SmartContract, a financial technology company based in the city of San Francisco, launched the Ethereum blockchain, the ERC-20-based Chainlink, in June 2017. LINK is short for Chainlink. It is defined by the developers of Chainlink as a secure blockchain tool that aims to provide the link between smart contracts and the blockchain by allowing smart contracts to access off-chain resources. What is meant by off-chain sources; data streams, web APIs and traditional bank account payments etc. Information about Chainlink (LINK) and “can Link be mined” are rest of the article.
What is Chainlink (LINK)? Can LINK be mined?
Smart contracts have changed dramatically across many industries by changing the need for traditional legal agreements. Despite this, Chainlink (LINK) developers state that they want to serve as a bridge with non-blockchain systems, as they believe that basic consensus protocols regarding blockchain technology cannot effectively communicate with other traditional systems of smart contracts. Information about Ethereum, you can browse here.
Chainlink ecosystem is shaped around the LINK token and the LINK network. With the release of APIs and other platforms, developers aim to increase the applicability and usability of smart contracts in the business world. The Chainlink network will allow people who have a data feed or another API to offer them directly to smart contracts in exchange for Chainlink tokens. Such individuals integrate their API-based service directly into a smart contract and blockchain system in exchange for LINK tokens.
Chainlink is a non-mining type of cryptocurrency. The entire Chainlink quantity is produced by the company. Chainlink (LINK) will be produced 1,000,000,000 (1 billion) in total. The number of Chainlinks (LINK) currently on the market is around 350,000,000.
What is the Chainlink (LINK) advantage?
The Chainlink system enables non-blockchain systems to be integrated into blockchain systems through smart contracts. The integration of blockchain systems of API-based services provides many advantages for API-based companies in terms of transaction security, third party intervention and increased availability.
With the developing blockchain technology, many companies and services adapt to the blockchain system or establish their own blockchain systems is a troublesome process in many ways. At this point, the Chainlink system enables these non-blockchain systems to adapt to blockchain systems with smart contracts.