Chainlink (LINK): What is it ?
Chainlink crypto by Crypto Nation – 14 july 2021
By Crypto Nation – 14 July 2021
Chainlink crypto card summary:
The fundamental data of the Cosmos
- Name: Chainlink
- Symbol: LINK
- Type: DeFi, Oracle, Smart Contract
- Consensus: Proof Of Reserve
- Year of creation: 2019
- Founder(s): Sergey Nazarov and Steve Ellis
- Official site: chain.link
- Mainnet: No
- Whitepaper: https://link.smartcontract.com/whitepaper
- Code: https://github.com/smartcontractkit/chainlink
- Twitter: @chainlink
Chainlink market data
Below are the basic market informations regarding this cryptocurrency:
- Price: It is expressed in dollars ($). There is also its percentage change (%) over the last 24 hours.
- Rank: Ranking of this cryptocurrency among all those referenced on CoinMarketCap. This is done according to the market cap.
- Market cap: Market capitalization represents the total dollar ($) value of all coins in circulation.
- Volume: It represents the total dollar ($) amount of the cryptocurrency in question traded over the last 24 hours.
What is the goal of the Chainlink project ?
The main and ambitious goal of Chainlink is to connect the blockchain to the real world. Information such as temperatures, events or match winners are integrated into the blockchain in the form of Smarts Contracts, thanks to oracles.
The users of these contracts will then be able to retrieve any type of information present on the blockchain and coming from the “off-chain” world.
Chainlink is one of the largest and most comprehensive crypto ecosystem. Its large community is made up of data providers, node operators, smart contract developers, researchers, security auditors and more.
The project is open source and fully decentralized. It constantly ensures that these aspects are respected.
The origin of the Chainlink project
The SmartContract company led to the founding of Chainlink. It was created in 2014 following the association of Sergey Nazarov with Steve Ellis.
These two actors are therefore the co-founders of the Chainlink project, which after an ICO in 2017 that raised $ 32 million, truly saw the light of day in June 2019.
Noticeably in 2009, Sergey Nazarov co-founded ExistLocal, a peer-to-peer marketplace for authentic local experiences. In 2014, he also co-founded CryptaMail, a fully decentralized blockchain-based messaging service.
Regarding Steve Ellis, in 2014 he co-founded the Secure Asset Exchange, a company that facilitates web access to a decentralized asset exchange.
What is its use?
The LINK token is mainly used to support the project and to pay the operating costs of the network. The following activities can be cited, for example :
- Nodes which will seek information out of blockchains (off-chain).
- Calculations are carried out outside the blockchains.
- Transformation of the data format, making it understandable by blockchains.
- Interaction with Smart Contracts seeking information.
Official Chainlink documentation, if you want to participate in the network:
Management of the economy (at 07/11/2021)
The LINK number is limited to 1 billion. To date, around 44% of tokens are in circulation, 440 million LINKs.
- In Circulation
- Not issued
Initially, the distribution was done as follows:
- 35% sold to the general public.
- 35% to node managers.
- 30% to the company to continue the development of the project.
- Project development
- Node managers
- Sold to the general public
Diagram of the evolution of the cryptoactive
Where to store your cryptocurrency
If you prefer to take your cryptocurrencies out of centralized exchanges, you can store your Chainlink ($ LINK) via various solutions :
- Trust Wallet, bought by Binance, it has become the benchmark mobile wallet.
- Ledger, very secure wallet hardwares, the best known being the Ledger Nano S.
- Metamask, the benchmark decentralized wallet.
More details on the different types of cryptocurrency wallets on our dedicated page, accessible by clicking here.
Our opinion on this project
Chainlink is one of the very first projects allowing the integration of non-blockchain (off-chain) data into smart contracts. A major technical breakthrough that opens up a huge field of possibilities for developers, with the aim of creating new applications through as yet unexplored areas.
Backed by many trusted partners, Chainlink is undeniably the main player in the oracles segment and a pillar of decentralized finance.
The project allows users to become node operators and thus generate income. The network has a huge number of these carriers, who collectively power a wide range of decentralized production networks, currently securing billions of value for major DeFi applications like Synthetix, Aave, Yearn Finance, and more.
Chainlink is therefore a staple of the crypto ecosystem, which, moreover, seems to be starting to arouse interest among institutions. So difficult not to be interested in it as a cryptophile.