What is Chainlink (LINK)?

Cointral Marketing Manager
26 Nov 2019
Blog
What is Chainlink (LINK)?

Chainlink (LINK) is a localized network that provides information to smart contracts. Chainlink, founded in 2017 by Sergey Nazarov and Steve Ellis, aims to solve the problem of providing off-chain information through smart contracts.

Smart contracts are designed to work automatically if certain parameters are met. However, when these parameters are off-chain, they rely on the information sources (known as oracles) to provide the necessary information.

Off-chain oracles tend to centralize and rely on a third party to provide reliable and time-critical information with it. ChainLink aims to break this trust by feeding information to smart contracts over the network through a decentralized network that works together on the Link blockchain to validate and forward critical information to these contracts. The ChainLink network allows users with data flow or information-carrying APIs to easily provide information to smart contracts in exchange for LINK token.

How does LINK work?

Link Network provides timely and accurate information to smart contracts through decentralized networks (data feeds and APIs). This information is critical to the effective and correct execution of smart contracts. Because the necessary information is off-chain and a reliable method is needed to obtain information about the chain. The LINK token acts as a payment for smart contracts that use data provided by Link Network. It is rewarded in proportion to marked LINKs that provide the correct information.

How to Buy Chainlink

You can buy Chainlink safely and easily by visiting our Cointral branch and then transfer it for trading on popular crypto money exchanges like Binance.

To purchase LINK with credit card, you must first have a cryptocurrency. Then you can buy LINK by swapping your cryptocurrency from the Crypto Swap section at https://online.cointral.com. You can easily purchase Bitcoin, Ethereum, Ripple, Litecoin, Tether, Dash, BNB Coin, OmiseGo, Dogecoin, Cardano, EOS and more than 1200 crypto currencies with Cointral.

If you would like to learn more about crypto money exchanges and how to trade on the exchanges, check out our articles “Buy Bitcoin on Binance” and “Withdrawal on Binance”.

Investment information, comments and recommendations contained herein are not included in the scope of investment advisory. Therefore, making an investment decision based solely on the information and comments contained herein may not produce results that are in line with your expectations.