Chainlink (LINK) — a cryptocurrency project, launched to create a global decentralized network of oracles, running on a huge number of computers to provide reliable and real data for smart contracts, running on top of various blockchains.
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Description of Chainlink (LINK)
Chainlink - a blockchain abstraction layer that allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information, required by complex smart contracts to become the dominant form of digital agreement.
The platform takes the power of smart contracts to a whole new level, providing access to real data, events, payments and more without compromising the security and reliability inherent in blockchain technology. The Chainlink team began work in 2017 and was able to implement their method of providing accurate external data for blockchains. Although the project was created on the basis of Ethereum (ETH), it was developed to work with any blockchain that supports smart contracts. Chainlink does not manage its own blockchain - its network is compatible with others, which allows it to work with several blockchains at once.
Platform uniqueness
Chainlink has many unique aspects. One of the more interesting and unique aspects of Chainlink - its autonomous architecture. The network connects all nodes of a common network together, after which each of them connects to data sources through APIs for collecting data on contracts, using the Chainlink service.
What other benefits does the project have?
| Connection | Chainlink nodes can also have external adapters that allow you to connect to almost any third party API endpoint. |
| Security | All data from outside the network is broadcast, using the ChainLink Core software. As a consequence, the data can be read online without any transfer. |
| Operators | As a decentralized network, Chainlink allows users to become node operators and generate revenue by managing the critical data infrastructure, required for the success of blockchains. |
Chainlink node operators can stake LINK tokens: in fact, such a stake acts as an offer to a potential data buyer. The node operator must provide the information to the contract, making the request. Each payout to operators occurs in the form of LINK tokens.
Buying cryptocurrency
LINK — an ERC-20 token, used to pay for services on the Chainlink oracle network. In fact, it supports the architecture of Chainlink itself. During the initial coin offering (ICO) for LINK in September 2017, Chainlink announced a total and maximum offer of 1 billion LINK tokens. Chainlink and the LINK token are among the most popular cryptocurrencies on the market. With this in mind, many exchanges have been pushing to start offering trades in LINK. One of the best exchanges to buy Chainlink - Binance. Other exchanges, offering trades on LINK, include:
- Huobi Global;
- Coinbase Pro;
- Gate.io;
- Kraken.
For Chainlink network nodes that are not validators, staking is not available now. Currently, only validator nodes can earn LINK tokens through staking and completing tasks, related to data requests.