What is Chainlink?
ChainLink is a decentralized oracle network of nodes that offer real-world data and information from off-blockchain sources to smart contracts on the blockchain. LINK is the digital asset token used on the ChainLink network for using its services.
History of Chainlink
ChainLink's origin can be traced back to 2014 when Steve Ellis and Sergey Nazarov founded its parent company SmartContract. They aimed to bridge the gap between blockchains and external data sources. In 2017, they developed ChainLink to address the problem — of relying on third parties for external data—in Smart Contracts original oracle.
ChainLink held an ICO in Sep 2017 and raised $32 million. Within two years of launch, each token price spiked to $3.74 and reached its all-time high in August 2020. At the time of writing, each LINK price stands at $12.05, with a trading volume of $713 million.
What is Chainlink used for?
The first of its kind, ChainLink, is used for providing information from off-blockchain resources to on-blockchain smart contracts via oracles.
The LINK token is used for paying Node operators on the off-blockchain architecture, and its value depends on the number of operators working on the network.
ChainLink’s growth has been directly proportional to its partnership with some of the industry’s big names, including Google, Oracle, Dapps Inc, Matic, and Reserve.
LINK is among the top ten cryptocurrencies by market cap.
How does Chainlink work?
ChainLink works by connecting the internal blockchain system of the network to external applications. One end of ChainLink is connected to the blockchain, and the other end is integrated with an API. The base of the solution is built on oracles to limit the trust in a single party to work seamlessly in a decentralized infrastructure.
Its core function depends on both, off-chain and on-chain capabilities. The on-chain architecture is developed on the Ethereum blockchain, whereas off-chain architecture has nodes connected to reserves via APIs to gather responses. Both the architectures interact with each other to execute contracts. The off-chain data is translated by ChainLink’s software in a way that it can be read on-chain, too.
The nodes have to stake LINK tokens which could be forfeited upon providing bad data. Unlike Bitcoin, it is not possible to mine LINK. Instead, users can earn LINK by contributing to the ChainLink’s network.
Decentralized oracle is the way to bring smart contracts to real usecases. I think blockchain tech has potential to change everyday life. ChainLink is part of this revolution.DawaSka - Reddit
How can Canadians get Chainlink (LINK)?
- Run a node: an Ethereum-based oracle interacts with real-world APIs.
- Join a staking pool- a pool of stakeholders stake their LINK and distribute the staking rewards earned on the network.
How do I buy Chainlink in Canada (LINK to CAD)?
Buying ChainLink (LINK) in Canada can be done through a cryptocurrency exchange such as NDAX, a peer-to-peer trade, or a cryptocurrency ATM. However, using platforms such as NDAX will allow for affordable, safe, and fast transactions.
|0.1 LINK||0.94384 CAD|
|1 LINK||9.4384 CAD|
|5 LINK||47.192 CAD|
|10 LINK||94.384 CAD|
|25 LINK||235.96 CAD|
|50 LINK||471.92 CAD|
|100 LINK||943.84 CAD|
|250 LINK||2359.6 CAD|
|500 LINK||4719.2 CAD|
|1000 LINK||9438.4 CAD|
|1 CAD||0.1059 LINK|
|10 CAD||1.0595 LINK|
|20 CAD||2.119 LINK|
|50 CAD||5.2975 LINK|
|100 CAD||10.595 LINK|
|500 CAD||52.975 LINK|
|1000 CAD||105.9501 LINK|
|5000 CAD||529.7508 LINK|
|10000 CAD||1059.5016 LINK|
|50000 CAD||5297.508 LINK|
How do I store Chainlink?
It is highly recommended that you always store Chainlink (LINK) in a cryptocurrency hardware wallet. However, at NDAX we have all the security measures in place to allow you to safely store your cryptocurrency on our platform. See NDAX Security. For cold wallets, check out Ledger or Trezor for your hardware wallet needs.