What is Chainlink ?
The Oracle network that is broadcasted all over the different computer networks requires some real-world data. ChainLink (Link) is a type of Ethereum token that aims to provide incentives in the form of data to the chain of computers linked to the global network.
This ChainLink exchange on a global network is responsible for fulfilling the needs of small contracts by connecting them to real-world information. Hence, helping them to securely provide operations such as online transactions, API nourishment, and connection to external data sources.
About ChainLink (Link) cryptocurrency
Sergey Nazarov and Steve Ellis together founded the ChainLink network in June 2017. It was developed by SmartContract, which was a for-profit company. And, in September 2017, Ari Juels was included in the team as a company advisor.
They sold 35% of their units, which then amounted to 1 billion. This allowed them to raise a sum of $32 million based on ICO.
Primary features of Chainlink
When the whitepaper was published in September 2017, the ChainLink exchange system aimed at providing better incentives in the form of data to different global networks. Therefore, let us look at some of the features of the ChainLink (Link) Cryptocurrency.
- Safe and non-alterable chain of network
It provides a better chain of a secure and safe network of information flowing through a different smart contract. They distribute real-time data and connect other APIs.
- Continuous and smoother connection for API
They provide a flexible arrangement of API that makes it easy to collect former reference data by integrating with all the different kinds of blockchain.
- Efficient solution
The ChainLink Crypto code provides efficient solutions that are hardwired with integrated blockchains and enhance security.
- Clear computation
They monitor every different aspect of the open-source code and the visualization of networks and their quality.
Is Chainlink a promising cryptocurrency?
- 1 BTC equals 1719.438306 LINK
- Provides secure wallets
- Better price prediction
- Real-time updated LINK price
Pros & Cons of Chainlink coin
It provides better protection for smart contracts and the information flowing.
It can include smart contracts that resonate with new financial agreements.
Tech Giants Use it:
Deals with big tech giants such as Google Cloud and SWIFT.
Not for Smaller Nodes:
Not every system requires chains of real-world data, so they might not be beneficial with smaller nodes.
Chainlink ICO summary
During its ICO, which raised $32 million in November 2017, the team received these tokens as part of the initial allocation. It has sold just one percent of its tokens since 2019 despite being entitled to 30 percent of the total supply of tokens.
FAQ's on Chainlink
- Who Accepts ChainLink?
Google Cloud, Oracle, Dapps Inc, and many other tech giants use ChainLink.
- What Is ChainLink Used For?
It is used to transfer data securely from off-chain sources to new and working on-chains.
- Who Owns ChainLink?
Sergey Nazarov and Steve Ellis are the owners of ChainLink.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.