What Is Chainlink (LINK) and How Does It Work?

Chainlink (LINK) is a decentralized oracle platform that allows smart contracts to interact with real-world data. LINK is the native token on the Chainlink platform. Learn what Chainlink is and how it works in this article.

What is Chainlink (LINK)?

Chainlink (LINK) is a crypto asset associated with a decentralized platform primarily built on Ethereum (ERC-20). This character, valued by investors and partners alike, has without a doubt contributed to the enhancement of Chainlink's crypto reputation since its creation in 2017. Chainlink was essentially a service platform before it became crypto. The LINK token is the native crypto of the Chainlink project.

What is an Oracle?

Oracle is software or service that provides data from the real world to smart contracts. A smart contract is a protocol that contains a set of commands for the secure execution of negotiated transactions. They were introduced into the economic ecosystem by the arrival of Blockchain, which served as its medium. However, there is a problem: in the beginning, smart contracts only used elements of a blockchain. If they are to be used for real-world elements, such as price, weather, or sports results, then these elements must be changed for the Blockchain to support them. Oracle solves this problem by providing a bridge between the real world and the Blockchain.

History of ChainLink (LINK)

The creation of the Chainlink (LINK) blockchain began in 2017. In the period of its creation, this ERC-20 token managed to score a noticeable success, logically attracting the attention of investors, analysts and curious. In September 2017, for its initial token issuance (ICO), Chainlink Labs, the company that created the LINK crypto, raised $32 million! The project is very interesting and innovative. This gives access to a wide range of practical uses for smart contracts. Unsurprisingly, Sergey Nazarov and Steve Ellis, both founders of Chainlink Labs, quickly landed numerous partnerships. Google Cloud, Polkadot, and many other companies in the DeFi and digital sectors are all looking to Chainlink's services.

How Does ChainLink (LINK) Work?

Chainlink's functionality is designed to give users access to a computing infrastructure that displays the smallest units of reliable proof. These infrastructures are characterized by minimizing the risk of data corruption and thus reducing the need for proof of trust.

Chainlink staking: features and LINK tokens in action Chainlink's functionality is operated independently by users, who are responsible for verifying the accuracy of the programming technology they input.

How to Buy LINK on Bittime

You can buy and sell LINK in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappbeti. LINK is available on Bittime with LINK IDR pairing.

To be able to buy LINK/IDR tokens on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, then you can make a LINK purchase in the application. Complete Guide on How to Buy LINK on Bittime.

Monitor the price chart movements of Chainlink (LINK), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

How to Buy Chainlink (LINK) on Bittime

You can buy and sell LINK tokens in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappbeti. LINK is available on Bittime with LINK IDR pairing.

To be able to buy LINK/IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, then you can make a LINK purchase in the application. Complete Guide on How to Buy LINK on Bittime.

Monitor the price chart movements of Chainlink (LINK), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read: Latest Update: Chainlink (LINK) Officially Launches V2 Staking Feature

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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.