Chainlink Unveils Smart Contract Adoption via Community Grant Program

Chainlink (LINK) launched a new community grant program focused on making smart contracts “the dominant form of digital agreement.”

By · Aug 5, 2020 . 5min read

Chainlink community grant
Source : Istockphoto

Chainlink introduced its new grant program through a blog post earlier today. Chainlink (LINK) launched a new community grant program centered on making smart contracts “the dominant form of digital agreement.” The Chainlink Network is experiencing a data cycle that’s promptly accelerating.

Chainlink blog
Source : ChainLink Blog

Public blockchains witnesses an extensive collection of on-chain price data. Chainlink Price Reference Data depends on many leading DeFi applications. New DeFi smart contracts are driven as a result of rapidly growing increase in usage. Further, it uses the data already available.

Introducing Dominant Digital Agreements

The grants will be awarded to projects that are “stimulating two positive feedback loops.” Moreover, these loops involve the expanded availability of on-chain data and enhanced security guarantees for users. However, the ultimate goal is to make smart contracts a dominant form of digital agreements.

Key Categories of Chainlink

Chainlink has identified key categories for potential applications. The categories involve easier consumption of Chainlink networks by various smart contracts. Additionally, it also includes accelerating the placement of additional data onto the Chainlink network. Thus, it revolves around the themes mentioned above for more data, more connectivity, and greater security. Additionally, key categories also incorporate proving a Chainlink oracle network status, security, and reliability to users.

Unveiling Grant Allocation?

Nevertheless, Chainlink has not revealed the total amount allocated for the grant program. It hasn’t revealed much about individual payout amounts. Payment of grants has to be done via cash or LINKS. Additionally, Chainlink’s native LINK token has currently set new all-time highs. However, these advancements are likely to draw more opponents. One instance for the aforementioned is the DIA or Decentralized Information Asset. It attempts to utilize crowd-sourced data to enhance efficiency.

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