This project is one of the "long-livers" of the cryptocurrency market. LINK appeared back in 2014, but fully declared itself only at the end of 2017. Chainlink is a blockchain platform aimed at providing security when working with complex smart contracts.
Features of Chainlink operation
The main goal of the project is to create a decentralized network similar to oracles. According to the authors' idea, the project will be fully compatible with several popular blockchains, such as etherium, bitcoin and hyperledger.
The Chainlink platform is distinguished by the following features:
- Evaluation of data coming from outside the blockchain. Using oracles (trusted network nodes), you can monitor the validity of data as it is entered into a smart contract, both at the creation and execution stages.
- Ensuring network security. Once the required number of oracles has been selected, the process of information transfer begins. At the same time, Chainlink is responsible for the security of all transactions.
- Aggregation of information. Contracts can also collect information that is transmitted by off-network Chainlink project oracles.
The working token is LINK cryptocurrency. This token can be used for the following tasks:
- The use of Chainlink services at all levels. Those who work with the network necessarily apply tokens to work with smart contracts.
- Cryptocurrency speculation. You can buy LINK cryptocurrency in order to make short-term profits from the difference in quotes.
- Medium- and long-term investments. Chainlink Coin can also be regarded as a tool to invest for a longer period of time.
Advantages and disadvantages of LINK, prospects
The pros of LINK include:
- The system stays dispersed at all times and has a number of pros of smart contracts as well as blockchains.
- The project performs verification of data coming from the outside. In this way, Chainlink acts as a link between the real world and blockchain technology.
- The oracles that verify the information receive a certain amount of LINK cryptocurrency for the work performed.
- All transactions within the project are performed promptly.
Disadvantages of the project
- There is no reversibility of processes when unreliable information is detected. So, at this stage, users can only learn that incorrect information has been received from the outside, but it will not affect the execution of the contract.
- So far, it is unknown what will happen in case of a sudden load, as the issues of scalability in the Chainlink project have not yet been covered.
As for the prospects of the project, they are quite interesting. ChainLink could act as an intermediary between blockchain and the real economy, for example. Oracles will check the validity of information coming from counterparties, which may in the future affect how a contract will be executed. Admittedly, full integration with blockchains would need to be addressed for this to happen.
LINK cryptocurrency reached its maximum rate in 2021. Then there was a fairly strong correction and the value of the token fell to half of the maximum price. Accordingly, in terms of price, Link is of some interest both in the short term and in the long term.
The project is interesting in terms of a technological solution. Such oracles in the future could be the missing link that prevents smart contracts from being realized in the real world today. The main problem with smart contracts is that there is no one to verify the information that goes to them. Projects like ChainLink will be able to address such issues and eliminate a large number of intermediaries, with minimal commissions.
As interest in the project grows, the value of the LINK token will also grow. This will be due to the demand for the coin from the network users, as well as those who will order this service when drafting a smart contract.
Where to buy LINK cryptocurrency
It is possible to purchase the token on various platforms. One of the most reliable is the Broex platform. Here you can not only buy, but also store cryptocurrency. And if necessary, sell it at a bargain price.
Choice of assets
Broex.io is a trading platform where users can buy more than 600 tokens. This is made possible because Broex works with Binance, a well-known professional platform in the world of cryptocurrencies. Also, Broex customers can send a request to the administration to add new tokens from Binance.
Convenience and comfort
It is easy to register on the Broex platform. You will need to provide an email address, create a username and password. The verification procedure is fast.
After that, the user has access to all the functionality of the site. Unlike professional trading platforms, Broex offers a simple interface for token trading. This allows both experienced users and beginners to buy and sell LINK cryptocurrency. To make a transaction, you need to select the direction of exchange, as well as specify the purchase volume.
Convenient deposit and withdrawal methods, reliable storage
Broex is not only an opportunity to exchange tokens. You can store cryptocurrency here. For this purpose, the site offers its own servers, disconnected from the Internet. Coins are stored in complete safety with no risk of hacking. As for the fiat money, they are on a separate circuit and are not available to the site administration.
You can replenish your account on Broex in any convenient way, including credit and debit cards of any issuer, as well as electronic payment systems and cryptocurrency.
LINK cryptocurrency is a token with price growth potential. You can buy it on the secure and reliable Broex platform. It offers a user-friendly interface and secure storage of both fiat funds and tokens.