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About Chainlink (LINK)

Chainlink (LINK) is a widely-used oracle network. An oracle provides real-world data, such as weather reports, to blockchain networks. This is particularly useful for smart contracts, which execute automatically once certain conditions are met. LINK tokens are used to pay Chainlink operators, who keep the network functioning on a day-to-day basis.

Using Chainlink (LINK) price information

Accurate and timely information on Chainlink’s price movement is important to make sound investment decisions. It can help you stay on top of trends, manage risks and optimise your portfolio performance.

Frequently asked questions

How is the price of Chainlink determined?

The real-time price of Chainlink (LINK) is determined by collecting the most-up-to-date data from 211 exchanges and 498 markets. This data is then aggregated using a global volume-weighted average formula.

Can Chainlink be mined, or how are LINK tokens acquired and distributed?

Chainlink (LINK) cannot be mined directly. Instead, it utilises the proof-of-stake method where validators are chosen based on the number of tokens they stake.

Transactions on the Chainlink blockchain are validated by these validators, who receive rewards in the form of LINK tokens for their work.

During its creation in 2017, 1000000000 LINK tokens were issued, with 35% sold in an initial coin offering (ICO), 20% allocated to smart contracts and 35% held in reserves for purposes such as validation compensation.

It’s important to note that the total token supply is capped at 1,000,000,000 and no additional tokens will be created beyond this amount.

Where can Chainlink be bought?

Chainlink can be bought at BTC Markets, your reliable cryptocurrency trading hub in Australia. We offer secure transactions, instant AID deposits/withdrawals, and 24/7 trading for top cryptocurrencies.

What makes Chainlink valuable?

Chainlink is a valuable cryptocurrency since:

  • It is a decentralised oracle network that connects blockchain smart contracts with real-world data sources.
  • It enables blockchain applications to access reliable and tamper-proof data, expanding their functionality and versatility.
  • It enhances trustworthiness and integrity of blockchain based systems by providing accurate information from multiple sources.
  • Its decentralised nature ensures data security and eliminates reliance on a single centralised source.
  • Its ability to bridge the gap between blockchain and external data makes it a valuable tool for the cryptocurrency industry.

Find out the latest Chainlink news

Weekly Crypto Wrap: 8th February 2024
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Weekly Crypto Wrap: 8th February 2024

Read more - Weekly Crypto Wrap: 8th February 2024
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