The blockchain technology, which is the basis of crypto currencies, which has been increasingly popular in recent years and used by many people both for investment purposes and as a payment method, is actually a decentralized computer network that performs calculations and stores data in a shared ledger. The features that distinguish the blockchain from central computer systems are as follows;
It is not controlled by a single person or group, it is anonymous.
Everyone in the world can send commands to the system equally.
Applications and stored data cannot be deleted or changed
All transactions over time are recorded in a single ledger and this ledger is constantly growing.
Blockchain technology achieves these features by enabling computers around the world to run the same software, do the same operations, collect and store the same data simultaneously, and constantly cross-check each other as a common network for what is valid. It is almost impossible to manipulate a system that redundantly authenticates and stores transactions on a large decentralized network. For this reason, blockchains are extremely reliable and secure systems for calculating and storing data for transactions involving two or more parties.
The main benefit in blockchains is to protect one party to the contract against the other. For example, in the traditional system, the guarantee that the person making the payment will make the payment is provided by the parties making an agreement with an intermediary institution such as banks. However, banks take a commission from the parties for this trust building process. Blockchain, on the other hand, serves as a tamper-proof and neutral system. Users know that when they send a transaction to the blockchain, it will be executed exactly as specified.
Beyond simply transferring and saving money to a ledger, blockchains can serve different uses. Highly programmable blockchains allow more meaningful instruction sets by running applications on the network that trigger actions based on predefined events. For example, if flight 412 is canceled tomorrow, arrange an insurance payment of $ 80, if not, do not pay. These blockchain applications that allow processing of more meaningful commands are called "smart contracts". But smart contracts need data from the outside world (eg flight departure information) to execute their commands. The data required to digitize real-world deals cannot be stored on the blockchain because blockchains are like black boxes with no ability to connect with the outside world. The only way to get data efficiently on the blockchain is for a software component called "oracle" to bring it to the blockchain.
However, an important problem may arise here. If a single oracle component is carrying data from the outside world to the blockchain, this could put the entire smart contract at risk. Therefore, a decentralized oracle network is needed to allow smart contracts to automate data transfer between blockchains and external systems in a highly secure and reliable way.
To eliminate this problem, Finage announced to its users that the Chainlink node is live and fully operational on the main network and that its smart contract applications have access to market data for premium stock, forex, cryptocurrency, indices, ETFs and financial statements.
So what is Chainlink? What advantages will Finage provide to its users with Chainlink?
Chainlink is a decentralized oracle network that allows smart contracts to securely interact with real-world data and services located outside of blockchain networks. It uses a model similar to the blockchain as it is a decentralized network of independent entities (oracle) that collectively collects data from multiple sources, collects them and sends a single data point validated to the smart contract.
Chainlink also enables users to trust the oracle network by providing multiple layers of security:
Generalized architecture - Chainlink acts as a flexible framework for building and running oracle networks, meaning users can create and / or connect to customized oracle networks without dependency on other oracle networks
Data signing - Chainlink oracles allow users to prove that they came from a specific oracle node by signing the data they enter on the chain with a unique cryptographic signature.
High quality data - With Chainlink you can make smart contracts with data from any external system, including premium data providers
Blockchain agnostic - Chainlink can run on any blockchain. It is not dependent on other blockchains. This means it can support public blockchains, corporate blockchains, and more.
Reputation systems - Historical performance of Chainlink oracles is public through signed data on the chain, allowing users to select oracles based on past performance metrics such as average response time, completion rate, average deposit.
With the collaboration of Finage and Chainlink, developers can now get real-time and cryptographically signed price comparison stock and industry performance data, and other types of data such as benchmark data and past end of day prices will become available in the future.
Chainlink, the most widely used and time-tested oracle solution, provides a secure and fully functional way to make Finage's existing API packages compatible with leading blockchain networks. Thanks to Finage, by running a Chainlink node, you now have a single gateway to supply your data to any current or future blockchain. We also cryptographically sign our data on the chain to create integrity guarantees that it comes directly from Finage.
Finage provides market data for more than 60,000 securities, including 50,000 stock prices, 2,000 Forex rates, 1,300 cryptocurrency trading pairs, 1,600 Major World Indices, 2,900 Global ETFs and Financial Statements market data. With the Stock API, Forex API, Cryptocurrency API developed for you to integrate into your trading platform, you can get real-time data from all asset classes, last price, past day end data, past order books (L1 and L2), aggregations, market status updates and more. In addition, we are confident that DeFi applications available through our Oracle Network API and Chainlink node will enable rapid development across multiple blockchains. We are pleased to support the burgeoning DeFi market, and we look forward to seeing how smart contract applications can use our data to provide fair, openly accessible and decisive financial products.