What is ChainLink (LINK)? The Complete Beginner’s Guide to LINK Cryptocurrency
What is ChainLink (LINK)? This article provides the most useful information for you about ChainLink (LINK) virtual currency.
What is ChainLink?
Chainlink is a decentralized Oracle network. It aims to act as middleware between smart contracts and external data sources, allowing smart contracts to securely access an off-chain data feed.
An easier way to understand:
ChainLink is a bridge that relays information and data from the real world to the Blockchain and vice versa.
What problem does ChainLink solve?
If you find out, you will know that Smart Contract itself is not capable of interacting with any data sources outside of the Blockchain (in 2 directions).
With the lack of connectivity between input or output data sources, it is much more difficult to develop Smart Contracts with more diverse functions.
And that is the problem that ChainLink is solving - Connectivity , the connection between Smart Contract and data outside the Blockchain.
The working nature of ChainLink
The data entered into the Blockchain through ChainLink is considered as a condition to activate the Smart Contract to work and produce an output data (a payment, a certificate of ownership, a request for data transfer ...)
For example: Company A made a contract to sell goods to company B and the two companies created 1 Smart Contract. In particular, it is stipulated that company B will pay company A when receiving the goods.
When Company B receives the goods, it will digitally sign the API that they have received the goods.
This is the input data that will trigger the Smart Contract to make the output in the form of a payment from company B's bank account to company A's bank account.
Currently, ChainLink only supports Smart Contracts on Ethereum's platform. However, in the future, most platforms with Smart Contracts will be able to use ChainLink.
What is ChainLink Coin (LINK)?
ChainLink (ticker: LINK) is a token in the ChainLink decentralized Oracle network. Released to the market via ICO in late 2017.
Currently, ChainLink (LINK) is running on the Ethereum Blockchain platform according to the ERC-677 standard.
Those who want to learn more about ERC-677 can see more here .
Basic information about ChainLink (LINK) coin
- Ticker: LINK
- Contract: 0x514910771af9ca656af840dff83e8264ecf986ca
- Decimals: 18
- Blockchain: Ethereum
- Token Standard: ERC-677
- Token type: Utility Token
- Total Supply: 1,000,000,000 LINK
- Circulating Supply: 350,000,000 LINK
- 35% sold in token sale
- 35% for Node Operator Incentives
- 30% is held by ChainLink Team
With the sale of 35% ~ 350 million LINK tokens, ChainLink earned $32 million through 2 rounds of sale including Pre-Sale and Public Sale.
The selling price in the Pre-Sale round is $ 0.09 plus a 20% bonus. Meanwhile, the Public Sale round per LINK token costs $0.11.
The plan to lock the token as well as disburse the remaining 650 million LINK was not mentioned by the development team.
ChainLink (LINK) rate today
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What is ChainLink (LINK) used for?
LINK tokens will be used to pay for Node Operators in ChainLink's network.
Node Operators are responsible for retrieving and formatting data from off-chain data into readable data on the Blockchain.
ChainLink Coin Futures (LINK)
The first regrettable point can be said that ChainLink does not publish a specific roadmap.
However, some other positive points below will cover this weakness:
If you look at ChainLink's list of partners, you will probably be shocked. With more than 64 large and small partners from many different industries.
Some names can be mentioned such as Google, Oracle, Oracle StartUp, SWIFT, IC3 partner, Web3, Polkadot…. and many other Blockchain projects.
Currently, ChainLink still has no competitors because ChainLink has created its own market.
Addressing the right needs in the current market.
The demand for using Smart Contracts in businesses and dApps will increase in the future, leading to the need to buy LINK tokens to use ChainLink.
In addition, ChainLink is led and developed by a team with extensive experience in the field.
Should I invest in ChainLink (LINK)?
Through this article, I and the FoxCryptoNews team have encapsulated the most necessary information about ChainLink (LINK).
Hopefully from what has been provided in the article, you will have more data before making investment decisions with greater accuracy.
FoxCryptoNews will continue to monitor and update the latest information about this project.
Disclaimer: This article is for informational purposes only about ChainLink (LINK) and should not be considered investment advice. Cryptocurrency investment is a form of risky investment, you only participate with the amount of capital that can be lost.
If Ethereum can reach a market capitalization of up to 30 billion dollars with just the ability to Tokenization, Crowdfunding and Simple Smart Contract.
Then, ChainLink is the bridge between data and Smart Contract. Not to mention the long-term vision of scalability and privacy for Smart Contracts.
From there, how can you see the potential of ChainLink? And according to you, what position can ChainLink rise to on Coinmarketcap?
Oct 14, 2022