ChainLink Coin Review: A Decentralized Middleware
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Oracle Corporation is a U.S. based company which is specialized in developing the database software and applications such as Oracle Essbase, MySQL, and Berkeley DB etc. All these platforms follow the approach of centralized administration. Also, the software developers were facing the problem of integration the smart contracts with other platforms such as external systems and APIs. Therefore, to cover this loopholes and bottlenecks ChainLink was established.
What is ChainLink?
ChainLink (LINK) is a software that allows smart contracts on Ethereum network to interact with different payment solutions, data providers, and traditional banking systems. basically, ChainLink harnesses Blockchain tech to create trustless agreements and logical interface. This is achieved by the creation of large pool premade oracles which will provide easy accessibility of all off-chain resources and improve the ability to mimic 90% of the financial agreements. ChainLink Network and LINK token help you take advantage of Blockchain technology without hiring own team of developers, therefore, you will run your company effectively and help blockchain technology reaches mass adoption.
ChainLink is conceptually a decentralized Oracle Network, it links and provides access to key off-chain services and smart contracts like data feeds and APIs to the real world data, bank payments and world events.
The Team behind ChainLink
ChainLink was launched by the fin-tech company Smart Contracts in the year 2017. The person behind the development of the ChainLink platform, who is also the Founder & CEO of the platform, is ‘Sergey Nazarov’. Sergey had an utmost faith in cryptocurrency and supported the idea that it can transform the future societies. ‘Steve Ellis’ the Co-Founder & CTO worked on different operations and asset exchange systems along with Sergey Nazarov.
There is also a strong team of advisors behind the successful implementation of ChainLink. Some of them include – Ari Juels Director of ICO, Hudson Jameson belongs to Ethereum Foundation Team, and Andrew Miller, who worked as an advisor at Zcash platform.
ChainLink provides us with many features which are as follows:-
- Simplicity: ChainLink platform interface is not very complex to use and also it has reduced the complexity of other platforms as well.
- Security: Oracle nodes need to have the security attribute as the personal data should be well encrypted so as to secure the individual’s personal information. The blockchain technology has ensured this attribute of ChainLink.
- Immutability: The platform should be free from any third-party interference or malicious attacks. ChainLink is immutable in a way that no one can alter or modify the data. The smart contract has facilitated the ChainLink with an immutability feature.
The ChainLink Coin
ChainLink Coin is a utility token of ERC-20 standard. The coins are easily available on wallets which are complaint with ERC-20. It also supports ERC-223 function which permits the tokens to be further processed after receiving in a single transaction. The tokens are issued to get the data from the platforms which are not directly linked with the ChainLink.
The ChainLink ICO
- Timeline: The Crowd-sale was held in September 2017.
- Platform: Ethereum
- Hard Cap: 32,000,000 USD
- Total Tokens: 1,000,000,000
- Tokens in Circulation: 350,000,000
- ICO Token Price: 1 ETH = 2,600 LINK
ChainLink price growth
ChainLink’s market capitalization value has reached the figure 157,431,050 USD. The current price at which ChainLink tokens are traded is USD $0.447 and the future prospects of ChainLink show that in coming times i.e. by 2023 it will reach $8.415 USD. If an individual invests his $100 in ChainLink for five years then it will give him a return of $1881.77. Also, the revenue is expected to rise up to 1781.77% in another five-year time-frame.
Moreover, ChainLink’s partnership with an interbank messaging platform, “SWIFT” is an exceptionally leading step towards the growth of the platform as SWIFT is used globally by 11,000 banks. Therefore, it opens the gateway for ChainLink to get the legitimacy and to associate with financial institutions.
How to buy ChainLink?
Binance >> It is a currency exchange platform which is known for its characteristics such as reliability, stability, and security of funds. Its support to different languages such as Japanese, Chinese, and German etc makes the interface more attractive and communicative for the trading of ChainLink Tokens.
OKEx >> It is a Hong-Kong based digital currency exchange platform which asks all the interested users to submit their KYC details before using the platform. The platform is perfect for exchanging fiat currency for virtual currency and also one cryptocurrency to another cryptocurrency.
MyEtherWallet >> It is a software wallet and an open-source system which allows the buying or selling of ERC-20 tokens. Its excellent attribute is two-factor authentication key which makes the platform secure and safe.
MetaMask >> MetaMask is a hot wallet which is widely used via web browsers such as Firefox and Google Chrome. It doesn’t generate the private key which makes it suitable for these platforms.
Mist >>It is a desktop wallet which was recently developed by Ethereum foundation team. This platform is user-oriented and its multi-signature attribute makes it a promising wallet for storage of coins.
The following steps take place from opening a wallet till storing the coins in it.
- Step 1: The users can easily download the wallet from application stores or web links. Suppose an individual is creating a wallet via MyEtherWallet.
- Step 2: After generating the wallet a private key will also be generated.
- Step 3: In this step, the user is required to store the private key in JSON file which is specifically designed for storing the keys.
- Step 4: If the wallet acquires the two wallet authentication system, then along with the private key, a password is also generated. Both the private key and passwords are stored in a Keystore file.
With the advancement of technology, everything is changing. Similarly, developers of ChainLink are trying to make its interface even more user-friendly and simpler. Therefore, the integration of Smart Contracts, Blockchain Technology, and Oracle was done to reduce the complexity of database management systems.
ChainLink is a leading platform and the figures also talk about its growing nature. Thus, if you are looking to make an investment in the new technology, then it is the best time to make an investment and make profits in future.
Hope you enjoyed reading our guide article on ChainLink. Do come back to know more about similar currencies!