What is Chainlink? New Zealand Cryptocurrency Overview
Chainlink (LINK) serves an integral role in the crypto space by connecting real-world data to blockchains via smart contracts.
Chainlink is an Ethereum token based on the Oracle network that aims to connect between blockchain-based smart contracts and data we get from the real world. Chainlink acts as a bridge between Visa, Swift, Paypal, banks and various other payment providers linking them to blockchains such as Ethereum, Bitcoin, and Ripple XRP.
Chainlink was founded by Sergey Nazarov and Steve Ellis who have extensive experience in cryptocurrency exchange platforms in the past.
Unique features of Chainlink
Making smart contracts connected to the outside world. During the early days when smart contracts were introduced on Ethereum, they were not able to able to connected to other blockchains and lacked the bridge to real-world businesses.
Now existing business companies like Visa, Mastercard and Swift can directly connect to the blockchain using Chainlink.
Imagine you want to buy some groceries from your Countdown and you order them online. Countdown has all the groceries available and is happy to deliver them to your doorstep. The only thing that is missing is the delivery van which can help deliver those goods. Chainlink does the job of a delivery van by acting as the middleman.
What is LINK token?
LINK is an ERC-20 token based on Ethereum platform with 1 billion total supply. The company holds 30% of the total tokens in order to ensure ongoing company developments and payments to staff members.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated August 29, 2022