Chainlink announces the launch of its mainnet on Ethereum

Chainlink, a decentralized oracle service, announced the launch of its mainnet on the Ethereum network.

Chainlink, an interoperability-focused company that aims to solve the connectivity problem in smart contracts, has quietly been developing its latest project.

According to the company's official blog post, the Chainlink network is now live on Ethereum.

Chainlink said that the mainnet launch followed the successful completion of three independent security audits, as well as the completion of various internal scalability and stress tests.

While the launch was hinted at earlier this year, a clear increase in demand for reliable decentralized oracle mechanisms was what led to the Ethereum mainnet launch.

Sergey Nazarov, the ChainLink community leader and SmartContract.com chief executive officer, explained Chainlink's approach to solving the problem of a "Single trusted third party" in blockchains.

"The Chainlink network allows multiple independent nodes to perform decentralized computations about the accuracy of an external input before it is written into a smart contract."

According to the company's announcement, some of the first oracle networks on Ethereum will be focused on retrieving market prices and feeding them into smart contracts, e.g. the ETH-USD conversion rate.

The company also noted that they will have an onboarding process to list endorsed Chainlink nodes in the official documentation of the project.

Other third parties will also be able to run Chainlink nodes themselves, as the project's code is open source.