Chainlink (LINK)
$27.14-3.72%
Explore the most recent Chainlink (LINK) trends with SLEX's real-time charts and quick updates. Gain a thorough understanding of the Chainlink market's current state, decipher the intricacies of trading cryptocurrencies, and become fully immersed in the ever-changing world of digital finance. Take advantage of extensive news coverage and astute market insights while you analyze the several factors influencing Chainlink's (LINK) price trajectory.
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Chainlink (LINK) Price Real-Time Data
Chainlink's current price stands at $27.14, with a trading volume of $1.53B over the last 24 hours. Its 24-hour peak price is $28.85, its 24-hour low is $26.82. Chainlink is boasting a live market cap of $17.1B. There are 626.85M LINK coins in circulation, against a maximum supply of {{supplyMax}} LINK coins.
Background of Chainlink
An ambitious endeavor to close the gap between blockchain smart contracts and real-world data was the beginning of Chainlink's journey. In September 2017, the idea was originally presented in a white paper. Steve Ellis and Sergey Nazarov co-founded the platform with the intention of enhancing the functionality of smart contracts by providing off-chain computing and real-world data access while upholding the security and dependability of blockchain technology.
In June 2019, the Chainlink network made its formal debut on the Ethereum blockchain. It soon gained notoriety for its creative solution to the "oracle problem" in smart contracts. The crux of the issue is in the difficulty of supplying secure and reliable real-world data to smart contracts, which are necessary for their operation but are not inherently available on blockchains.
Chainlink's Operation
Chainlink functions as a network of decentralized oracles. It is made up of several oracles that cooperate to supply, verify, and transfer data to blockchain smart contracts from outside sources. This is a condensed explanation of how it functions:
1. Data Request: On a blockchain, such as Ethereum, a smart contract makes a request for data from the outside world. Any type of information could be used here, including financial market data, commodities prices, and weather reports.
2. Chainlink Network: The request is routed via the Chainlink network, which matches it with relevant oracles capable of retrieving the needed information.
3. Data Aggregation: To guarantee correctness and avoid manipulation or a single point of failure, the obtained data is combined and checked by several oracles.
4. Data Delivery: The provisions of the contract are carried out based on real-world data when the validated data is given back into the smart contract.
This procedure expands the possible use cases of smart contracts by enabling safe and dependable interaction with external data flows.
Who created Chainlink?
Steve Ellis and Sergey Nazarov co-founded Chainlink. As the company's CEO, Sergey Nazarov is a well-known personality in the cryptocurrency world, known for his in-depth knowledge of decentralized apps and smart contracts. Nazarov co-founded CryptoMail, a decentralized email service, and Secure Asset Exchange, a decentralized exchange, prior to Chainlink.
The other co-founder, Steve Ellis, was a software engineer who collaborated with Nazarov to create the Chainlink network. By working together, they hoped to improve the functionality and industry application of smart contracts by resolving the crucial issue of external data verification for blockchain networks.
The Blockchain Technology Contribution of Chainlink
The unique feature of Chainlink is its capacity to reliably and securely transfer external, real-world data to blockchain networks. This innovation has greatly advanced the application of blockchain technology outside of bitcoin transactions, creating opportunities in supply chain management, insurance, banking, and other fields. Smart contracts are now more practical and applicable in typical business circumstances since they can now communicate with the outside world in a way that was before impractical thanks to Chainlink.
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FAQ
What is Chainlink (LINK) Coin?
Chainlink (LINK) is a decentralized oracle network designed to connect smart contracts with data from the real world. LINK is the digital asset token used to pay for services on this network.
How does Chainlink work?
Chainlink operates by allowing smart contracts on various blockchains to securely interact with external data feeds, events, and payment methods. This interconnectivity is achieved through a network of decentralized oracles that validate and relay real-world data.
Is Chainlink (LINK) Coin safe to invest in?
Investing in Chainlink, like any cryptocurrency, involves risk. Chainlink's unique value proposition as a leading decentralized oracle network makes it a notable player in the blockchain space, but potential investors should research and assess their risk tolerance before investing.
Can Chainlink (LINK) Coin be exchanged for real money?
Yes, LINK can be exchanged for fiat currency on various cryptocurrency exchanges, including SLEX Exchange.
How do I buy LINK on SLEX Exchange?
To buy Chainlink on SLEX Exchange, create an account, verify your identity, deposit funds or connect a payment method, and then you can purchase LINK directly on the platform.
How can I store my Chainlink (LINK) securely after purchasing on SLEX?
After purchasing LINK, you can store it securely in a private wallet for which you control the keys, or you can keep it in your SLEX account for trading purposes.
What determines the price of 1 Chainlink Coin in fiat currencies on SLEX?
The price of Chainlink on SLEX is influenced by market supply and demand dynamics, similar to other cryptocurrencies and assets in the financial market.
How accurate is the Chainlink (LINK) to fiat currency calculator on SLEX?
SLEX provides a highly accurate LINK to fiat currency calculator, offering real-time conversion rates for users.
What advantages does SLEX offer for Chainlink (LINK) to fiat currency conversion without account registration?
SLEX may provide features such as quick and easy conversion, competitive rates, and minimal processing fees for LINK to fiat currency conversion without the need for account registration.
How can I track the value of 1 Chainlink (LINK) Coin on SLEX for investment purposes?
SLEX Exchange offers various tools such as real-time charts and historical data analysis for users to track and monitor the value of Chainlink for informed investing.
How does SLEX ensure the best rates for LINK to fiat currency conversions?
SLEX likely uses a comprehensive system that compares rates across multiple exchanges to offer competitive conversion rates for LINK.
What limits apply to purchasing Chainlink (LINK) on SLEX with a credit card without verification?
SLEX, in line with regulatory compliance, may impose transaction limits for unverified accounts, which are detailed in the platform's terms and conditions.
How does SLEX ensure the most current exchange rate for Chainlink (LINK) Coin is displayed?
SLEX employs advanced technology to constantly update and display the most current exchange rates for Chainlink, reflecting the live market values.
How Much Will Chainlink (LINK) Coin Be Worth in the Future?
Predicting the future value of Chainlink (LINK) is challenging as it depends on various factors, including market trends, technological advancements, and broader economic conditions. It's important to conduct thorough research and analysis when considering future investments in LINK.
