fbpx

Chainlink Glossary: Common Terms and Definitions

LinkStake automatically allocates Chainlink between the highest yielding nodes.

All the words you need to know to get up and running. Learn Chainlink jargon today.

LINK

Shorthand for Chainlink, a commonly used abbreviation. Often written in all caps as LINK.

Chainlink Oracle

Connects the blockchain with off-chain resources. Consists of two parts, a Chainlink Node and a Chainlink Contract.

Blockchain

A blockchain in the simplest form is just a spreadsheet of data.

Smart Contracts

A smart contract is a piece of code that exists on the blockchain. It can take actions like send money to a certain place if it is a certain time. A smart contract can use data from a Chainlink Oracle to create more complex smart contracts. An example of this is creating a smart contracts that pays out money whenever the price of gold rises.

Sergey Nazarov

Sergey Nazarov is the founder of Chainlink.

DeFi

DeFi, is shorthand for Decentralized Finance. Decentralized Finance applications utilize smart contracts to allow anyone to trsustllely interact with complex financial instruments.

Chainlink Node

A Chainlink node operator takes outside data and puts it on the blockchain.

Decentralized

Decentralized means that control of something is not just with one party.

Off-Chain

Something that occurs Off-Chain does not happen on the blockchain.

LinkStake automatically allocates Chainlink between the highest yielding nodes.

Chainlink Mainnet

Mainnet refers to the Chainlink Network. There is a testnet where updates are first tested, then they are moved to the Mainnet.

Chainlink Ecosystem

In the context of Chainlink the ecosystem refers to everyone that consistely interacts with Chainlink. This includes node operators, those use pay for the data, and those who supply Chainlink to be staked.

API

An API refers to a stream of data provided by a source. A weather service could provide an API that provides anyone with a stream of data regarding the weather. If you wanted to know if it was raining somewhere you can ask the API with some code and receive an answer.

Staking

Staking refers to the action of putting your Chainlink on a node to account for penalties. A person staking Chainlink on a node will typically receive a percentage of rewards earned

Stake Your Chainlink