#KyberDeFi Partner Spotlight — Chainlink

Build with Chainlink and Kyber to win up to $2500 in LINK! (from a $42,000 prize pool)

Let’s learn more about our Hackathon Tech Partner: Chainlink !

Integrating them in your project for our #KyberDeFi Virtual Hackathon ? Chainlink is offering a total of $2500 in LINK for Chainlink-specific bounty rewards! (from a total hackathon prize pool of $42,000)

Chainlink Bounties — up to $2500 in LINK

  • Chainlink x Kyber Prize: $1,500
    $1,500 in LINK for the best project that uses/integrates both Chainlink and Kyber
  • Chainlink — Best Use Case: $1,000
    $1,000 in LINK

What is Chainlink?

Below information sourced from Chain.linkChainlink Documentation, and Chainlink Blog.

Chainlink is creating a decentralized oracle network, offering an all-in-one platform that has the tools and data developers need to build any type of oracle design pattern for their smart contracts.

Oracles are blockchain middleware that creates a secure connection between smart contracts and various off-chain resources that they need to function. It acts as the middle layer between a blockchain and an API that translates information for the blockchain to read. As an oracle network, Chainlink aims to provide reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain. This allows smart contracts to be connected to real world data, events and payments.

Decentralizing the data sources enables oracles to gather data from multiple sources and then aggregate that data into a single deterministic data point to trigger the smart contract. With multiple data sources, the smart contract can protect against having a single faulty data source.

Connect to Any External API and Send Payments Anywhere

  • With Chainlink, easily connect smart contracts to the data sources and APIs they need to function.
  • Send Payments from your contract to bank accounts and payment networks.
  • End-to-End Reliability for Smart Contracts

Reputation System

Another key feature Chainlink is exploring is a reputation system. Chainlink aims to offer a reputation system for oracles that provide data. Reputation can be based off a variety of metrics, such as uptime, response time, and successful jobs completed. This reputation system not only gives developers reliable metrics when choosing oracles; it also holds nodes accountable for their services. Combined with the reputation system, Chainlink uses game theory to incentivize nodes to perform their jobs correctly or risk financial punishment.

LINK Token

Chainlink has a native ERC20 token called LINK, which is paid to oracle operators for harvesting and sending data, among other use cases.

Chainlink incentivizes nodes to act in an honest manner using a deposit penalty system. In a centralized oracle model, users can hold the private company accountable. Being able to hold the nodes accountable brings the same insurance to the process. To solve a query, a node must deposit a pre-agreed amount of LINK in order to get the opportunity to service that request. If the node feeds outlier data or goes offline, it loses that deposit and the amount is returned to the requestor.

LINK can be purchased on KyberSwap.com if required.

Operate a Chainlink Node

With Chainlink, you can monetize your data feeds and existing APIs by selling them directly to smart contracts. By operating a Chainlink node, you’re able to offer any API for direct purchase by smart contracts. Once your Chainlink node receives a request from a smart contract, it fulfills that request using your existing APIs, allowing you to sell your services to the large & growing blockchain economy.

What can you build with Chainlink? Hackathon ideas

Read about the winning projects from previous Chainlink hackathons!

Chainlink Technical Resources

Chainlink Tutorial Videos

Chainlink Social Media

The team behind Chainlink

It’s great to have Johann Eid, Product Manager at Chainlink, as one of our hackathon judges! We also recently met CEO Sergey, Marketing Director Adelyn, and Global Head of BD & Partnerships Dan at Invest:Asia Special Meetup in Singapore where Sergey spoke about the importance of connected smart contracts.

Chainlink advisors

Sergey speaking at Invest:Asia Special Meetup in Singapore

Interesting Chainlink Updates:

#KyberDeFi Virtual Hackathon — Build with Chainlink

Come join the #KyberDeFi Virtual Hackathon! Help us build the future of DeFi with bZx, Chainlink, Compound, Melon, Synthetix, WBTC, and other ecosystem builders.

💰Over $42,000 in prizes to be won!

Please contact Shane on Telegram for more information.

Launch Video

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About Kyber Network

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