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Trade Chainlink on Beaxy

Chainlink is a decentralized middleware network that enables smart contracts to utilize off-chain data feeds. Anyone that supplies data can join the Chainlink network to record and export data needed by smart contracts running on the platform.
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Chainlink profile

Features of Chainlink

Smart Contracts
Smart contracts are meant to function similarly to regular contracts, with the main exception that maintenance and execution of the contract are automated and protected by a predetermined set of rules. Smart contracts on the Chainlink network consist of on and off-chain components. Off-chain data is validated and managed by oracle nodes that are synced with external blockchains like Ethereum. The on-chain component allows for three types of contracts: a reputation contract, an aggregating contract, and an order-matching contract. The reputation contract tracks performance metrics generated by the oracle-service-providers. The aggregating contact records the output from oracle-service-providers and feeds them back into the reputation contract. The order-matching contract records information that includes: the number of oracles needed to satisfy a buyer, uptime and collateral thresholds, and service level agreements (SLAs).
LINK Token
LINK is the native asset of the Chainlink ecosystem. The initial token offering started on September 19, 2017, where the project raised $32 million to fund future maintenance and development of the platform. During the sale, 350 million out of 1 billion LINK tokens were distributed to the token sale participants. Of the remaining 70% of the initial token supply, 350 million tokens were held in reserves to be paid out to node operators and others that generate rewards for their participation on the Chainlink network. The final 300 million tokens were allocated to SmartContract.com, the parent company of Chainlink.
Frequently Asked Questions
Frequently Asked Questions
Frequently Asked Questions mobile

What is Chainlink?

Chainlink is an oracle network that facilitates connections between smart contracts and external smart contract platforms. This enables a smart contract on running on one chain to access and utilize data that is stored on a different blockchain. This removes any requirement for a smart contract to be dependent on a trusted third party. Chainlink’s mainnet protocol was launched on the Ethereum blockchain on June 1, 2020. Anyone hosting data or an API can seamlessly participate on the Chainlink platform by filling requests to provide data to other smart contracts. Node’s that provide data are compensated with the Chainlink (LINK) token. These tokens can be staked to collateralize a smart contract.

Chainlink Technology

Chainlink’s additional technology and solutions include:
Synthetic Assets - Synthetic assets can utilize Chainlink to receive the required data attached to real-world assets in order to mimic them on-chain. Chainlink reference contracts enable developers to launch tokens that are pegged in real-time to the price of a real-world asset like silver.
Lending and Borrowing - Chainlink’s external data sharing provides the infrastructure needed for lenders and borrowers to accurately collateralize debt that is serviced on the Chainlink platform.
Stablecoins - Tied to the value of underlying currency, steblecoins can be created on Chainlink and pegged to a fiat currencies real-time price feed.
Asset Management - Chainlink offers connections to price feeds that are essential for asset managers to accurately rebalance asset ratios within a portfolio.

How to mine Chainlink?

Chainlink (LINK) tokens are not mined in the conventional ways that most digital assets are. Instead of mining LINK, you can earn it by participating on the Chainlink platform. One way to earn LINK tokens is by operating a node on the network and supplying data needed by other smart contracts on the network. When you perform a task that is requested on the network, you are compensated with LINK tokens. Another option for earning LINK is through staking. If you already own link tokens, you can lend them to a staking pool that will lock the tokens up for a specified amount of time. As you tokens remain staked, you will continue to accumulate more LINK tokens.

What are the benefits of using Chainlink smart contracts?

The benefits of using smart contracts on Chainlink are:
Connectivity — Smart contracts on Chainlink enable a connection to external blockchains such as Ethereum. Developers running a smart contract on Chainlink can acquire needed data from the external blockchains.
Earn rewards — Leverage a smart contract on Chainlink to supply data that is required to fulfill jobs that are posted to the network and get compensated with LINK tokens for doing so.
Security — Utilize decentralized price inputs to ensure your contract’s security to your users. Chainlink’s oracle network maximizes tamper-resistance.

Risks of LINK Trading

Investment Risk Chainlink is a widely traded digital assets and has very volatile price swings. The price of LINK regularly moves a lot in very short periods of time. This means that LINK is a very volatile asset. Increasing volatility is generally seen as an increase in the overall risk. Digital assets don’t have the liquidity of the stock market, whenever there is a large buy or sell order the price will reliably make a significant move. Security Risk Chainlink’s security risk stems from most taking personal custody of the asset. It is important to reduce your attack surface as much as possible. You can do so by holding your LINK in a wallet that is not connected to the internet. This requires a hacker to get your private key before they could gain access to your wallet. When using a wallet that is connected to the internet, a hacker may only need your password to a website in order to steal your LINK. When using an offline wallet with a properly recorded and stored private key, you have significantly reduced your attack surface. Regulatory Risk Governmental authorities have not yet provided clear guidance on the regulation of digital assets. Because of this, there is a possibility that governments could apply unusually harsh regulations for using or owning LINK. They could even ban the digital currency outright and make its use or possession against the law. This is a major risk as any such action taken by a powerful nation could negatively affect the value of the Chainlink blockchain.
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