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.

Advantages

ChainLink solves the biggest issue facing blockchain oracles: trust. By creating a decentralized oracle, it creates a trustless environment.

The strong team behind ChainLink has made several strategic partnerships with world leaders to strengthen LINK’s position.

The project has many real-world use cases as it can use any external data and convert it into a response suitable for the blockchain.

It has the first-mover advantage. Given its technological capabilities, LINK can be a good investment tool.

How can Canadians get Chainlink (LINK)?

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.

👉 How to buy Chainlink in Canada?

Convert LINK trending_flat CAD

LINK	CAD
0.01 LINK	0.104001  CAD
0.1 LINK	1.04001  CAD
0.5 LINK	5.20005  CAD
1 LINK	10.4001  CAD
5 LINK	52.0005  CAD
10 LINK	104.001  CAD
25 LINK	260.0025  CAD
50 LINK	520.005  CAD
100 LINK	1040.01  CAD
250 LINK	2600.025  CAD

Convert CAD trending_flat LINK

CAD	LINK
1 CAD	0.0961  LINK
10 CAD	0.9615  LINK
20 CAD	1.923  LINK
50 CAD	4.8076  LINK
100 CAD	9.6152  LINK
500 CAD	48.0764  LINK
1000 CAD	96.1529  LINK
5000 CAD	480.7646  LINK
10000 CAD	961.5292  LINK
50000 CAD	4807.646  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.