BITANO – What is Chainlink? Overview of LINK cryptocurrencies

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  1. What is ChainLink?

ChainLink is the bridge to relay information and data from the real world to the Blockchain and vice versa.

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  1. What problem does ChainLink solve?

The problem that ChainLink is solving is Connectivity, the connection between Smart contracts and data outside of Blockchain.

  1. The working nature of ChainLink

The data is put into Blockchain through chainlink be considered as conditions to activate Smart Contract operations and create an output data.

Currently, ChainLink only supports Smart Contract on the Ethereum platform. However, in the future, most platforms with Smart Contract will be able to use ChainLink.

  1. What is Chainlink coin?

ChainLink (code: LINK) is the token in the decentralized Oracle network ChainLink. Released to the market through an ICO in late 2017.

Currently, ChainLink (LINK) is running on the Ethereum Blockchain platform according to the ERC-677 standard.

  1. Basic information about Copper ChainLink (LINK)

Ticker: LINK

Contract: 0x514910771af9ca656af840dff83e8264ecf986ca

Decimals: 18

Blockchain: Ethereum

Token Standard: ERC-677

Token type: Utility Token

Total Supply: 1,000,000,000 LINKS

Circulating Supply: 350,000,000 LINKS

Token Allocation

  1. Token Allocation

35% is sold at the token sale round

35% spend on Node Operator Incentives

30% is held by ChainLink Team

  1. What is ChainLink (LINK) used for?

LINK token will be used to pay for Node Operators in ChainLink’s network.

Node Operators are responsible for retrieving and formatting data from off-chain data into readable data on Blockchain.

  1. ChainLink (LINK) secure storage wallets

LINK tokens are running on the Ethereum platform so you can store LINK on Ethereum-enabled wallets such as:

Hardware wallets: Ledger Nano S, Ledger Nano X, Trezor, imToken

Soft wallets: Myetherwallet, Mycrypto, Metamask

App: Trust Wallet, Atomic Wallet, Cobo Wallet …

In addition, brothers can also store LINK tokens on reputable exchanges that have enabled LINK trading.

  1. Summary

Ethereum can reach a capitalization of up to $ 30 billion with the possibility of Tokenization, Crowdfunding, and simple Smart Contract.

Then, ChainLink is the bridge between data and Smart Contract, not to mention a long-term view of smart contract’s scalability combined with privacy.

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