Full review of the Chainlink cryptocurrency (LINK), features of this coin




What is Chainlink (LINK)?

Chainlink (LINK) is a decentralized network that connects smart contracts of any blockchain with external services. The platform complements the potential of the smart contracts themselves by providing access to information from external sources.

The LINK development team consists of 18 people, among which the main ones are:

Sergey Nazarov, Project Director of Cainlink, Steve Ellis, Head and CTO, Mark Obland, Head of Payments, Brendan Magauran, Director of Payments, Dmitry Roche, Programmer. The creators decided to implement a whole network of oracles that should be compatible with bitcoin, and with ether, and with other cryptomonets.

Smart contracts, which are called smart contracts, allow you to exchange funds without third parties. Blockchains that run smart contracts cannot maintain their own communication with external systems, and smart contracts are not able to independently connect outside the chain. The link between them is oracles, which are intermediaries between blockchains and smart contracts. They provide communication with the outside world.

However, oracles today are centralized services, meaning that any smart contract that uses such services has a single point of failure, which negates any benefits derived from the decentralized nature of smart contracts.

To make up for this lack, Chainlink was developed as the first decentralized oracle that provides external data for smart contracts. As a result, the security and determinism of smart contracts can be combined with the knowledge and breadth of real external events.

The cryptocurrency with chainlink is decentralized, has an open source code. Official Website - https://github.com/smartcontractkit/chainlink, a special software chainlink is used. With the help of LINK tokens, the project creators allow information providers to earn money.




Mining Сhainlink




The tokens with the chainlink are not designed for mining, but there should be no problems with storing coins.

The cryptocurrency is created on the basis of Ethereum, so you can keep the token on any wallet that supports the Ethereum algorithm.

Nodes (nodes) with the chainlink in the corporate version are already deployed along with public blockchains. One of the main tasks of chainlink at the moment is to ensure the decentralized operation of such nodes. The node software creates interaction with the blockchain, as well as with external services. Nodes with a chainlink function in the form of instructions, each of which consists of tasks. Tasks are processed according to the pipeline principle.




Capitalization




The total number of coins is 1 billion. however, only 350 million tokens are available on the market, the remaining funds are used for the development of the project.




How and where to store Chainlink? Wallets for LINK




Chainink wallet



You can use any wallet that supports Ethereum to store your chainlink.

There are many different wallets that are created for Ethereum, since Ether is one of the most popular cryptomonets and they are also suitable for Chainlink (LINK), so anyone can find a wallet that suits their taste and meets their needs. These wallets differ significantly from each other. These are both hardware and software wallets, for example, such a well-known software wallet for storing ether as Electrum.

There are many different wallets that are created for Ethereum, since Ether is one of the most popular cryptomonets and they are also suitable for Chainlink (LINK), so anyone can find a wallet that suits their taste and meets their needs. These wallets differ significantly from each other. These are both hardware and software wallets, for example, such a well-known software wallet for storing ether as Electrum.

There is another good option for storing Chainlink online, this is the Coinbase multicurrency wallet. What is convenient for such a wallet? First of all, if you are going to store not one cryptocurrency, but many different cryptocurrencies, having a multi-currency wallet, you will not have to start a separate wallet for each crypto coin, it is very convenient to store all the coins in one place. This is a good, convenient and reliable wallet, it allows you to enter any minimum amount without commission. For the withdrawal of funds, there is a small commission that miners receive, there is a safe on this wallet.

If you plan to start a wallet With a chainlink to collect coins from faucets, then Coinbase is a very good solution.

Another good option is the Mycrypto wallet.




Conclusion:




Now Chainlink is one of the most popular cryptocurrencies, this coin is traded by all known exchanges, an indicator of its future prospects can be that such a well-known trading platform as Coinbase makes it possible to start a wallet of this coin and trade with Chainlink on its exchange.

Chainlink helps to solve the problem of vulnerability of smart contracts when interacting with the traditional sector. Thanks to this, financial, educational and trade organizations will improve their activities, thereby increasing the level of security, as well as freeing themselves from outside interference.

The system has the functions of a blockchain system and smart contracts, but it remains decentralized;

Information received from external resources is checked for authenticity and reliability;

To make transactions, oracles are used, which ensure the security and reliability of operations.

The disadvantages of Chainlink are as follows:

Blockchains are able to solve problems only in a narrow segment, which will subsequently hinder the expansion of the project.

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