How To Buy Chainlink (LINK) Crypto ?
Chainlink was developed as the first digital oracle service intended to provide any required data for smart contracts. It helps to link contracts to any real information, for example, payments or events. Chainlink provides a smart contract having access to any external API you want to connect it to. Thus, you can carry out a transaction involving any payment system or banking network with the help of a smart contract. Blockchain technology reached a new level in 2015, when Ethereum was launched. Smart contrast made it much more applicable and showed that this field is not limited to financial transactions. But there is a problem: Ethereum smart contracts can be used only within its blockchain. Thus, it is needed to find out how to collect data off-chain. Chainlink contract oracles are remarkable for using datasets, APIs, and any other external sources. It is a great leap forward for those who are developing projects based on processing data from multiple sources. Chainlink is a virtual bridge between traditional data and blockchain of the future.
About Decentralized Oracles
Chainlink, a blockchain service, goes hand in hand with the notion of contract oracles, so let us explain this term. Blockchains have no access to data which belong not to the network, that is why special programs are needed which would collect data from external sources for smart contracts. These programs are called oracles, they connect via API to any types of external sources, such as DApps, payment systems, etc. Contract oracles preferred by data providers, blockchain startups, DeFi sector. Many companies that use smart contracts have their own oracle solutions, but even they need third-party decentralized systems to carry out a lot of specific tasks. Besides, it is easier and more secure to be developing the main product and delegate oracles to third-party services. While centralized systems rely on the only data source, Chainlink offers a blockchain network for smart contracts to receive information verified by the consensus of contract oracles. This increases the quality of data and eliminates the risk of false information.
Cooperation with SWIFT
Chainlink cooperates with SWIFT, the world's largest provider of secure financial transactions. Thanks to this partner, the Chainlink network has access to thousands of banks and other institutions all over the world.
Strong Smart Contract Base
SmartContract, the parent company of Chainlink, has been working with the automation of contractual smart contracts and data retrieval since 2014. Thus, the Chainlink project has a truly strong base for further developments and research.
This blockchain service has a simple, specific, and important objective. The decentralization of smart contract execution increases considerably the accuracy and security of data acquired.
Chainlink unites different projects, for example, Bitcoin and Ethereum, and even allows traditional systems (banks, payment systems, etc.) to be connected without the need for significant changes.
The smart contracts network Chainlink has found its important place in the DeFi sector.
Investing in Chainlink that increases blockchain data quality by buying LINK is the easiest way to become indirectly a part of a promising project
LINK is an ERC677 token powering the Chainlink ecosystem that inherits the function set from the ERC20 standard. It was launched in June 2017 to pay Chainlink node operators for getting data used by smart contracts (in other words, collecting information from outside.) A Chainlink node operator should receive a certain payment to make a blockchain smart contract from an external network be integrated. Besides, the LINK token can be used for carrying out transactions. According to the developers, the cost of LINK depends directly on the number of Chainlink node operators: the more popular the company's product, the higher the price of its token. There is an opinion that the Chainlink project does not require a native token at all and could use other cryptocurrencies to carry out the same tasks. That is why some investors are reluctant to invest funds in LINK. But the developers assure in response that the LINK token will be irreplaceable after the launch of the full-scale network.