This month, we will expand the trading assets available on CEX.IO by listing LINK, the native token of the decentralized oracle network Chainlink.
🗓 Listing timeline:
📍LINK deposits and LINK/USD trading will be launched on April 23
📍LINK withdrawals and LINK/EUR trading to start on April 27
📍LINK/GBP trading will be available on April 29
Mark your calendars and get your account ready for purchasing or trading LINK!
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🤓 LINK token and its role in the Chainlink system
LINK is an ERC-677 token used as currency within the Chainlink ecosystem. It has the functionality of ERC-20 tokens but also allows token transfers to contain a data payload. Although LINK is currently implemented on the Ethereum chain and also supports implementation on other chains. That is why we often call them blockchain-agnostic.
The total token supply is 1 Billion LINKs. At the end of 2017, Chainlink raised 32 million dollars by selling 35% of LINK tokens to ICO investors. The remaining tokens are planned for node operators and for the development of the platform.
According to the Chainlink reputation system, node providers who have a larger amount of locked LINK get larger contracts as a reward. If they deliver inaccurate information, tokens are deducted as a penalty. The more we use the Chainlink platform, the more valuable LINK tokens become.
🔖 What is Chainlink and what problem does it solve?
Smart contracts is a great solution for lots of industries, but they have certain drawbacks. They are based on the blockchain, which is why they can’t access data from external systems on their own. Smart contract networks are unable to interact with off-chain data, APIs, data feeds, and traditional banking systems without oracles — middleware that connects blockchains with data outside the blockchain network. Oracles detect, verify, and submit real-world data to smart contracts to trigger their execution under predefined conditions.
Chainlink is aiming to solve the problem of connecting smart contracts to real-world data. By doing so, it encourages the use of smart contracts all over the world. Chainlink pulls information that’s external to blockchain apps and smart contracts. Then, it puts it on-chain.
💡 What is the main innovation?
The main difference between Chainlink and other oracles on the market is its decentralized approach. Usually, a certain party manages and centralizes the oracles. Hence, we can’t fully trust the data coming from these oracles, as the information could be inaccurate or altered.
Chainlink is a decentralized oracle network providing the same security guarantees as smart contracts and avoiding a single point of trust when it comes to data. It’s a tamper-proof blockchain middleware that simplifies how smart contracts can access off-chain systems. The Chainlink network consists of two parts, off-chain and on-chain, which interact with each other to deliver the service. Developers and larger companies can use Chainlink to monetize their existing APIs and data feeds by providing them to smart contracts in exchange for rewards.
⚙️ Applications, partnerships, and use cases
We can apply Chainlink technology in virtually any industry that uses smart contracts. It can be finance, payments, insurance, supply chain, enterprise systems, and government services.
Since the launch of its mainnet in 2019, Chainlink has established many partnerships and attracted various companies to its decentralized network. For example, the well-known software company and major tech player Oracle joined forces with Chainlink. It will help startups use Chainlink’s oracles to monetize startup APIs. Google Cloud has presented Chainlink services to developers. They can now build hybrid blockchain/cloud apps with Chainlink oracles, and networks like Matic, Harmony, IOST, and other blockchains are using Chainlink features to meet their needs.
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- ➡️English https://t.me/CEX_IO
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Note: Please be informed that LINK is currently available to all non-US residents only.
Disclaimer: The above content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Please study the asset on your own before making any investment or trading decisions.