ChainLink Engineering Tutorials have to state that ChainLink is a network for easy modularity.  You can build nodes with as many networks and as many data providers as you like to keep your project decentralized.  Then you build external adapters on top of those data providers to add more functionality to make them even more powerful.

As you are starting to see ChainLink has evolved the tools that you need to work with external data in your smart contracts, while keeping them secure, reliable, and decentralized. Now, there is a lot of data out there, but a lot of people have a common interest in using, and it would be nice if there is a shared decentralized resource there will be no need for every single person to spin up a network that does not have to redo the work that hundreds or thousands of other people have already done.

And, it would be nice if there is a shared decentralized network so every single person does not have to redo the network that hundreds of other people have already done.

ChainLink Official Channel tweeted:  “ChainLink Price Feeds provide developers with a decentralized, accurate & available source of price data to power their applications, already in use by DeFi leaders like AaveAave & @synthetix_io. Learn how to integrate them in your smart contract today.”

Sydney Ifergan, the crypto expert opined:  “Chainlink (LINK) are already doing Epic Work with more improvements they are going to be unbeatable.”

ChainLink (LINK) Price feeds Shared Resources

As a community, this massively will cut down on gas costs and will make it possible to get high quality data API instead of having to have a subscription with every single one.

This is where ChainLink’s most powerful and easy to use tool for decentralized community comes in to play.

ChainLink Price feeds are shared resources for pre-boxed decentralized networks. By having multiple users chip in to pay for each currency pair, which gets price data to be duplicated across the systems of that currency pair. 

So as a community, we pull the data, to get a reliable decentralized value from a common data point.  This way, we are going to have an economy of scale paradigm with a cost of even less if you spun up your own centralized oracle. ChainLink price feeds are highly decentralized secure infrastructures run with only top quality APIs.

So, you can be assured that your smart contracts execute the right thing.  The open source community powers the price feeds and allows you to clearly and verifiably see all the price data.  ChainLink price feeds are the data backbone helping secure billions of dollars the links of DeFi today.

Many of the top projects are using ChainLink price feeds as their backbone. And, you can of course always spin up your decentralized network