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Chainlink is a platform created in 2017 that brings innovative solutions to the world of smart contracts by integrating external data. Through a decentralized network of orakls, Chainlink enables blockchains to safely interact with data, events, and payment methods, which is a key element for more complex digital contracts.
In the few years since its launch, Chainlink has gained popularity, attracting many trusted partners and offering huge opportunities for the development of DeFi (Decentralized Finance) applications.
What is Chainlink?
Chainlink acts as a blockchain abstraction layer that connects smart contracts to external data. This allows smart contract creators to use real-world data, which significantly broadens the scope of their applications. Examples include applications in the areas of finance, insurance, and even gaming.
Key Features of Chainlink
- Decentralized Oracle Network: Chainlink is one of the first projects to integrate external data into smart contracts. Thanks to this, the network has gained the trust of many data providers, such as Brave New Coin and Huobi.
- Business model: Chainlink allows data providers to sell access to their data, which creates new monetization opportunities. Users can become node operators, giving them the chance to earn money by providing data infrastructure.
- Staking System LINK: The planned introduction of LINK staking aims to increase the decentralization and security of the network by encouraging node operators to act reliably.
Who are the founders of Chainlink?
Chainlink was founded by Serhiy Nazarov and Steve Ellis. Nazarov, an NYU graduate, has experience building blockchain platforms such as CryptaMail and SmartContract. Ellis, also an NYU graduate, was involved in various blockchain projects before joining Chainlink.
What makes Chainlink stand out from the competition?
Chainlink stands out as a network that not only provides data for smart contracts, but also ensures their security through a network of node operators. With a diverse data offering and partnerships with established companies, Chainlink has become a significant player in the DeFi ecosystem.
How does LINK staking work?
LINK staking will introduce new reward and penalty mechanisms, which aim to motivate node operators to act correctly. LINK token owners will be able to lock their funds as collateral, and in case of abuse, their tokens will be “hidden” (slashed) and redistributed to honest operators.
Benefits of participating in staking:
- Benefits for participants: LINK staking aims to bring profits of an initial 5% from issuance and fees.
- Increased decentralization: Enabling LINK delegation to trusted operators will increase community participation in securing the network.
What is the current data on Chainlink?
Basic information:
- Market value: 7.34 billion USD
- Total supply: 1 billion LINK
- Current price of: 11.7 USD
- In circulation: Approximately 453,5 million LINK, representing 45% of the total supply.
Where can I buy LINK?
Chainlink can be purchased on many popular cryptocurrency exchanges such as:
- Binance
- Huobi Global
- Coinbase Pro
- Gate.io
- Creak
Chainlink Network Security
Chainlink, as an Ethereum (ERC-20) based token, uses a proof-of-stake (PoS) consensus mechanism. Unlike proof-of-work (PoW), PoS relies on the amount of staked tokens to select validators, which is more energy efficient and scalable.
End
Chainlink is a project that has revolutionized the way smart contracts can interact with external data. Its strong position in the DeFi ecosystem, plans to introduce staking, and cooperation with recognized partners make it an interesting proposition for investors.
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Please remember that investing in cryptocurrencies carries risks, so you should always conduct your own analysis before making any investment decisions.
