What is Chainlink?
Chainlink is a type of decentralized oracle network that works to connect real-world data to tech-based smart contracts. Chainlink utilizes LINK tokens as its natural cryptocurrency, and node operators are paid using these tokens. Providers and operators with large LINK quantities may be offered larger contracts due to Chainlink’s internal reputation system. Deduction of tokens can occur, however, if these parties fail to deliver accurate information.
Chainlink’s platform was created to connect to the Etherum network to provide it with external data since blockchains aren’t able to access data outside their network. This outside data will trigger the execution of smart contracts when several predefined conditions have been fulfilled. Those utilizing the Chainlink network have reward incentives to provide smart contracts with their access to these various external data feeds, like API information.
LINK has been described by developers as an “ERC20 token” with the transfer and call functionalities of the ERC223. These characteristics permit LINK tokens to be both processed and received by smart contracts through a single transaction.
Sergey Nazarov and Steve Ellis developed Chainlink and conducted an initial coin offering (ICO) back in 2017. This tactic raised approximately $32 million with a supply of 1 billion LINK tokens, 35% of which were sold to the public. Following the ICO, 32% of the remaining LINK tokens were distributed to node operators as an incentive. Another 30% of the remaining tokens remained with Chainlink for development.
Chainlink (LINK) is available for purchase on several exchange sites that recognize it as a legitimate cryptocurrency, such as Binance, Bidesk, HBTC, and several others. Chainlink has a current CoinMarketCap ranking of #7, following closely behind Bitcoin Cash (BCH) and the Litecoin (LTC) cryptocurrencies. Though the total and circulating supply of Chainlink is available, there is no data to indicate its maximum possible supply.
What are Chainlink Frequenty Asked Questions?
Where does Chainlink (LINK) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Chainlink currently ranks in position 7 out of the thousands of cryptocurrencies. It is also important to consider Chainlink‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Chainlink has a market cap of $ 9,472,164,942, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 585,897,503,368, Litecoin at $ 8,485,352,131, Ethereum at $ 147,349,411,031, Tether at $ 25,422,039,508, and XRP at $ 11,770,855,166.
What is the price of Chainlink (LINK) today (updated in realtime)?
The current price of Chainlink is $ 23.53 in USD. (The price in Euros is 19,38 €; and the price in Bitcoin is Ƀ 0.00074400 BTC.)
What is Chainlink‘s (LINK) market supply?
The total available supply of Chainlink is 402,509,556 LINK. The total supply of Chainlink is 1,000,000,000 LINK.
What is the 24 hour volume for Chainlink (LINK)?
The 24 hour volume for Chainlink is $ 2,442,415,423.
How has Chainlink (LINK) performed recently?
Chainlink‘s price has increased in the last 24 hours by 7.84%. This compares with a seven day change of 7.45%. The trading volume over the last 24 hours was $ 2,442,415,423. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Chainlink (LINK) official website?
Links to Chainlink‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Chainlink (LINK) performed well historically?
Here is a chart showing how Chainlink has performed historically.
Where Can I Buy Chainlink (LINK)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
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