arrows
Loading...
dotted

What is ChainLink (LINK)?

Sep 15, 2020
undefined
byNDAX Labs

ChainLink (LINK) is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. LINK is an Ethereum token that powers the network and is used to pay for services on it. The token can be bought and sold for fiat or crypto.

Smart contracts, the backbone of ChainLink (LINK), are pre-specified agreements on the blockchain that evaluate information and execute if and when certain conditions are met. However, for smart contracts to craft these agreements, they require off-chain data in an on-chain format. Difficulties arise when trying to connect the outside info in a language that is understood by the smart contact; this is where oracles come in. Oracles act as an intermediary to translate data from the real world to smart contracts on the blockchain.

Users that request information for their smart contracts use LINK to pay ChainLink (LINK) node, operators. The node operator chooses which Oracle contracts to handle the data requests. Payment and prices are set by the operators based on the demand for data and the current market for such data. Node operators also use LINK to stake in the network; they must deposit LINK into the ChainLink (LINK) network to demonstrate their commitment and incentivize honest work. Nodes with a greater stake are more likely to be chosen to fulfil requests and thus earn LINK more often.

                     


                             

Advantages


LINK is designed to power the ChainLink network by incentivizing the nodes to provide accuracy.

The advantage of the ChainLink protocol comes from its ability to supply data to smart contracts from multiple sources in a decentralized way. This is important because it increases and ensures the security and reliability of the blockchain. In addition, ChainLink’s decentralized oracle setup is unique to the crypto space and promotes blockchain interoperability. According to the founders of ChainLink, smart contracts are heading towards replacing the need for legal agreements altogether and ChainLink is a key component to this movement.

                                                   


                                               

LINK to CAD

           


                                     

Market Order (on the trading page)

  • • Login to NDAX
  • • Once you log in you will be redirected to your dashboard
  • • Click TRADE on the left-hand side of the screen
  • • On the trade page, click BUY (Green button) on the right side of the screen
  • • Click the small GREY ARROW in the upper left corner of the screen to pick the LINK/CAD pair
  • • Click on MARKET
  • • Enter ORDER SIZE (the amount you want to buy) either in LINK or CAD
  • • Click PLACE BUY ORDER

                           

Dashboard page

Note: On our dashboard page, all orders will be executed at market price

  • • Login to NDAX
  • • Once you log in you will be redirected to your dashboard
  • • On the right side of the screen, you can find our Quick Buy/Sell widget
  • CLICK THE SMALL GREY ARROW in the upper left corner of the screen to pick the LINK/CAD pair
  • • Input the amount in CAD that you want to purchase LINK with
  • • Click BUY (Green button)
  • • Click BUY (Green button) again within 5 seconds to confirm your order

                                               


                                                 

Canadians can deposit LINK on NDAX by following these steps

  • • Login to NDAX
  • • Once you log in you will be redirected to your dashboard
  • • Click the DEPOSIT icon at the top of your screen
  • • Select the CRYPTOCURRENCY TAB on the left side of the screen
  • • Choose LINK
  • • Click the GREEN DEPOSIT BUTTON
  • • Send your LINK to the address provided to deposit into your NDAX account

                               


                           

If you are based in Canada and looking for a Canadian LINK exchange, then take a look at  NDAX. NDAX is an easy-to-use, beginner-friendly exchange that can give you easy access to trade Bitcoin and other cryptocurrencies like Ethereum, Ripple, Litecoin, Cardano, Dogecoin, EOS and Stellar.