Chainlink is an Ethereum-based digital project which creates a link between external data and smart contracts. While the project seeks to promote the adoption of smart contracts, it also works towards ascertaining that information is devoid of anomalies and errors.
Prettily, Chainlink houses a decentralized oracle network which helps the real world and smart contracts exchange data accurately and safely.
Chainlink is a brainchild of a duo comprising Steve Ellis (American development engineer) and Sergey Nazarov (American Fintech enthusiast). Precisely, it is an offshoot of SmartContract.com –a project developed by the duo (Steve and Sergey) with the intent of connecting public blockchains and real world data.
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Reading this article further, you’ll find out more vital information about Chainlink including how it works and where to buy/sell its tokens.
How Does Chainlink Work?
Chainlink works as a platform that basically incorporates a decentralized network (the Chainlink network) and a token (the LINK token which is Chainlink’s native cryptocurrency). Broadly, this (decentralized) network consists of nodes for the sale and distribution of data. Also, it allows for the creation of APIs and certain other platforms so as to facilitate the use of smart contracts by companies, businesses, projects, etc.
For its effective functioning, the Chainlink network depends on the smooth interoperability of its off-chain and blockchain elements. In other words, Chainlink’s off-chain and blockchain are required to work together for the smooth operation of the network. While the off-chain element is composed of Ethereum-linked oracle nodes, the blockchain follows the metrics demanded by the smart contract for the filtering of oracles.
Chainlink is working towards providing a network that is usable with the trio of Ethereum, Hyperledger and Bitcoin. While there are ongoing efforts to make Chainlink compatible with other blockchains, it is notable that Chainlink launched its mainnet on Ethereum in 2019 to provide lots of users with a decentralized network of oracle nodes.
About Chainlink Wallets
LINK tokens do not have a specialized one-currency wallet for storage. However, holders –particularly people with relatively small counts of tokens –can store their tokens on Bithumb, Binance or related cryptocurrency exchanges.
Storing your LINK tokens on a crypto exchange may appear convenient to you but you should note that this doesn’t guarantee optimum security. If you’re really keen to ensure adequate safety for your LINK tokens, you may consider storing them in Ethereum wallets. In another sense, you may want to consider hardware wallets for the storage of your LINK tokens. While this likely guarantees high security, some of the hardware wallets you can try are Ledger Nano and Trezor.
Provided that ERC20-token-compatible wallets are the only storage alternatives on your mind, some of the options you can opt for are MyEtherWallet, MyCrypto and MetaMask.
Where to Buy/Sell LINK
LINK tokens are tradable across crypto exchanges on the web. While online exchanges happen to be the most reliable means for trading in LINK tokens, below is a list of the top exchanges where you can buy/sell LINK tokens:
- LATOKEN
- Kraken
- Huobi
- OKEx
- Coinbase Pro
- Binance
It is noteworthy that lots of exchanges out there are suitable for trading in LINK (tokens) in terms of both crypto and fiat. Besides the fact that its LINK tokens are tradable across multiple exchanges, Chainlink is widely used in fields ranging from multi-level marketing down to insurance, stock exchange, logistics and gambling.
Conclusion
Hopefully, this review article has opened your eyes to what Chainlink is all about. While Chainlink is certainly a vibrant digital project, it could as well serve as a valuable item for businesses/companies concerned with gambling, logistics, insurance, marketing, stock exchange, etc.
