Last Updated on February 6, 2021 by cryptocreed
Sometimes, it seems like there isn’t anything blockchains can’t do. While that may not be 100% true, Chainlink (LINK) is a cryptocurrency project trying its best to make that happen.
Chainlink is an oracle — if you’re thinking of the oracle from The Matrix, then you’re not quite on the right track. While Chainlink can’t predict the future (yet), it can communicate off-chain data back to blockchain smart contracts.
At Flyp.me accountless cryptocurrency exchange, you can now buy and sell LINK token, Chainlink’s native cryptocurrency asset. Best of all, Flyp.me doesn’t require you to sign up for an account to trade LINK, making it an instance crypto exchange that is easy to use.
LINK has been grabbing all-time high prices all year long in a seemingly unstoppable bull run. Ready to grab some for yourself? Head over to Flyp.me and complete three easy steps to get LINK locked and loaded in your wallet.
- Select the cryptocurrency you will use to exchange, then enter your LINK wallet destination address and the amount to be exchanged.
- Enter a refund address for the cryptocurrency wallet you are exchanging from (ie. if trading with BTC, enter a BTC wallet address).
- Send cryptocurrency to the Flyp. I transfer the wallet address.
That’s it! Flyp.me will automatically deposit a LINK to your specified destination wallet.
Going back to Chainlink, oracles, and off-chain data — let’s unpack those concepts, shall we?
Chainlink Builds Bridges Between Blockchains and Real-World Data
Blockchains are meant to change the world, but how can they do that if they can’t talk to the world in the first place?
This question gets to one of the blockchain’s core dilemmas. In themselves, blockchains are generally unable to “speak” with anything outside of the network.
Imagine that you want to create a blockchain-based gambling application that allows for bets to be placed on real-world events, such as government election results.
Without having a bridge between real-world event data and the blockchain smart contracts running the application, there is simply no way for the app to automatically determine the result and issue winnings while collecting losses.
Chainlink changes all of that. Between smart contracts and real-world data is where Chainlink software inserts itself, enabling communication between the two in a bi-directional manner.
What’s so revolutionary about Chainlink blockchain oracle software? Well, now blockchain smart contracts running apps can pull data from anywhere, anytime, and use it to in-app while also passing blockchain data to non-blockchain systems.
Chainlink (LINK) Token Explained
In a nutshell, anytime a Chainlink network operation takes place, it first requires a request contract and a fulfillment of that request by a node operator.
Like any transaction, a medium of exchange — better known as currency — is required for request contract parties to pay node operators for Chainlink network services.
As you may have guessed, LINK is the currency used in these scenarios.
Additionally, LINK is also used as a staking currency by network validators tasked with keeping the network honest.
Flyp.me is a professional tool for instant crypto trading. There is no registration necessary and no hidden analytics tracking you. Moreover, Flyp.me does not control users’ funds, so your private keys are not at risk of being held on third-party services.
Flyp.me currently supports over 30 cryptocurrencies and is continuing to add more: Bitcoin, Ethereum, Zcash, Augur, Litecoin, Syscoin, Pivx, Blackcoin, Dash, Decred, Dogecoin, Flyp.me Token, Gamecredits, Peercoin, Aidcoin, 0x, Vertcoin, Basic Attention Token, BLOCKv, Groestlcoin, DAI, Power Ledger, Enjincoin, TrueUSD, Cardano, Storj, Monero, Maker, TetherUS, DigiByte, USD Coin, MANA, Enigma, Aragon, and now Chainlink.