What is Chainlink?

What is Chainlink?

Chainlink is a decentralized oracle network. Its other name is also known as link. Oracle network is the name given to the system that connects blockchain data and non-blockchain data. With this Oracle network technology, Chainlink can calculate insurance prices based on the weather, collect location data for supply chain tracking, and use retail or bank payment information to run a smart contract. Thus, by taking the smart contract technology that entered our lives with Ethereum to the next level, it adds non-blockchain events to the triggering mechanism on the blockchain.

Let’s examine how smart contract technology works to better understand the value that Chainlink adds.

Smart contracts are predetermined agreements. Crowdfunding is a good example to understand how smart contracts work: ‘If the amount of Ether determined by a certain date is uploaded to the smart contract, this amount collected will go to the person who collected the fund, and if this amount is not collected, the Ether will be sent back to everyone who funded it.’ With this example, we can see exactly how the smart contract system works. Since these specified conditions are completely on the blockchain, they cannot be changed and can be viewed by anyone. Thus, a decentralized trust environment is created. To design smart contracts beyond these, data outside the blockchain needs to be linked to the blockchain. This is where the oracle network comes in. The Oracle network mediates the understanding of non-blockchain data by the blockchain. Chainlink provides this in a decentralized way.

Thus, it eliminates the reliability problem of a single central structure and ensures a secure flow of information where the accuracy of the information is proven with the data provided by everyone. Everyone who provides the necessary data in Chainlink operations is rewarded with LINK tokens and thus the link supply is ensured.

 

LINK as a Cryptocurrency Investment Tool

Chainlink was the most profitable cryptocurrency of 2019 with an average profit return of 500%. This rate is 100% for Bitcoin in 2019. LINK, which was priced at $ 0.30 in early January 2019, is at $ 10.5 at the time of writing. Thanks to the possibility of designing a broader smart contract with the decentralized oracle network it has added to the crypto money world, it has a much greater potential.

 

How to Buy Chainlink?

You can become a ChainLink owner immediately by creating a free account on Icrypex and topping up your Icrypex account 24/7 via internet banking. With the support of our crypto money investment expert staff, you can make the right decision in your crypto money investments and evaluate your savings with Chainlink.