Explaining the Concept of Chainlink (LINK): How It Works, How to Obtain It, and Its Uses

What is Chainlink?

Chainlink is another network layer that operates on the Ethereum network and focuses on providing data for smart contracts. It uses a chain of multiple data sources or “oracles” to fragment the input data in smart contracts, ensuring the accuracy and security of the blockchain. Since its launch in 2017, Chainlink has gained fame for its ability to solve the problem of feeding real-world data into blockchain systems without centralized reliance.

LINK Mining

Unlike ETH or BTC, Chainlink’s cryptocurrency (LINK) is not mineable. Instead, node operators and data providers earn LINK by supplying and verifying data on the network. This maintains the integrity of the network without the need for traditional mining activities.

How to Buy LINK

You can purchase LINK on a variety of exchanges, including Kraken, Coinbase, Gemini, Binance.US, and Gate.io. These exchanges allow you to trade LINK for other cryptocurrencies or fiat currencies.

Notable Events

Chainlink was launched through an initial coin offering (ICO) in 2017. The project has continually evolved and announced significant updates, such as enabling off-chain computing to expand its use cases. As a network built on Ethereum, Chainlink provided an innovative solution to the challenges of centralized data input in blockchain systems.

Source: https://www.thebalancemoney.com/chainlink-link-explained-5195086

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