10774"},"modified":"2022-05-17T15:06:44","modified_gmt":"2022-05-17T15:06:44","slug":"how-to-mine-chainlink","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-chainlink","title":{"rendered":"How to mine Chainlink?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-chainlink\/#link_the_token_of_chainlink\" >LINK the token of Chainlink<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-chainlink\/#how_does_chainlink_work\" >How does Chainlink work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-chainlink\/#how_to_mine_chainlink\" >How to mine Chainlink?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-to-mine-chainlink\/#chainlink_wallet\" >Chainlink Wallet<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><div class=\"col small-12 large-12\">\n<div class=\"col-inner\">\n<p>Chainlink is a\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-blockchain-oracle\/\">decentralized oracle network<\/a>\u00a0that\u00a0<strong>allows blockchain smart contracts to connect to data outside the blockchain in a decentralized manner.<\/strong>\u00a0While there are oracles that allow blockchains to access data from the outside world, these are generally centralized, and generally, if an oracle is centralized, the decentralized nature of public blockchains becomes useless. That is, if your data comes from a centralized source, it cannot be decentralized and loses its nature.<\/p>\n<p>Many believe that blockchain integration with external data is a necessary functionality for widespread blockchain adoption.<\/p>\n<p>This is why Chainlink was born with the aim of solving this problem, opening the blockchain to the outside world without losing its decentralized nature.<\/p>\n<\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div><\/div>\n<h2><span class=\"ez-toc-section\" id=\"link_the_token_of_chainlink\"><\/span>LINK the token of Chainlink<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner\">\n<p><b>LINK is Chainlink\u2019s native network cryptocurrency,\u00a0<\/b>defined by its developers as \u201can ERC20 token with additional ERC223 transfer functionality \u2013 of \u2018transfer and call\u2019, allowing tokens to be received and processed by contracts within a single transaction.\u201d<\/p>\n<p>Chainlink\u00a0<strong>conducted an ICO in September 2017<\/strong>, raising $32 million, with a total supply of one billion LINK tokens.<\/p>\n<p>After the ICO, 32 percent of LINK tokens were sent to node operators to incentivize the ecosystem and 30 percent remained within Chainlink for development, while 35 percent were sold in the public token sale.<\/p>\n<p>Unlike many other crypto assets, LINK has no process to increase its circulating supply.<\/p>\n<\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div><\/div>\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner\">\n<h2><span class=\"ez-toc-section\" id=\"how_does_chainlink_work\"><\/span>How does Chainlink work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To enable communication between smart contracts and external data sources,<strong>\u00a0Chainlink follows a 3-step process:<\/strong><\/p>\n<ol>\n<li aria-level=\"1\"><b>Select appropriate Oracles:<\/b>\u00a0the user operating Chainlink drafts a service level agreement (SLA) that specifies a set of data requirements. Chainlink uses this agreement to match the user with the most appropriate oracles that can provide the data. Once the parameters are set, the user submits the SLA and deposits their LINK tokens into an Order-Matching contract, which accepts offers from oracles.<\/li>\n<li aria-level=\"1\"><b>Process the data:\u00a0<\/b>here the oracles connect to the external data sources to obtain the data requested in the Chainlink SLA. The oracles then process the data and send it to the contracts using the Chainlink service.<\/li>\n<li aria-level=\"1\"><b>Aggregate the results:\u00a0<\/b>the process finishes by counting the results of the data collected by the oracles and returning them to an aggregation contract. The aggregation contract evaluates the validity of this data and returns a weighted score, using the sum of all the data received to the user (smart contract).<\/li>\n<\/ol>\n<p>Thanks to its\u00a0<strong>internal reputation system<\/strong>, Chainlink can validate data from multiple different sources, determining with high accuracy which sources are trustworthy. This functionality increases the accuracy of the results and protects smart contracts from various types of malicious attacks.<\/p>\n<\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div><\/div>\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner\">\n<h2><span class=\"ez-toc-section\" id=\"how_to_mine_chainlink\"><\/span>How to mine Chainlink?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n<\/div>\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner\">\n<p>As with ERC20 tokens,\u00a0<strong>Chainlink cannot be mined<\/strong>\u00a0like\u00a0<a href=\"https:\/\/www.bitnovo.com\/\">Bitcoin<\/a>\u00a0or other coins based on the Proof of Work algorithm.<\/p>\n<p>Chainlink\u2019s technology is based on the\u00a0<strong>hybrid consensus algorithms of Delegated Proof of Service (DPoS) and Proof of Authority (PoA)<\/strong>, in order to transport consistent data very quickly.<\/p>\n<p>Its architecture is basically composed of two elements:<\/p>\n<p>\u2013\u00a0<strong>A decentralized network of oracle nodes (off chain)<\/strong>\u00a0that provide the data or connections to APIs in direct line with a\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-smart-contract\/\">smart contract<\/a>\u00a0(on chain). Depending on the consistency of the data a LINK token charge will be generated.<\/p>\n<p>\u2013\u00a0<strong>Smart contracts (on chain)<\/strong>\u00a0that are responsible for processing the user\u2019s requests and are responsible for requesting the data outside the network (off chain).<\/p>\n<p>The Chainlink network is protected by a concept similar to\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-cryptocurrency-staking\/\">Proof of Stake (PoS)<\/a>, where its validating\u00a0<strong>nodes bet LINK tokens to obtain data contracts and be rewarded by the network<\/strong>. The incentivized reward system deters network nodes from malicious behavior, as does the risk of losing the LINKs they have staked.<\/p>\n<p><strong>Chainlink\u2019s network is also powered and secured by 3 types of smart contracts<\/strong>\u00a0that ensure that requests find data that matches off-chain information:<\/p>\n<p><b>Aggregation Contract\u00a0<\/b>that collects data from oracles and matches the most accurate results to the smart contract that needs them.<\/p>\n<p><b>Order-Matching Contract\u00a0<\/b>\u00a0that are responsible for matching the best oracle with the SLA requirements of the smart contract.<\/p>\n<p><b>Reputation Contract<\/b>\u00a0that verifies the integrity of an oracle.<\/p>\n<p>In the Chainlink network\u00a0<strong>smart contracts requesting data pay Chainlink node operators in LINK<\/strong>\u00a0tokens as a reward for their services.<\/p>\n<p>Prices are set by the node operators based on market conditions and demand for such data.<\/p>\n<p><b>Node operators also bet LINK\u00a0<\/b>to contribute to the project and are rewarded with LINK tokens as an incentive to contribute reliably rather than acting maliciously.<\/p>\n<p>Since Chainlink is based on a reputation system, node providers that have a large number of LINKs are left with access to larger and more rewarding data contracts, while failure to deliver accurate information results in a token deduction.<\/p>\n<p>Staking is not yet enabled for nodes that are not validators. Currently,<strong>\u00a0only validators can earn LINK tokens<\/strong>\u00a0by staking and performing tasks to complete data requests made on the network.<\/p>\n<p>In short, the\u00a0<strong>LINK token is used to pay operators of nodes in the network<\/strong>. The value and demand for LINK tokens depends largely on the number of operators working to protect the network, but LINK also derives its value from other use cases of the decentralized Oracle network. The more use cases that can be applied to the Chainlink platform, the more valuable the LINK token becomes.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"chainlink_wallet\"><\/span>Chainlink Wallet<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div id=\"row-1986188610\" class=\"row\">\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner text-center\">\n<div id=\"image_1466322929\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/05\/C%C3%B3mo-minar-Chainlink.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/05\/C\u00f3mo-minar-Chainlink.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/05\/C\u00f3mo-minar-Chainlink-300x205.jpg 300w\" alt=\"C\u00f3mo-minar-Chainlink\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/05\/C\u00f3mo-minar-Chainlink.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/05\/C\u00f3mo-minar-Chainlink-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/05\/C\u00f3mo-minar-Chainlink.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><b>Chainlink is an ERC677 token\u00a0<\/b>that inherits the functionality of the ERC20 token standard, while implementing additional functionality.<\/p>\n<p>This means that, for storage purposes, it can be treated as an ERC-20.<\/p>\n<p>While Chainlink does not have an official wallet to store its native token,\u00a0<strong>LINK can be stored in any wallet that supports Ethereum-based ERC20 tokens<\/strong>. Among them the most popular ones are:<\/p>\n<ul>\n<li>Atomic Wallet<\/li>\n<li>Ledger Nano<\/li>\n<li>MyEtherWallet<\/li>\n<li>Metamask<\/li>\n<li>Mist<\/li>\n<li>Trezor<\/li>\n<li>Ethaddress<\/li>\n<\/ul>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>Chainlink is a\u00a0decentralized oracle network\u00a0that\u00a0allows blockchain smart contracts to connect to data outside the blockchain in a decentralized manner.\u00a0While there are oracles that allow blockchains to access data from the outside world, these are generally centralized, and generally, if an oracle is centralized, the decentralized nature of public blockchains becomes useless. That is, if your [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-criptomonedas"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=10774"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/10774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/6853"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=10774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=10774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=10774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}