Chainlink (LINK) Live Price

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There are blockchain projects that attend to specific areas of human endeavor in today’s world. Chainlink’s oracles provide access to verified data on weather, stocks, election results, forex market, among others. 

The dynamism of its ecosystem makes Chainlink a reliable partner to several organizations and corporations across the globe. 

What Is Chainlink (LINK)?

Chainlink is composed of investors, collaborators, and node operators within the community. Chainlink has a system that prioritizes reputation so that every  node operator is made to adhere to standards and avoid losses due to sanctions from bad behavior.

Chainlink is a cryptocurrency that is identified by the ticker LINK. It is also a smart contract driven ecosystem that makes it possible for transactions and assets to be transferred within its coin  network. While most smart contracts are verified using a digital signature, Chainlink makes use of oracles for this purpose.

The success of Chainlink is tied to the optimization of on-chain and off-chain collaborators, working in synergy to deliver validated data to end users.  

How Does Chainlink work?

Chainlink does not operate a blockchain, but makes it possible for an interlinking of several blockchains for users of its network. With the Chainlink proprietary smart contract, transactions across blockchains can be validated speedily using real-time data and news feeds. 

In the early days of blockchain development and in networks that operated like silos, tricksters were able to defraud others due to the absence of updated real-time data. Chainlink makes such a scenario impossible since its oracles have live data feeds and access to breaking news and trends as they arise.

As the usage of off-chain data became relevant in the development of linked systems and the IOT, Chainlink and its oracles provided an abstraction layer to make this happen. On-chain data is validated against off-chain processes to ensure that accuracy and integrity gets upheld.

With its network, off-chain data and on-chain transactions are accessed by oracles through blockchain nodes with Chainlink access. The coin network works as an information superhighway for blockchains that uses the proprietary Chainlink smart contract. 

Who are the Founders of Chainlink?

The team that developed Chainlink was originally made up of Sergev Nazarov and Steve Ellis, and it was launched in 2017. Sergev Nazarov got involved in business and connected spaces in 2009 when he launched Existlocal, a P2P platform for discovering local experiences.

In 2014, Sergev in conjunction with Ellis, developed SmartContract, which made it possible to link smart contracts to bank payment methods and external data. Ellis started his working life like at Pivotal Labs as a software engineer.  

The partners have grown their team at Chainlink to incorporate a global network of smart contract experts and blockchain professionals. 

What Makes Chainlink Unique?

Blockhains are only as accurate as the data they can access. When Chainlink integrated off-chain data to the world of blockchains, it became one of the pioneers in that regard. Chainlink is the preferred data source for several blockchain and global market operators.

Brands like Alpha Vantage, Huobi, Cosmos, SWIFT, Google Cloud, and Oracle have given the brand a greater marketplace esteem in recent months. With its decentralized network, node operators are able to earn revenue with their data feeds linked to the ecosystem.

Chainlink data market records billions of dollars in market transactions across the globe. By using a diverse base of node operators, Chainlink’s data feed price oracles churn out real-time data for its users. DeFi platforms like Ampleforth, Aave, 1inch, Compound, and others are some notable users of Chainlink oracles.

How Is the Chainlink Network Secured?

Most proof of stake algorithms are secured by the mandate of a security deposit for all node operators. This makes it possible to sanction malevolent actors by confiscating their stakes. Also, the selection of transaction validators is random, reducing the risk of predictability.

As a POS algorithm, Chainlink cryptocurrency faces less criticism for energy usage unlike POW systems, noted for contributing to global warming due to its energy-intensiveness. 

ChainlinK and Google: Introduction of Staking in 2022?

The Google linkage to Chainlink became notable when Eric Schmidt, former CEO and chairman of the search giant joined the oracle network protocol as a technical advisor. The huge data production capacity of Chainlink provides a trusted source for real-world data across the globe. 

The partners and participants in the nodes of Chainlink reach a consensus on data feeds for real-world uses. This is the attraction that the former Google chief had to the project. 

The introduction of staking is a new development for Chainlink, serving as an avenue to create additional income for coin holders. Since staking helps to keep LINK tokens on the ecosystem, it also preserves overall capitalization value as community members hold on to them instead of selling or trading the tokens.

How Many Chainlink (LINK) Coins Are in Circulation?

A total of 1,000,000,000 Chainlink tokens were created with a circulating supply of 491,599,970 LINK. About 32 percent of these tokens got allocated to the node operators at issuance. A further 35 percent was reserved for the Chainlink cryptocurrency network development purposes.