ChainLink

by SmartContract

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Tendermint

by Interchain Foundation

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IPFS

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ChainLink

by SmartContract

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Tendermint

by Interchain Foundation

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IPFS

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What problem does this service solve?

ChainLink wants to solve the connectivity problem facing smart decentralized applications. By connecting smart contracts to external data resources, many potential use cases for blockchain can be opened up.The Tendermint consensus algorithm secures transactions in the Cosmos ecosystem.IPFS is a decentralized alternative to HTTP that can be used to make recording blockchain transactions more efficient.

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Company Description

ChainLink is developing the LINK Network, which will enable connected smart contracts. LINK will provide smart contracts with a variety of external data and access to APIs. ChainLink's goal is to solve the connectivity problem that plagues smart contract based systems, and discourages mass adoption. Many decentralized applications are unable to connect with important external data sources due to limitations involving their consensus protocols. The LINK network wants to connect their smart contracts with external systems and APIs by using secure middleware.

Tendermint is a consensus algorithm that was created by a company called All in Bits. The open source algorithm is Byzantine Fault-Tolerant and uses an authenticated encryption system to secure transactions. The Tendermint consensus mechanism was developed in 2014 for the Cosmos Network. The Interchain Foundation, which is developing the Cosmos Network, continues to employ All in Bits to support Cosmos.

The Interplanetary File System (IPFS) is a decentralized network protocol for sharing hypermedia in a distributed file system. IPFS can be used to link blockchain transactions This effectively timestamps and secures the content, without having to put the data on the chain itself. Filecoin, an IPFS-based decentralized storage cloud, is closely related with the IPFS protocol, and provides the incentive system.

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