Chainlink (LINK) cryptocurrency: overview, price and chart, perspectives, how to buy, sell and where to trade
The Chainlink network was developed as the first decentralized oracle to provide external data for smart contracts. It can be used to link smart contracts to real information – payments or events. Chainlink provides a smart contract with access to any external API you want to connect it to. Thus, you can make a payment through a contract to any payment system or banking network.
You can buy, sell Chainlink (LINK) cryptocurrency on the largest exchange Binance (website: binance.com). Trading in LINK / USDT, LINK / BUSD, LINK / BTC, LINK / ETH, LINK / TUSD, LINK / USDC pairs and fiat currencies is available.
When Ethereum appeared in 2015, it could be called the next level of blockchain technology – smart contracts significantly expanded its usefulness and showed that this area does not have to be limited only to financial transactions. However, the benefit of Ethereum smart contracts is diminished by the fact that they only work within its blockchain. Therefore, the logical next step is to learn how to collect data off-chain.
ChainLink oracles can use datasets, APIs and other, almost any, sources from the outside world. This will be useful for projects that need external data to work with. ChainLink aims to become a bridge between traditional information and the technology of the future – blockchain.
|Name||Price||Market Cap||Supply||Change % (7D)||Performance|
ChainLink cryptocurrency performance as of October 21, 2021:
|Capitalization||14 110 632 431$|
|Current issue||461 009 553 LINK|
|Maximum emission||1 000 000 000 LINK|
|Cryptoexchanges||Binance, Huobi Global, OKex, CoinEx, etc.|
What is LINK
The LINK token complies with the ERC677 standard, but runs on top of ERC20 and inherits its functionality. Its main purpose is to pay node operators to receive data for smart contracts, that is, to extract out-of-network information flows. Tokens are generated in blockchain readable formats.
In order for a smart contract from an external network to interact with ChainLink, a certain amount must be paid to the node operator. In addition, the LINK token is used for transactions within the network.
Online LINK / USDT chart. The data is provided by the Binance exchange.
How to buy or sell
LINK token is traded on a dozen crypto exchanges. For example, it can be purchased for fiat on Livecoin. Pairs available: LINK / BTC, LINK / ETH. Those. replenish the balance with fiat currencies, and then, buy Bitcoin or Ethereum and exchange for ChainLink.
The best option for trading is the Binance exchange. Its feature: high liquidity, the number of trading pairs, low commissions. You can replenish your account with cryptocurrency or stablecoins. Verified users can buy Bitcoin, Ethereum using Visa / Mastercard. Cryptocurrency pairs are available: LINK / BTC, LINK / ETH, LINK / PAX, LINK / TUSD, LINK / USDC, LINK / USDT. The commission will be 0.1%; when paying fees with BNB cryptocurrency – 0.075%.
To buy or sell the ChainLink LINK cryptocurrency, you should:
- Register on the exchange website binance.com.
- Top up balance. To buy cryptocurrency for fiat (rubles, dollars, hryvnia, etc.), you can use crypto exchanges or exchanges LocalBitcoins, EXMO, STEX. Then, you should transfer the coins to the exchange. The address of the cryptocurrency to receive is in the “Funds – Deposits” section.
- Select the required pair in the trading terminal (mobile application), for example, LINK / USDT.
- Place an order to buy LINK or sell a coin. For example, a limit order to buy 12 ChainLink at 1.6615 USDT.
Then, the crypto coin can be withdrawn to another wallet or the asset can be stored on the exchange.
Creation history and team
The ICO was announced in August 2017. CEO Sergei Nazarov made a career at FirstMark Capital until 2011, but then left to deal with cryptocurrencies. The programming team was led by CTO Steve Ellis. The team worked quite actively, managing in a short time to present an already partially finished product with a new approach to using the blockchain.
On September 19, an ICO took place, with which many were unhappy. In 10 minutes, $ 3 million was raised (according to primary data – $ 32 million), then the sale stopped due to a technical failure. Therefore, many of the investors were unable to acquire tokens. This angered the crypto community. Even now, when the company has already achieved noticeable success, some people do not trust it because of this situation.
A year after the ICO, ChainLink entered into a partnership with the SWIFT transfer system and the IC3 consortium. The project was noted at the international economic forum as promising.
Features and technical implementation
The main function of ChainLink is to create a “bridge” between data inside and outside the chain. Accordingly, the ChainLink architecture has an in-chain infrastructure and an off-chain infrastructure.
Functions in the chain
The first part of the ChainLink architecture is smart contracts that run on the blockchain. They include oracles that handle data requests. These oracles take any off-chain user requests for data that are sent to the network using a contract and process them by sending them to the appropriate smart contract for agreement with the oracle, which then provides the desired information from the outside.
A dedicated reputation score ensures that the oracle provider is safe and trustworthy. The request is passed to the trustworthy contract, which then passes the requesting contract to the desired oracle, selecting it based on proposals from all oracles. Finally, a special oracle collects all the data received and provides the requesting contract with the best possible result.
External components are those oracle nodes that exist outside of the chain but are connected to an external network such as Ethereum. At the moment, ChainLink can only interact with Ethereum smart contracts, but in the future it is planned to work with many other networks and contracts. Most of the work is done by oracles because they collect most of the information requested.
All information received is processed by the kernel – software that connects the ChainLink blockchain with off-chain data sources. ChainLink Core is responsible for processing data and transmitting it to oracles.
Of course, all these actions must be paid for. Nodes are paid in LINK tokens for collecting and processing data.
Advantages and disadvantages
✅ Chainlink partners with SWIFT, the world’s largest provider of secure financial transactions. Thanks to SWIFT, Chainlink will have access to thousands of high-profile banks and institutions around the world.
✅ The parent company SmartContract back in 2014 was engaged in the automation of contractual contracts and information retrieval. This should be beneficial to the new project, especially since many team members have moved from there.
✅ A simple yet meaningful goal. Decentralizing the execution of smart contracts will significantly increase the accuracy and security of the information received.
✅ Chainlink provides interoperability between chains such as Bitcoin and Ethereum, and even allows traditional systems (banks, payment systems, etc.) to be connected without the need for significant changes in classic institutions.
✅ From an investment point of view, the LINK token should have good growth potential, given the broad opportunities of the project.
❌ Project marketing is aimed most of all at attracting institutional investors and companies that may actually use the technology. Chainlink in the advertising process increases the speculation on the price of LINK. Although it would be more logical to interest traders first in order to increase the level of acceptance.
❌ At the same time, there are too few guarantees for investors that the partnership will be long and fruitful.
❌ Low development speed. It is unknown how long it will take for Chainlink to implement a real working solution affecting the execution of financial transactions. Moreover, there is no officially released roadmap that could be guided by.
✅ Ledger Nano S
Prospects and forecast
At the moment, work continues with SWIFT, and the team is also launching the mine-net ChainLink. Unfortunately, developers have very little interaction with the community, preferring to work behind the scenes. Only periodically concluded partnerships inspire optimism.
The ChainLink project is not the easiest to learn, but over time, you can understand what benefits it can bring to the blockchain industry. Oracles will enable technology to reach its full potential. And since ChainLink today is one of the few projects working on the development of oracles, it can easily become the industry leader for years to come.