What is Chainlink?
05-12-2021The Chainlink network was launched in June 2017 by the for-profit company SmartContract. Chainlink is decentralized oracle network of nodes that provides data and information from off-blockchain sources to on-blockchain smart contracts via “oracles”. LINK tokens are the digital asset token used to pay for services on the network.
How does Chainlink work?
Chainlink works by connecting the blockchain ecosystem to external applications. At one end, it connects to the blockchain. The solution’s base is built on oracles, that help in limiting trust in a single party and work seamlessly in a decentralized infrastructure.
Smart Contracts - They are pre-specified agreements on the blockchain that evaluate information and are automatically executed when certain conditions are met.
Oracle - An "oracle" is a software known as ‘middleware’ that acts as an intermediary, translating data from the real world to smart contracts on the blockchain and vice versa.
How to buy LINK?
- Create an account
- Verify your identity
- Fund your account and start trading Chainlink on X1
What to do after buying Chainlink?
- Store/Hold Chainlink
You can hold on your Chainlink with the expectation of it increasing in value, you can also store your LINK safely on your account or in your crypto wallet.
- Trade Chainlink
You can trade LINK for other cryptocurrencies.
- Send Chainlink
You can send it to anyone and anywhere with their LINK address.
