CHAINLINK ORACLE

DESCRIPTION

The Chainlink Price contract enables fetching the price of a currency pair on-chain using the Chainlink oracle. It provides a function getLatestPrice() that retrieves the latest price from the oracle and returns it as an int. The contract uses the AggregatorV3Interface to interact with the Chainlink oracle contract.

FUNCTIONS

1. getLatestPrice(): This function retrieves the latest price of a currency pair from the Chainlink oracle. It calls the latestRoundData() function of the AggregatorV3Interface contract and returns the price as an int. The scale depends on the pair, such as ETH/USD, where the scale is 10/8.

EXTRA PARAMETERS

Contract Level: Easy

Utility Tags: Chainlink, Oracle, Price Feed, Currency Pair

1. Address: address(string)

USES

1. Real-time Price Tracking: The contract can be used to fetch and monitor the latest price of a currency pair on the blockchain. This can be useful in various decentralized applications (dApps), decentralized finance (DeFi) protocols, or any other scenario where on-chain price data is required.

2. Smart Contract Automation: The price information obtained from the Chainlink oracle can be used as an input for smart contract automation. For example, it can be used to trigger certain actions or execute conditional logic based on the current price of a specific currency pair.

3. Financial Calculations: The retrieved price data can be utilized for financial calculations or conversions within smart contracts. This can be relevant for DeFi protocols, trading platforms, or any application involving value transfers and calculations based on price information.