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Chainlink LINK
$11.31 0.075%

What is Chainlink

What is Chainlink

History

Chainlink was launched in September 2017 by Sergey Nazarov and Steve Ellis. It was created to bridge the gap between blockchain technology and the outside world by enabling smart contracts to interact with real-world data. The initial coin offering (ICO) raised $32 million, making it one of the more successful ICOs at that time. An interesting aspect of Chainlink’s history is its early adoption by significant projects in the blockchain space, which has contributed to its reputation as a reliable and secure oracle solution.

Creators and Developers

Chainlink was primarily developed by Sergey Nazarov, who has a background in decentralized applications and has been involved in the blockchain space since its early days. Steve Ellis, a former software engineer at Pivotal Labs, also played a crucial role in developing Chainlink. The company behind Chainlink is SmartContract, which focuses on enabling smart contracts to connect to external data sources, APIs, and payment systems.

Technology

Chainlink operates on the Ethereum blockchain and uses a decentralized oracle network to provide reliable, tamper-proof data feeds to smart contracts. The core technology includes a network of independent oracles that fetch, validate, and deliver real-world data to smart contracts on various blockchains. Chainlink’s decentralized nature ensures that no single point of failure exists, making it a highly secure solution for accessing external data. Additionally, Chainlink uses the LINK token to incentivize oracles to provide accurate and timely data.

Mining and Issuance

Chainlink's LINK token is not mined in the traditional sense, as it does not use Proof of Work (PoW) or Proof of Stake (PoS) for consensus. Instead, the tokens were initially distributed during the ICO, and they are used within the network to pay node operators for their services. The total supply of LINK tokens is capped at 1 billion, with about 35% distributed during the ICO, 35% allocated for node operators, and 30% retained by the company for further development.

Networks and Support

While Chainlink started on the Ethereum network, it has expanded to support multiple blockchain networks, including Binance Smart Chain, Polkadot, and others. This cross-chain capability is achieved through Chainlink's interoperability protocols, which allow it to function on various platforms. This broad network support makes Chainlink highly versatile and widely used in the decentralized finance (DeFi) space.

Use Cases and Applications

Chainlink is primarily used to provide reliable, real-world data to smart contracts on various blockchains. Its most common applications are in DeFi, where it supplies price feeds to decentralized exchanges, lending platforms, and derivatives markets. Beyond DeFi, Chainlink's oracles are used in insurance, gaming, supply chain management, and other industries that require reliable data input for smart contract execution.

Popularity and Market Capitalization

Chainlink has grown significantly since its inception, becoming one of the most recognized and widely used oracle networks in the blockchain space. As of 2024, LINK is among the top 20 cryptocurrencies by market capitalization, consistently maintaining a strong presence in the market. Its market cap has seen significant growth due to the increasing demand for decentralized oracles, particularly in the DeFi sector.

Unique Features

One of the key features that sets Chainlink apart from other oracle solutions is its decentralized approach. Unlike centralized oracles, which can be a single point of failure, Chainlink’s decentralized network of oracles ensures data integrity and security. Another unique feature is the ability to aggregate data from multiple sources, providing a more accurate and reliable data feed to smart contracts.

Partnerships and Integrations

Chainlink has partnered with numerous blockchain projects, companies, and organizations to expand its reach and capabilities. Notable partnerships include Google Cloud, Oracle, and SWIFT, among others. These collaborations have helped Chainlink to establish itself as a leader in the oracle space, integrating its technology into a wide range of platforms and services.

Community and Media

Chainlink has a vibrant and active community that contributes to its development and adoption. The project is frequently discussed in blockchain forums, social media, and other platforms where cryptocurrency enthusiasts gather. Chainlink’s community is known for its strong advocacy and support, often dubbed "LINK Marines," who actively promote and defend the project online.

Legal Status and Regulation

Chainlink, like many other cryptocurrencies, operates in a largely unregulated space, though it adheres to the regulations applicable to blockchain projects. It is not classified as a security, and its decentralized nature provides some protection against strict regulatory scrutiny. However, as the regulatory landscape evolves, Chainlink may need to adapt to new legal requirements.

Examples of Use

Chainlink’s oracles are used in various real-world applications. For example, they are integral to platforms like Aave and Synthetix in the DeFi space, where accurate and reliable price data is crucial. Chainlink is also used in insurance smart contracts, where it provides weather data to trigger payouts for crop insurance policies, demonstrating its versatility and practical application beyond just financial services.

Supported Networks

Tangem Wallet supports Chainlink on these networks

  • Ethereum
  • BNB Smart Chain
  • Avalanche C-Chain
  • Polygon POS
  • Fantom
  • Gnosis Chain
  • Optimism
  • Arbitrum

Chainlink official links

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How to buy Chainlink in Tangem Wallet.

The Tangem mobile app lets you buy cryptocurrency directly using a bank card and choose the best exchange rate.

1
Open the Tangem app by scanning the wallet and entering your access code or biometrics.
2
Select the desired cryptocurrency on the homepage and select "Buy."
3
You will be redirected to an on-ramp service offering fiat to crypto exchanges.

Chainlink FAQ

Chainlink is a decentralized oracle network that allows smart contracts on blockchain platforms to securely interact with real-world data, APIs, and traditional bank payments. By connecting blockchains with external data sources, Chainlink enables smart contracts to execute based on information from the outside world, which is crucial for complex decentralized applications (dApps) that require accurate data.
  • Owning cryptocurrency can be important for several reasons: it provides a decentralized way to store and transfer value, offers potential for investment growth, enables participation in emerging financial technologies, and can be used for secure and private transactions.
  • A cryptocurrency wallet is a tool or device that allows you to store, manage, and use your cryptocurrency. It keeps your private keys secure and enables you to interact with various blockchain networks, including Bitcoin and Ethereum.
  • When choosing a cryptocurrency wallet, consider factors such as security, ease of use, and cryptocurrencies supported. Also determine whether you prefer a hardware or software wallets. Research reviews and compare features to find the best option for your needs.
  • Chainlink ensures data accuracy through a decentralized network of oracles, where multiple independent oracles retrieve data and reach a consensus before feeding it to smart contracts. This reduces the risk of single points of failure or data manipulation, enhancing the reliability and security of the information.
  • Chainlink's primary advantage lies in its decentralization and flexibility. Unlike centralized oracles, Chainlink's decentralized nature reduces the risk of tampering and fraud. Additionally, Chainlink is blockchain-agnostic, meaning it can work with various blockchain networks, making it a versatile choice for developers.
  • Chainlink is essential for DeFi as it provides secure and reliable price feeds, which are crucial for functions like lending, borrowing, and derivatives. By offering accurate data, Chainlink helps maintain the integrity of DeFi protocols, enabling the creation of more complex financial instruments and fostering the growth of the DeFi ecosystem.

Why choose Chainlink wallet with Tangem.

Private. No registration and KYC required to use the app. We don't track your data.

Secure. Your private keys are encrypted and never leave your device. Only you have control over your funds.

Innovative Design Options. Choose from a variety of elegant designs, including unique co-branded editions and our innovative ring-form factor wallet, ensuring both style and functionality.

24/7 Online Support. Fast support for your needs. Live chat and email support for customers from all over the globe.

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