What is Chainlink?
Chainlink (LINK) is a blockchain-based middleware for connecting smart contracts to external data sources such as data feeds, web APIs, etc. The Chainlink team has created a network of nodes that transmit information to and from the blockchain and are a part of smart contract infrastructure. This blockchain middleware ensures that Chainlink oracles can now provide crucial information without compromising on decentralization or security. Such info can comprise prices, event results, or links to traditional payment systems.
Who Created LINK?
The cryptocurrency was launched in 2017 by Cayman Islands-based fintech company SmartContract Chainlink Ltd SEZC. This decentralized oracle network is run by its CEO Sergey Nazarov, with the help of the international project team and several advisors.
How Chainlink Works
Chainlink is a decentralized oracle network made up of data buyers and data providers. Buyers request specific data, and providers safely supply it. To add assurance, data providers block a certain percentage of Link tokens when they post a data supply proposal. Thus, these tokens can be confiscated should the supplier act dishonestly. Chainlink uses the oracle reputation system to collect and evaluate the data provided. If the data meet the requirements, suppliers receive the award.
How to Buy Chainlink?
When investing in cryptocurrency, it is important for a user to opt for a reliable exchange and not to lose money on high commissions. Beginners can avoid many mistakes by choosing the right exchange and following simple rules.
You can buy LINK on CoinLoan Crypto Exchange via SEPA, SWIFT or Visa/Mastercard.
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