Chainlink PriceLINK

The projects of the Chainlink aims at challenges that the oracles have cleared. For example, Chainlink has determined the problem of the smart contract, which has been created by the Oracle pool, where Oracle produces quality content. With the smart contract support, oracle's decentralized pool improves its reliability.

In the Chainlink system, oracles are rewarded with LINK tokens. If Oracle produces high-quality content, they earn LINK tokens for themselves. Else, lose their tokens. Thus, the Chainlink system encourages oracles to deliver the best and valuable content for smart contracts.

 

Who created Chainlink?

The Chainlink came in 2017 with its first version by the smart contract. Steve Ellis and Sergey Nazarov both are the co-founders of the company and later launched the white paper of the Chainlink in 2017. Chainlink also launched ICO and earned approximately $32 million by selling 1 billion LINK tokens. There are 30% off LINK tokens distributed to SmartContract and used in the Chainlink developments.

 

How does Chainlink work?

Chainlink is the first blockchain that is based on the Oracle network. Therefore, in the ecosystem of Chainlink, when a user needs the required piece of information. This information will be listed as an event of blockchain within the network, and the listing will create an SLA(Service Level Agreement) contract, and the contract will launch the other three contracts in the system.

 

Reputation Contract of Chainlink 

First, a contract establishes an oracle's authenticity. Coding will check and review the history of every oracle. System rechecks the past contributions of the Oracle and how accurate they were before. Oracle will receive a rank after the review, and this rank will produce the best Oracles.

 

Order-Matching Contract of Chainlink

The second node is using the contract requesting the Chainlink nodes. Once the nodes receive the request, the bidding will start on it. The system will automatically configure the nodes and their type by using the prerequisites program. 

 

Aggregation Contract of Chainlink

The system will review all the completed data, balance, and previous checks. It will discard all the misaligned data. Once the step is completed, data will be validated and available on the blockchain.
 

Benefits of Chainlink (LINK)?

There are major benefits of the Chainlink network. Oracle is most important in network expansion. For instance, Decentralized exchanges use oracles to discover the cost of cryptocurrencies without any order book.

The Chainlink allows firms to leverage powerful technologies in a trustless manner. Users are accepting that the received data is not corrupt and incorrect. The system replaces it with a higher ranking in the single node failure automatically.

In 2019, Chainlink made one of the most significant partnerships with google smart contract strategy. This move connects two popular cloud services BigQuery via API. 

 

What Makes Chainlink Unique?

Many functionalities make the Chainlink unique.

High-quality data with API: The Chainlink network manages credentials very well. It can deliver records from safe and protected data sources to smart contracts.

Flexibility: The network of the Chainlink is the highly flexible and agnostic framework handled by Defi applications and web services. By pretending to be a universal blockchain layer, the user can deliver any data from any blockchain environment as desired through Chainlink leverage.

Highly secured and transparent nodes: The oracle network of Chainlink consist of two nodes named security-reviewed and temper -resistance nodes, called Deutsche Telekom's T-Systems. These nodes are available for all users because these nodes are transparent.

Decentralized and Sybil-resistance network: Chainlink is a decentralized network and consists of nodes backed by a professional team.

Defence-in-depth: Chainlink employees approach multiple security solutions that use this combination to increase oracle network reliability and network robustness. Thin privacy-preserving cryptography includes DECO, trusted hardware such as Town Crier, crypto-economic security using implicit staking, and many more. This all-layered approach increases Chainlink's end-to-end reliability.

Adoption and Network effects: Chainlink used widely and adopted oracle solution in DeFi, securing billions of value in prediction for innovative DeFi protocols such as Aava, Synthetix, yearn. Finance and growth network effects are attracting more users.

World-class research and a Solid security foundation: The leading engineering and academics of Chainlink supports the Chainlink Chief scientist Ari Juels. Chainlink's researchers are working on innovative developments such as DECO, VRF, Mexicles, Town Crier, and more.

 

How is The Chainlink Network Secured?

The chainlink network is secured by the Proof-Of-Stake concept(POS). Here, nodes stake LINK to obtain data and are rewarded by the network. The Chainlink network is secured by three main layers and a designed main layer.

Aggregation Contract: This layer works to collect data from the Oracle and matches the most specific result.

Order-Matching Contract: This layer matches the best possible oracle with the agreement SLA(Smart Contract Service).

Reputation Contract: This layer checks statistics, including the total number of the completed request, average response time, and the number of LINK tokens stakes by the oracle.

 

How Many Chainlink (LINK) Coins are in Circulation?

The Chainlink is currently ranking number #9 globally. It is one of the most valuable cryptocurrencies in the crypto world, with a market cap of USD 10,874,639,775. The maximum supply of the LINK tokens is 1 billion. 35% of the tokens were sold during the ICO in 2017, and the rest of the tokens were allocated among the team for future development. Currently, 40+( 432,509,553.92) million tokens are in circulation.

 

How to buy Chainlink (LINK)?

There are several ways to buy LINK, but buying from trusted exchanges makes your investment more secure. There are only three easy steps to buy and sell any crypto on any exchange. You can choose any of the given exchanges and start investing process.

• Binance
• OKEx
• Huobi Global
• Kraken
• Gate.io
• KuCoin

Choose any of the given exchanges and look for an exchange that supports fiat and cryptocurrency to buy Chainlink (Link) or other cryptocurrencies. In just three easy steps, you can make an account on the exchanges and start investing. 

• Select and start the signup process with your legal information and id proofs.
• Deposit funds into your account
• Buy Chainlink(Link) 

Many exchanges do not allow users to deposit fiat currencies like INR, EURS, USD, and many more. In this case, you can buy other stable cryptocurrency pairs such as USDT/LINK, USDC/LINK, BTC/LINK, and ETH/LINK equivalent of your fiat currency. Then you can convert it to Chainlink (LINK).