Function X Support Chainlink
Function X support Chainlink and listed LINK token on its platform. LINK will be integrated into the EVM Chain (f(x)EVM) and once it’s deployed, developers and users can utilize the LINK token in dApps on f(x)EVM. It will be included in the upcoming XChange and people can access LINK at retail merchants.
Chainlink is a decentralized network of nodes that provide data and information from off-blockchain sources to on-blockchain smart contracts via oracles. This process, along with extra secure hardware, eliminates the reliability issues that might occur if using only a single centralized source.
The Chainlink blockchain is powered by three types of smart contracts
- Aggregating Contracts — Collect data from oracles and match the most accurate results with the smart contract that needs them.
- Order-Matching Contract — Matches a smart contract’s service level agreement (SLA) with the best bidding oracles.
- Reputation Contract — Verifies an oracle’s integrity by checking its track record. This includes factors such as the total number of completed requests, average response time, and amount of LINK cryptocurrency the oracle has staked.
In addition, contract holders use LINK to pay Chainlink node operators for their work. Moreover, prices are set by the Chainlink node operator based on demand for the data they can provide and the current market for that data.
Furthermore, Chainlink node operators also use LINK to stake in the network; node operators must deposit LINK with Chainlink to demonstrate their commitment to the network and incentivize good service.
LINK on f(x)EVM
Following this integration, Function X developers will be able to integrate LINK into their own dApps on f(x)EVM, and users can bridge over LINK from the Ethereum blockchain to f(x)EVM via f(x)Core Gravity Bridge.
In addition, LINK will be listed on f(x)Swap and users will be able to add liquidity to the pairs that utilize the token. This listing will also enable users to seamlessly convert cryptocurrencies like FX, PUNDIX, and USDT to LINK. Furthermore, f(x)Swap is the first AMM DEX on f(x)EVM and it allows users to trade and provide liquidity to cryptocurrencies in a decentralized way.
ABOUT Function X
Function X Foundation is a nonprofit, independent organization. Supports the growth of the Function X Ecosystem, a next-generation internet service framework built entirely on and for the blockchain. It is a completely new ecosystem providing a novel service framework by improving the existing internet and blockchain architectures. Moreover, combining the benefits of both, and using the most commonly used technical solutions. The Foundation has been set up to manage the usage of the Ecosystem Genesis Fund. Aims to motivate, encourage and facilitate service providers to join and get rooted in the Function X Ecosystem.
ABOUT Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services. Needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API. Leverage secure off-chain computations for enabling feature-rich applications.
