Chainlink (LINK) works on the Ethereum blockchain, but also on BNB chain, Solana Network, Fantom and Avalanche network to name a few. It powers the Chainlink decentralized oracle, a network that allows Ethereum smart contracts to securely connect to external sources of data, payment systems, and APIs. The coin was launched in 2017 and has a fully diluted market cap of over $7 billion. It is currently ranked among the top 30 cryptocurrencies by market cap.
Briefly about Chainlink
Chainlink was developed by Sergey Nazarov and Steve Ellis. Steve has a degree in computer science and has a lot of experience in programming and software engineering. The ecosystem has emerged as one of the major players in the data processing field, and it stands out because it integrates off-chain data into smart contracts. Chainlink is used to power the network and helps to secure it from bad actors.
The top native coins for DeFi operating on the Oracle Networks.CryptoLists.com
This LINK coin is used as the payment token on the ecosystem and helps to secure the network. Since Chainlink can be used on multiple blockchains, users won’t be tied to the Ethereum blockchain. If you want to use the token on other chains apart from Ethereum, you will simply need to bridge it. It is worth noting that the Chainlink token has a maximum supply of 1 billion tokens, which means its price won’t be affected by an oversupply of the altcoin.
Utility of Chainlink?
Chainlink tokens are primarily meant to pay node operators for retrieving data for smart contracts. They are also used for deposits placed by node operators as requested by the creators of contracts.
For the network to achieve high levels of security in a decentralized environment, users of the network need to have an economic incentive to operate correctly. One way of doing this is by staking the tokens. Validators who act unethically can lose their tokens through a process known as slashing, and those who act properly are compensated through token rewards. The network even has a mechanism in place to prevent strong adversaries from creating bribes to condition the future behaviour of the nodes.
The Chainlink coin also gives node operators an incentive to operate correctly since this would boost the value of the token over time. This mechanism is known as the future fee opportunity.
Chainlink Price detailsERC20 Contract address: 0x514910771af9ca656af840dff83e8264ecf986ca
›› LINK tokenomics and social media
Advantages at Chainlink+ LINK is backed by a strong team that includes ex-Google CEO Eric Schmidt.
+ Chainlink’s whitepaper is comprehensive.
+ You can buy Chainlink on lots of crypto exchanges.
+ The company has developed a large online community.
Disadvantages- Chainlink’s transfer costs are rather high.
- It has limited utility.
- Many similar coins exist, so LINK faces a lot of competition.
- Like other altcoins, Chainlink can be subject to extreme volatility.
Costs▪ Rated at 8/10
As an ERC-677 token, this altcoin is transferred over the Ethereum blockchain. For this reason, the gas fees will vary depending on network traffic and average at about $20. The company is planning to integrate layer 2 solutions to minimize the transfer fees and increase the scalability of the ecosystem.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 9/10
Chainlink has an excellent reputation in the crypto community. The project has been running since 2017, so lots of people have got a chance to try out the technology. On Twitter, the project has more than 830,000 followers, and its Reddit community has a little over 78,000 members. A key issue users have pointed out is that the token itself doesn’t seem very necessary for the ecosystem to function properly.
Where can I buy these tokens?
You can buy Chainlink on many popular centralized exchanges, including Coinbase Pro, and Gate.io. You can also get it on lots of decentralized exchanges.
Who created this altcoin?
This Chainlink token was developed jointly by Sergey Nazarov and Steve Ellis. Sergey is the current CEO of the company and has a degree in business administration from the University of New York. On the other hand, Steve has a degree in computer science from the University of New York.
Will this coin overtake Ethereum?
Although this cryptocurrency has grown in value significantly, Chainlink is very unlikely to overtake Ethereum since the latter enjoys the first-mover advantage. Ethereum is also used by a lot of people for many different purposes and is unlikely to lose its spot as the second-most-valuable cryptocurrency.
Which wallets can I use to store my tokens?
When choosing a wallet for your cryptocurrencies, you should consider their security, user interface, and support for DeFi. Some of the best ones include MetaMask, Trust Wallet, Bread Wallet, Coinbase Wallet, Ledger Nano, and Atomic Wallet.
What is the supply of these tokens?
The highest number of LINK tokens that can ever exist is 1 billion, and at the moment, about 50% of these are already in circulation.
Screenshots from Chainlink
More sites where to buy/sell/trade ChainlinkBelow you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
Chainlink details and tokenomics
BNB Contract address: 0xf8a0bf9cf54bb92f17374d9e9a321e6a111a51bd
SOL Contract address: CWE8jPTUYhdCTZYWPTe1o5DFqfdjzWKc9WKz6rSjQUdG