|Volume / Market Cap||0.0942|
|Total Supply||1,000,000,000 LINK|
|Max Supply||1,000,000,000 LINK|
Chainlink is currently trading at $22.37, after a price change of -5.00% in the last 24 hours.
Ranked as cryptocurrency #20 by capitalization today, LINK market cap is valued at $10,446,080,142. LINK trading volume reached $983,769,792 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on LINK coin price prediction page.
What is Chainlink?
Chainlink is an Ethereum-based network that links smart contracts with the exterior world in order to exchange information from off-chain to blockchain. It was introduced in 2017 by Steve Ellis, Ari Juels, and Sergey Nazarov. By linking the contract directly to live data and a variety of inputs, it can verify the robustness of the parameters independently.
The native token of this platform is known as LINK. The framework upon which this technology is built is extremely flexible, thus being able to collect information from numerous API systems. By automating smart contracts, it reduces the risk of centralized servers and manual interventions.
Chainlink is based on a proof-of-stake consensus mechanism. The network comprises data providers and buyers. The latter choose the piece of information they want, after which providers stake their assets and submit their bids. In case any of them engage in unscrupulous activities, they may lose the right to bid.
Users create SLAs to specify the data requirements, thus prompting the network to connect them with the proper services that hold the information. The authenticity of each data block is corroborated by the aggregation contract, and a score is created for the user’s discretion.