ChainLink (LINK) – a coin that is probably still quite new to many investors in the cryptocurrency market, but few people know that LINK coin has had breakthrough growth in value as well as technology. So what is Chainlink? What makes it special? Create a storage wallet and Buy and sell coins where LINK coin? Which exchange is safe and reputable? Should I invest in Chainlink coin? Let’s find out with Blog I Love Bitcoin below.
What is ChainLink coin (LINK)?
Chainlink (symbol: LINK) is a decentralized oracle service, and the first blockchain platform of its kind. ChainLink provides a solution that is a bridge between smart contract (Smart Contract), which allows users to use software in the network to get data from application programming interfaces (APIs), data pools and other resources to integrate them into the Blockchain. Essentially, ChainLink takes information outside of blockchain applications and puts it on-chain.
For many protocols Blockchain of other platforms, they need applications like ChainLink to access the data systems that these platforms need to operate on. As such, ChainLink connects blockchains with the platforms’ existing infrastructure.
ChainLink made ICOs and launched the LINK Token sale around March 2017, at that time ChainLink was one of the very successful ICO projects.
What problem does Chainlink solve?
Since Ethereum Launched in 2015, this platform has revolutionized what Blockchain technology can bring to the financial business sector. Blockchain is no longer a medium for financial transactions in the new age, because the technology limits its ability to disrupt traditional currency exchanges. Bitcoin.
When Ethereum Supporting his smart contracts, Vitalik Buterin – Founder of Ethereum, has expanded the use of blockchain technology. But these solutions have had problems that, by their design, smart contracts can only manage data on the blockchain. The ability to provide tamper-proof measures, untapped distributed applications (DApps) for global use, as many smart contract schemes built on Ethereum lack a bridge for real industry that they are trying to improve. At this time Chainlink was born to overcome these problems.
What is Oracle?
Oracle is an increasingly important factor in the evolving Blockchain ecosystem. A regular blockchain cannot access data outside of their own network, which makes it difficult to integrate off-chain elements into the on-chain network.
Oracle It is possible to find and verify real-world data and then put this data on-chain integrated into smart contracts.
How does ChainLink work?
The core goal of ChainLink is to implement scaling solutions directly (on-chain) and not directly (off-chain) and thus it has two main functions: on-chain functionality and off-chain functionality.
1. On-Chain Functions
The first ingredient of ChainLink consists of contracts that are processed directly on-chain, which are implemented on top of Ethereum’s blockchain technology. These data governance contracts handle the data requests of users who wish to take advantage of the network’s data management software. If a user or entity wants to access data off-chain, they send a user contract (or request contract) to ChainLink’s network, and the blockchain handles these requests in a separate contract. their.
These contracts will be responsible for the required contracts with the appropriate management systems. These contracts include a reputation contract, an order matching contract, and an aggregate contract.
First, the reputation contract is, as the name suggests: it checks a management system vendor’s track record to verify its integrity. In turn, the execution contract records the user contract’s service level agreement on the network and collects bids from trusted governance system providers. Finally, the aggregation contract accumulates the data of the selected governance systems and weighs them to find the most optimal results.
With these contracts, ChainLink’s on-chain functions go through a three-step process:
Choose Oracle: When a request contract is submitted, it means that the user has defined the request for their data retrieval as a service level agreement (SLA). These may include the reputation of the governance system, the data parameters, the number of management systems/data needed, etc. Then, users can filter and search for the governance systems themselves using ChainLink. . Sometimes when manual search is not optimal, an automatic matching engine will be available. For this option, admins can bid based on the contract’s SLA. Contracts may require a penalty fee for violations, and once a contract has received the appropriate bid, these governance systems are selected and a service agreement is initiated. .
Data report: This is a pretty simple step. Once a governance system is selected, off-chain providers execute a service agreement and transmit the requested data to the blockchain for on-chain nodes to process.
Gather results: To ensure data integrity, an aggregated data collection contract is submitted by all providers associated with a claim contract. The aggregate contract will then review and weigh all of the data to provide the required contract with the most optimal answer.
2. Off-Chain Functions
The second component of ChainLink consists of off-chain governance nodes connected to the Ethereum network. Currently, ChainLink only connects to smart contracts on Ethereum’s network, but in the future, the system will not cooperate with smart contracts on many different networks.
Off-chain nodes are responsible for collecting data from the off-chain source as required by user contracts. After collecting the relevant data, these nodes will process the data through ChainLink Core, the core node software that enables off-chain infrastructure to interact with ChainLink’s blockchain. Once the data is processed, ChainLink Core transmits it to the on-chain governance contract to combine the results. To pay for this work, off-chain governance system operators will receive LINK coins – ChainLink’s token, to collect and send data.
ChainLink project development team
ChainLink project founded by Sergey Nazarov – who has experience in building peer-to-peer networks, he used to work at the famous venture capital firm FirstMark Capital based in New York, Chainlink is also his first Blockchain platform project. In addition, Chainlink also owns a number of prominent development team members such as:
- Steve Ellis (CTO): Formerly a software engineer and team leader at Pivotal Labs, where he worked on data security and building scalable payment automation software. He is a big fan of Ethereum, Bitcoin and the decentralized future.
- Dimitri Roche (Software Engineer): Dimitri was previously a software engineer at Pivotal Labs and McKinsey. Continue to lead the engineering team at big companies like infogroup.
- Mark Oblad (Head of Operations): Mark started his career at Gunderson Dettmer, helping to manage the growth of the world’s top hedge funds. Continue to build Valcu, a technical leader in contract automation software, where Mark sees great potential of externally connected smart contracts.
In addition, there are some other members, you can see the full information here.
Current exchange rate of ChainLink Coin virtual currency
At the time of writing this article (October 23, 2018), price 1 LINK = $0.448916 USD with a total market capitalization of $157,120,737 USD and ranked 48 out of CoinMarketCap. LINK digital currency is now available 350,000,000 LINK coins circulating in the market, the total supply is 1,000,000,000 LINK. You can see ChainLink Rate Coin is updated by us in real time 24/7 to understand the price movement of this virtual currency.
See also: Real-time rate table of 2,000+ coins 24/7
Where is the safest place to create a wallet to store LINK coin?
As I mentioned above, ChainLink cryptocurrency is a Token developed on the standard Ethereum Blockchain platform ERC-20, so you can Create a ChainLink coin wallet and store them on ETH wallets that support ERC20 Tokens. Some of the most popular ERC20 wallets today are ImToken, Trust Wallet, MyEtherWallet, Metamask, Trezor, Ledger,..
Also, if you often buy and sell LINK coin then you can always store it on the wallets of the exchanges for convenience of trading, without having to transfer back and forth, but of course the security level of the exchange wallet will not be equal to the wallet mentioned above.
Where to buy and sell LINK coin? Which exchange is reputable?
Present, ChainLink Coins are being traded on about 13 different large and small international exchanges. In Vietnam, there are also some support exchanges Buy and sell ChainLink but I don’t usually use it, I use the international floor for better reputation and price. Some international exchanges have listed LINK Coin such as: Binance, Huobi, OKEx, Bithumb, Bitrue, Mercatox, Gate.io, Kyber Network, COSS, EtherDelta (ForkDelta), IDEX and Radar Relay.
In it, of course Binance is the exchange with the largest trading volume of LINK tokens, in addition to Huobi and OKEx are also two big reputable exchanges. I recommend you to use Binance or Huobi to buy and sell Chainlink coins because of low transaction fees, high liquidity and safety. You can view instructions…