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Coin of the week – Chainlink (LINK)

coin of-the-week-chainlink-link

Financial market stability comes at a premium. If you have found a successful strategy, but aren’t prepared for possible market changes, you might pay the price for it.
After Bitcoin’s biggest rise since 2017, inevitable correction followed, with many cryptocurrencies dropping in value. However, despite the negative market trend, some crypto coins showed significant growth, most notable  – Chainlink crypto сurrency (LINK). Over the past seven days, the coin’s price increased from $2.26 to $3.55, recording its highest value of all time this Saturday – $4.44. One of the reasons for such growth could be the recently announced partnership with Oracle. As a result, Chainlink is ranked 16th on CoinMarketCap. Impressive, isn’t it?
Let’s find out more about the Chainlink Coin!

What is Chainlink Coin?

Chainlink is a decentralized oracle service, and aims to connect smart contracts with data from the real world. Since blockchains cannot access data outside their network, oracles are needed to function as data feeds in smart contracts. Oracles provide external data that trigger smart contract executions upon the achievement of predefined requirements. Participants on the Chainlink network are motivated through rewards to provide smart contracts with access to external data. Should users want access to off-chain data, they can submit a request to ChainLink’s network. This will match the requesting contract with the appropriate oracles. The contracts include a reputation contract, an order-matching contract, and an aggregating contract. The aggregating contract gathers data of the selected oracles to find the most accurate result.

If you’re looking for more details about this coin, you can always read the white paper. The latest Chainlink coin news can be found on the Chainlink Reddit or Twitter accounts. And don’t forget to check out the roadmap.

What is it used for?

The Chainlink network utilizes the LINK token to pay ChainLink Node operators for the retrieval of data from off-chain data feeds, formatting of data into blockchain readable formats, off-chain computation, and uptime guarantees they provide as operators. In order for a smart contract on networks like Ethereum to use a ChainLink node, they will need to pay their chosen ChainLink Node Operator using LINK tokens, with prices being set by the node operator based on demand for the off-chain resource their ChainLink provides, and the supply of other similar resources. The LINK token is an ERC20 token, with the additional ERC223 “transfer and call” functionality of transfer (address, uint256, bytes), allowing tokens to be received and processed by contracts within a single transaction.

Chainlink coin price chart

Week (June 29, 2019 – July 06, 2019)

Week (June 29, 2019 - July 06, 2019)

Last week’s LINK price chart (provided by CoinMarketCap)

Month (June 06, 2019 – July 06, 2019)

Last month’s LINK price chart (provided by CoinMarketCap)

Where to buy Chainlink cryptocurrency?

You can find Chainlink coin on the biggest crypto exchanges, such as Binance, Huobi, OKex and Coinbase. It can be traded directly for Bitcoin, Etherium, USDT or any other currency. Actual price for LINK coin is around $3.55, and Chainlink coin market cap is $1 241 604 699. 

Is Chainlink worth investing in? We have seen several cases of significant growth – from May 14th to May 22nd, when Chain Link coin’s price increased from $0.64 to $1.23, as well as last week’s growth. Analyze the market, make your Chain Link coin price prediction and decide if it’s worth a shot!

Do remember, that you can always track the ChainLinks price with Plutus Wallet. Just download the app from Google Play / AppStore or use the desktop version.

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