What Is Chainlink?
Chainlink is a decentralized oracle service. It improves smart contract interconnectivity by granting smart contracts access to reliable data feeds, APIs, payments, and other resources.
Essentially, Chainlink is a middleware between on-chain and off-chain systems. By giving smart contracts access to off-chain resources, Chainlink lets them react to real-world events and execute agreements that would otherwise need external proof of performance.
The Chainlink ecosystem is built around the LINK network and LINK token. Initially, Chainlink solutions are built on Ethereum blockchain, but the company intends to support all major smart contract chains.
Chainlink aims for blockchain-agnosticism, meaning that it wants to be supported by any kind of blockchain. Its decentralized nature is the way it reaches consensus: instead of needing to trust one or two oracles, it relies on the majority to provide the same data. This removes a single point of failure—which is a significant advantage of decentralization everywhere—but also helps weed out potentially malicious oracles, in case they consistently provide bad information. In other words, decentralization ensures reliability in a way that centralized third party APIs or apps cannot, in that it completely removes the need for any intermediary at all, while still letting Chainlink and the like serve a similar purpose.
Buying LINK in 2022: Everything You Need to Know
With its significant use case in the real world, it is no wonder that Chainlink’s native token, LINK, is among the most popular coins currently in the market. Our guide will give you all the details on how and where you can buy it, what fees you can expect, and if the exchange you’re considering is a good fit for your skill level. Even if you can’t immediately choose among our options, they’re sure to give you a good starting point for further research.
If you want to purchase Chainlink (LINK) through an exchange then most popular exchanges already have it. You will find this on Binance, Coinbase, Kraken and KuCoin.
Buying Chainlink (LINK) Peer to Peer
If you decided to go P2P route then good for you. You are one step closer to owing your coins and your private keys!
Step 1: Creating A Wallet To Hold Your Chainlink
- Open Google Chrome
- Get Metamask
- Follow the instructions and set up an Ethereum wallet
- Save all the important details
Note: An Ethereum Wallet is needed to store Chainlink on as the Chainlink token is built upon Ethereum. You can safely send Chainlink to an Ethereum address.
Step 2: Buy Chainlink (LINK) from a seller P2P.
Part of the trade process is going to be to provide an receiving address to a seller. One you have completed your side of the bargain the seller will be sending you LINK coins.