Chainlink Coin price
What is Chainlink (LINK) ?
Chainlink aims to encourage a worldwide network of computers to deliver trustworthy, real-world data to smart contracts that operate on top of blockchains. Chainlink's native token is LINK. The token, which is comparable to Bitcoin (BTC) and Ethereum, is intended to assist fund the project's development (ETH). Both of these coins operate on their own blockchains. LINK, like BTC and ETH, serves as an incentive for users to mine. Chainlink coin price prediction is then determined by those blockchains technology tied to it. More on Chainlink coin price will be mentioned later in this article.
LINK is an ERC-20 token with ERC223 “transfer and call” capabilities. It enables smart contracts to process and receive tokens in a single transaction. Chainlink token or LINK token is listed for trading on Coinbase, Coinmarketcap, ARKEN, and several platforms.
Smart contracts, for those who are unaware, are agreements that are designed to execute if and when specific criteria are fulfilled. Smart contracts have been utilized for a variety of purposes, ranging from the development of innovative crypto-financial products to the creation of new crypto assets. However, one persistent problem is that most smart contracts must depend on some sort of external data source in order to effectively execute their terms. Smart contracts aiming to mimic bonds or insurance agreements, for example, may need access to APIs reporting on market pricing or Internet of Things data.
Chainlink was designed to solve this problem by encouraging data providers (referred to as "oracles'') to serve as a bridge between blockchain smart contracts and external data sources. Because each oracle in the Chainlink network is given a reputation score, they are all motivated to deliver reliable data. Furthermore, nodes are paid in Chainlink's cryptocurrency, LINK, when they obey the software's rules and offer valuable data. Since its inception in 2017 in a crowded field of projects, the Chainlink team has been able to execute on its goal, expanding operations beyond Ethereum (ETH) despite a spike in market activity. Chainlink hopes to serve all blockchain-based smart contract networks by 2020. Users who want to keep up to speed on the current development status of Chainlink may visit its official project tracker.
Chainlink Coin Price
The LINK token debuted in 2017 with a Chainlink coin price of fewer than 20 cents and remained at under $1 until 2019. The Chainlink coin price started to skyrocket in 2020. In reality, the price has risen from less than $2 in early 2020 to a peak of $36 on February 20, 2021. Despite its spectacular ascent, LINK has since fallen from its high of $36 and has failed to regain that level. In fact, by March 1, 2021, the Chainlink coin price had fallen by almost $10.Check out the Chainlink coin price live data on ARKEN.
How does Chainlink function?
Chainlink splits its execution process into three different stages to enable communication between its users and external data sources.
Oracle Selection — To begin, Chainlink users create a service-level agreement (SLA) outlining a set of desired data needs. The SLA is then used by the program to match the user with Oracles that can supply the data. After setting the settings, the user submits the SLA and deposits their Chainlink cryptocurrency in an Order-Matching contract that takes bids from Oracles.
Data Reporting — This is where the Oracles interact with external sources to get the real-world data specified in the SLA. The data is subsequently processed by the oracles and returned to Chainlink blockchain contracts.
Result Aggregation - The last stage is summing the results of the data collected by Oracle and returning them to an Aggregation contract. The Aggregation contract collects the answers, evaluates their validity, and delivers to the user a weighted score based on the total of all the data received.
Decentralized Oracle Service by Chainlink
Oracle protocols are traditionally centralized. They present a possible point of failure for smart contracts, which must depend on the oracle to execute their software. Nothing, however, stops someone from tampering with centralized Oracle protocol data. It has the potential to be utilized to influence positive results. Chainlink handles it via what it refers to as source and oracle dissemination. Oracles may retain a high reputation by drawing data from many sources, which is referred to as source dispersion. Requests submitted to the Chainlink network are sent to multiple oracles through Oracle distribution.
Chainlink offers a network of decentralized oracles. The decentralized oracle method reduces dependence on a single data source. There are many use scenarios where decentralized Oracle services may be very useful:
Bonds, interest rate derivatives, and other agreements that need access to APIs to obtain the most recent market prices, interest rates, and other reference data are examples of next-generation securities contracts.
Smart contracts for trade financing that need access to data from supply chain systems, customs, and GPS data on shipments.
Smart contracts for insurance, they will most likely utilize IOT data streams linked to insurable occurrences. For example, in the event of a heist, they could verify whether the warehouse door was secured, or in the event of a fire, they might obtain the most recent data from fire detection devices.
The Chainlink Team
SmartContract, a San Francisco-based technology firm, introduced Chainlink in June 2017. Sergey Nazarov, CEO, and CTO Steve Ellis are in charge of the project. Sergey Nazarov is the creator of SmartContract, Secure Asset Exchange, and CryptoMail, a decentralized email service. Steve Ellis worked as a software developer at Pivotal Labs and Secure Asset Exchange before co-founding SmartContract. Aside from the founder, Chainlinks' website mentions 16 team members and advisors as of December 2018.
The Chainlink Initial Coin Offering (ICO) / Crowdsale
The Chainlink Initial Coin Offering (ICO) took place on September 19, 2017. The token sale was a success, raising $32 million in only two hours. However, it was not without controversy, since $29 million of the $32 million was raised in pre-sale, leaving less than 10% of the tokens available for the actual public sale. 1 LINK was sold for about $0.11.
In all, the firm issued 1 billion LINK tokens. The Node Operators were rewarded with 35% of the tokens. The remaining 35% were sold in the presale and general sales. The remaining 30% of LINK tokens are held by the business. They have continued to compensate the project developers and employees. There are still 350,000,000 LINK in circulation.
The Project's Current Status
Chainlink's present status is difficult to forecast since the business has not released a clear plan. The project team has already created a testnet with seven operational Chainlinks, enabling developers to connect with the BraveNewCoin, CoinMarketCap, CryptoCompare, Kaiko, EasyPost, FlightStats, and Chainlink Alarm Clock APIs. The firm recently purchased Cornell's Town Crier project, which will be utilized to further improve its trusted oracle system.
Link Token is listed for trading and available on Binance and its affiliated trading and exchanges platforms across the network, including ARKEN. Buy Chainlink-Pegged token today on ARKEN.
LINK address (BSC): 0xf8a0bf9cf54bb92f17374d9e9a321e6a111a51bd
LINK address (Polygon): 0x53e0bca35ec356bd5dddfebbd1fc0fd03fabad39
LINK address (Ethereum): 0x514910771af9ca656af840dff83e8264ecf986ca
Why Should You Buy Chainlink?
Should You Put Money Into LINK?
As you can see from the above, the value of LINK remains volatile despite its massive increases since early 2020. As a result, it may be preferable to invest in LINK only to support the underlying technology. Otherwise, the high level of volatility may be too much for most investors to handle. Nonetheless, Chainlink seems to be an essential technology as cryptocurrencies develop. Having an oracle in place, such as Chainlink, will be critical to the long-term stability and sustainability of cryptocurrencies in general. As a result, LINK may be a good investment if you think Chainlink will become the industry standard as the most commonly utilized decentralized oracle network.
Where Should Chainlink Be Stored?
Chainlink, being an Ethereum ERC-20 token, may be held in any wallet that accepts Ethereum tokens. Wallets such as Metamask, Mist, MyEtherWallet, Trezor, and Ledger Nano S are among the most popular choices.
Chainlink Use Case
In the Chainlink network, the LINK token is used to pay Chainlink Node operators for retrieving data from external data sources, converting it to blockchain readable format, off-chain computing, and uptime assurances. For example, if a business wishes to utilize a smart contract that has been upgraded with a Chainlink node, they can only do so with LINK tokens. The ultimate pricing is determined by the Chainlink Node Operator based on the demand for the off-chain resource and the availability of comparable information.
Such a form of LINK token usage has sparked considerable debate regarding the token's usefulness. Other cryptocurrencies, according to some observers, are better suited to pay operators.
For Binance-Pegged LINK, traders who are interested in Farming and Lending will find better utility and volatility from its Binance-alternatives. More use cases of LINK are available on its official Website.
- Sergey Nazarov
Historical Data for Chainlink Coin price
|Jan 15, 2023||$6.75000||$6.89000||$6.55000||$6.67000||$430,380,700||$3,284,723,109|
|Jan 14, 2023||$6.79000||$6.88000||$6.63000||$6.82000||$662,570,607||$3,377,175,453|
|Jan 13, 2023||$6.39000||$7.09000||$6.39000||$6.78000||$283,412,029||$3,247,231,543|
|Jan 12, 2023||$6.38000||$6.38000||$6.30000||$6.36000||$355,295,087||$3,137,435,057|
|Jan 11, 2023||$6.17000||$6.39000||$6.15000||$6.37000||$221,223,667||$3,089,036,572|
|Jan 10, 2023||$6.24000||$6.24000||$6.03000||$6.10000||$208,533,289||$3,021,528,654|
|Jan 9, 2023||$6.14000||$6.20000||$6.04000||$6.20000||$311,388,828||$2,983,928,705|