What is Chainlink (LINK)?
SmartContract, a financial technology company based in the city of San Francisco, launched the ERC-20-based ChainLink, the Ethereum blockchain, short for Chainlink, in June 2017.
It is described by its developers as a secure blockchain tool that aims to provide the link between smart contracts and blockchain by allowing smart contracts to access off-chain resources such as data streams, web APIs, and traditional bank account payments.
Chainlink (LINK), developers of smart contracts by replacing the need for traditional legal agreements was able to make significant changes in many industries, although blockchain technology, smart contracts, consensus protocols based on traditional systems because they believed was not established effective communication with other systems have indicated that they intend to act as a bridge outside of blockchain.
The chainlink ecosystem is shaped around the LINK token and LINK network. With the launch of APIs and other platforms, developers aim to increase the viability and availability of smart contracts in the business world.
The Chainlink network will allow people who have a data feed or have another API to submit it directly to smart contracts in exchange for Chainlink tokens. Such individuals integrate their API-based services directly into a smart contract and blockchain system in exchange for the LINK token.
What is Chainlink (LINK) advantage?
The Chainlink system enables non-blockchain systems to integrate into blockchain systems through smart contracts. Integration of blockchain systems of API-based services, transaction security, 3. it provides many advantages for API-based companies due to the direction of increasing intervention and availability by people.
With the developing blockchain technology, it is a laborious process in many ways for many companies and services to adapt to the blockchain system or to establish their own blockchain systems. At this point, the Chainlink system enables these non-blockchain systems to adapt to blockchain systems through smart contracts.
How is Chainlink (LINK) mining done?
Chainlink is a type of non-mining cryptocurrency. The entire chainlink quantity is produced by the company. Chainlink (LINK) will produce 1,000,000,000 (1 billion) units in total. Currently, the number of Chainlink (LINK) on the market is 350,000,000.