Chainlink is a decentralized network working on nodes that gathers information from off-blockchain sources and delivers them smart contracts with the help of oracles. This process does away with the reliability issues which otherwise arise during the centralized transactions.
Since its inception chainlink has brought a lot of crypto waves to the blockchain industry. It has gained a lot of attention from crypto enthusiasts, investors, and DeFi companies. The chainlink technology is capable of solving one of the biggest issues on blockchain smart contracts which is of connecting real-world data to blockchains. Experts believe that this platform has the potential to boost decentralized apps in the future. The native token of this platform is LINK.
Basics of Chainlink
The current price of LINK is $18.54 with a circulating supply of 438,509,553. The max supply of this token is 1 billion. The market cap of this token as of October 2021 is $12,364,856,495. The token achieved its all-time high value on May 10th, 2021, and was priced at $52.70. The all-time low value of LINK was $0.148 as of 29th November 2017.
Why buy Chainlink
Anyone who has a constant watch on the crypto charts can definitely understand the popularity of chainlink with its current price trends. The project unlike other defi projects is not competing with any other cryptocurrency but is rather creating its unique protocol.
The main idea behind chainlink is to rectify the issues with the current smart contracts and enable communication between blockchains. Data entry is one of the most important steps while creating blockchain systems given its immutable nature. This issue is popularly called the ‘oracle problem’ in the blockchain world. Chainlink attempts to eradicate these issues.
The benefits that chainlink can bring to the industry are perceived as massive. This is why many investors and crypto enthusiasts are interested in the native token of this platform. Experts believe this token has enormous potential as the blockchain industry continues to grow.
3 Random facts about Chainlink
-Chainlink attempts at attacking the biggest problem of the blockchain space; how to commute information via blockchain.
-LINK has set a goal to create the first blockchain oracle network.
-The ICO hosted by Chainlink in 2017 is one of the biggest events to take place.
Chainlink price trends
|Chainlink (Year closing price)||$0.64||$1.88||$27.09|
How to buy Chainlink on CoinDCX
The three-step process to buy your first LINK on the CoinDCX platform
- Sign up for the account
Create an account on the CoinDCX platform with a valid email id and strong password. A strong password ensures that there are no security breaches in the future.
- KYC verification
CoinDCX is quite particular about this step. This step ensures the authenticity and credibility of the user. Submit digital copies of the required documents on the platform. The process takes hardly 15 minutes for KYC verification if all the details are correct.
- Buy LINK on CoinDCX
After all the documents have been verified you need to submit a certain amount of fiat currency to buy the same amount of LINK. Once the transaction is complete, the LINK tokens bought get deposited in your wallet.