[Crypto] What is Chainlink, Definition of Link Token

Lately the public interest in investment is fantastic. Common investments are usually in the form of gold, stocks and forex. There are also some people who only want to invest in crypto digital assets. Crypto also has various types, this time we will discuss a type of crypto called ChainLINK.

ChainLink's position is 11th in the CoinMarketCap.com. Want a deeper acquaintance with ChainLINK? Read the following article.

Things to discuss:

What is ChainLink (Token LINK)?
How ChainLink Works and Functions

What is Chainlink, Definition of Link Token

ChainLink definition, What is Link Token?

The ChainLINK industry has become the solution to oracle's problems. The term Oracle is one of the disadvantages of Smart Contracts.

Naming crypto ChainLINK is basically a solution that contributes to accessing data outside the network that can not be done by smart contracts. As we know that according to contractual agreements, large resources must be able to access out of the network in order to execute whether the agreement is feasible or eliminated.

Because of the incident, the term Oracle Blockchain appears that serves to connect on / off chain. Even so, smart contracts are dependent on Oracle. That way, if there are parties who enter viruses or malicious code, then the oracle will enter the data into a smart contract, this is where the origin of the oracle problem.

ChainLINK has an important role here to be the solution to oracle problems above. With open source technology that can produce a decentralized blockchain to connect smart contracts to oracle bridges. And of course, the data becomes safe, valid and controlled.

From earlier speaking oracle, so we forget our main topic of discussion. What is the definition of Cryptocurrency ChainLINK and what is Token LINK?

LINK is a crypto owned by ChainLINK manufactured through the Ethereum Blockchain created with the ERC-20 token standard. LINK is quite a lot of enthusiasts recorded in 2021 the price has reached $ 11 billion.

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How ChainLINK Works and Functions

LINK is created from many nodes that serve to help smartcontract in digging for the right information, making the infrastructure of smartcontract better and secure.

With crypto link technology can also make blockchain can connect with each other. So that it can make all blockchains work optimally.

The advantages of ChainLINK feature as follows:

Reputation is a feature that serves to provide the authenticity value of Oracle that is laid from the work in providing data.
Order matching is a feature where users can set the number of nodes to be used. The level of node security depends on how many nodes are used, the bigger the better.
Aggregation is a useful feature for the reconciliation of incorrect data.

ChainLINK can be used after buying coins. Link price is also fluctuating meaning it can change very quickly at any time. That's why total transactions are only aired when the last price checks out.

Read : Definition of UniSwap, What is Token UNI ?

Thus the discussion of ChainLINK, the capitalist coin that provides many benefits and solutions to overcome oracle problems.