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Chainlink: Everything you need to know

LINK

Source: CoinMarketCap

Over the past couple of years, there have been a lot of industries that have come up but, one such industry that has managed to mark its presence in the global marketplace is the cryptocurrency industry. The crypto world has successfully lured in potential investors from all across the globe and has had a surge in its overall growth and popularity recently, thus helping it to reach greater heights!

Having said that, I believe, most of you are already familiar with the basics of the industry but, if for some reason that is still not the case, let me help you with that first.

Crypto is simply a form of virtual or online currency which can be made use of for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges available over the web.

In other words, cryptocurrencies are blockchain-based platforms that are decentralized to their very core. Being decentralized, the industry becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interference as well.

Since it was long ago and most of you must have recently joined the crypto world, you must not be aware of the fact that, when the industry was first introduced, there were not many currencies you could have chosen from, and honestly, not many investors were lining up to be a part of it either.

However, it surely isn’t the case anymore as looking around today, you see a pool of currencies to pick from, with newer ones coming in with each passing day and a lot of new investors joining in every hour. Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in includes Ethereum, Polkadot, Binance Coin, Bitcoin, PancakeSwap, Dogecoin, Cardano, EverGrow Coin as well as Baby Doge to name just a few of course.

LINK

Source: chain.link

Also, it is worth noting that, some of the major contributing factors for this extraordinary success of the industry include its negligible response time, the convenience it offers, ease of use, portability, intuitive nature, high-profit margins, real-time updates as well as the volatility of course.

Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.

Not just that, as per the chatter amongst some of the leading experts on the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Chainlink. To know more, I suggest you read further!

Everything to know about Chainlink (LINK)

LINK

Source: Blokt

Chainlink or as commonly referred to as LINK is nothing but a blockchain abstraction layer that is known to enable universally connected smart contracts. Not just that, the Chainlink decentralized oracle network is said to allow smart contracts on Ethereum to securely connect to APIs, external data sources as well as payment systems.

In other words, with the help of a decentralized oracle network, Chainlink allows blockchains to securely interact with events and payment methods, external data feeds, thus providing the critical off-chain information needed by various complex smart contracts in order to become the dominant form of virtual agreement.

Before moving on any further, it is worth noting that, Sergey Nazarov is known to be the CEO and co-founder of Chainlink Labs. Also, LINK is said to be the native utility token of the Chainlink network, which as a matter of fact, can be used for a variety of purposes on the platform itself.

In addition to this, the Chainlink network is driven by a rather large open-source community of smart contract developers, node operators, data providers, security auditors as well as researchers to name a few. Apart from this, the platform is known to focus entirely on ensuring that decentralized participation is guaranteed for all users as well as node operators looking to contribute to the network.

Basically, Chainlink as mentioned is a decentralized oracle network that is known to be poised to play a crucial role in the real-world implementation of blockchain technologies, with the purpose of providing input on a variety of external data sources.

LINK

Source: CoinCentral

On a similar note, while blockchain has proved to be great at what it does, providing a secure and decentralized ledger for digital transactions, it is not really great at taking input for things that are happening outside the said blockchain.

As a matter of fact, there are several off-chain forces that are known to influence markets, credit cards, fiat currencies, and even the scores for weather and sports. However, as a decentralized oracle, Chainlink is one such platform that can provide input to what’s known as a smart contract.

Speaking of smart contracts, they help the system in responding to a wide range of inputs. For better clarification, think of it this way that, Bitcoin being one of the oldest cryptocurrencies in the marketplace, can only process a small range of this input but on the other hand, relatively newer blockchains such as Ethereum have a rather wide range, which includes support for programmable smart contracts.

Also, you should probably be aware of the fact that, Chainlink was launched on the popular Ethereum blockchain about three years ago, back in 2019, but it was meant to be agnostic. As a result, it can easily work with other blockchains in the crypto space a swell.

What makes Chainlink special?

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Source: BTCManager

As mentioned, Chainlink is one of the first-ever networks to have allowed the integration of off-chain data into smart contracts. Not just that, along with many trusted partners, the platform has managed to become one of the major players in the entire field of data processing.

Also, due to this integration, Chainlink has successfully attracted several trusted data providers including Huobi, Brave New Coin as well as Alpha Vantage. Apart from this, the data providers are also eligible of selling access to data directly to Chainlink, thus monetizing the entire information they hold.

Moving further, as a decentralized network, Chainlink is said to allow users on the platform to become node operators and be able to earn revenue by simply running the critical data infrastructure that is needed for blockchain’s success.

Moreover, Chainlink is known to use a rather large collection of node operators to collectively power several decentralized Price Feed oracle networks live in production, which is said to currently secure billions in value for leading applications of decentralized finance including Compound, Synthetix as well as Aave to name a few.

Now that we have talked much about Chainlink, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?

Investing in Chainlink (LINK)

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Source: Bitcoin Angola

As of today, the price of Chainlink is about 16.37 US dollars with a twenty-four-hour trading volume of 823,542,283 dollars. Not just that, in just the past twenty-four hours, the value of Chainlink has gone up by 8.35 percent, and with the current market cap of 7,646,739,915 US dollars, LINK is currently placed at #22 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of Chainlink is 467,009,550 LINK coins, with a maximum lifetime supply of about 1,000,000,000 LINK coins. In just the past week alone, the price of the platform has risen by 7.65 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Chainlink is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Chainlink can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!

LINK

Source: Nomics

If still not convinced, see it this way that, if say you buy Chainlink worth a hundred dollars today, you will receive nearly 6.178 LINK. According to the analysis done by experts on the field, after five years of your investment, the return is expected to be about +180.93 percent and thus, your current hundred-dollar investment will be nearly 280.93 US dollars in 2027.

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, Chainlink does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy Chainlink? Let me help you with that. Currently, Chainlink is available on all major crypto exchanges but, some of the popular exchanges that have LINK listed on them include Mandala Exchange, Binance, OKX, Bitget as well as CoinFLEX to name a few.  

In conclusion, what are your thoughts on Chainlink? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: What is Grimace Coin? Everything you need to know

 

 

 

 

 

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