Now, Chainlink is a well-known name in the world of Cryptocurrency. It is a decentralized oracle network built on the network of Ethereum that provides a smart connection to the blockchain. In simple words, it is like a middleware that connects non-blockchain enterprises with blockchain platforms.
Like all other cryptocurrencies, Chainlink also uses blockchain technology to make transactions secure and safe. In addition, enterprises that use this platform can connect the most blockchain network, including bitcoin and Ethereum. However, there are several other factors that contribute to the Chainlink value.
What Is LINK?
LINK is the Cryptocurrency of the Chainlink platform, launched along with the network in 2017. In the beginning, LINK coin came with ICO (initial coin offering). ICO was an excellent strategy followed by the Chainlink network to gain capital for their next project. Surprisingly, they collected 32 million EURO, which was insane.
Like many other cryptocurrencies, LINK token has a limited supply of 1 billion tokens, and more than half is already in circulation. In addition, LINK is rewarded to their network operator for performing off-chain computations, formatting data into accessible formats, and retrieving data from off-chain feeds. Operators can hold or sell these coins in the open crypto market.
How to Get LINK Tokens?
Well, there are many several ways of purchasing a LINK token; one can buy it from an individual, through the internet, or they can use crypto exchanges. However, if you are a beginner, you must buy it from exchanges like Wazirx and Coinbase because they are more secure and safe. LINK coins are the same as all cryptocurrencies because one can trade or invest money with a longer vision. We suggest you to choose a reliable Chainlink wallet to keep your currency secure.
Working on Chainlink Network
Chainlink network is popularly known for facilitating secure and safe communication between Ethereum projects and other non-blockchain enterprises. As motioned above, it is based on the blockchain of Ethereum; therefore it follows all its protocols.
In addition, LINK coin enables Ethereum smart contracts to connect with other data sources securely. However, five different types of contracts involved in this process are:
Service Level Agreement Contract
Chainlink protocol registers this request as an event and makes a matching smart contract for obtaining the off-chain data, known as a service-level agreement contract. However, this contract has three following sub-contracts.
Requesting Contract
The process starts on the blockchain when the smart contract demands the data. A request for information sent by the contract is known as requesting a contract. These all contracts contributes the most in making the Chainlink network most demanding.
...............................................................................If you want to know what the price of Chainlink will be within the next ten years, our Chainlink Value forecast can give you a really good idea of what to expect, you can check the link below or enter our chat rooms and talk with crypto enthusiasts and traders.