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Chainlink (LINK) Price History and Everything You Need to Know

By Çiçek Akgün - Oct 31, 7:00 PM

Summary

  • Chainlink or LINK is a decentralized oracle network

  • Unlike the Bitcoin blockchain, Chainlink has the capacity to input data from sources outside the blockchain

  • It uses Smart Contracts to collect input from sources beyond the blockchain

  • Chainlink launched in 2017

  • Then the Chainlink price was less than ¢20

  • In GCC and Turkey, LINK users can buy, sell, store, transfer, receive, and exchange their tokens through Rain seamlessly and safely

If you were looking for information about Chainlink and the latest on Chainlink price, you have come to the right place. Rain endeavors to make it as easy and safe as possible for customers to buy Chainlink tokens, store them safely, exchange, and trade with them instantly.

Since Bitcoin officially launched in 2010, the popularity of blockchain technology has been on the rise and reached great heights. We cannot deny the numerous advantages blockchain offers, including security and decentralization. In recent years, cryptocurrencies have become popular worldwide. However, despite the popularity and security advantages it offers, there are limitations to the blockchain.

Most of the world is closed off to this emerging technology. There is a need to bridge the gaps that are preventing other countries from accepting cryptocurrencies. First, input to resolve this cannot be from a single source – and this is where Chainlink comes in. Let us explain what Chainlink is and how it offers solutions to overcome these setbacks.

What Is Chainlink?

Chainlink is a decentralized oracle network, created and designed to play a crucial role in implementing blockchain technology in the real world. Its purpose is to provide a means to input data from various external sources. Despite providing a decentralized and secure platform for digital transactions (i.e., a ledger) blockchain is not effective in taking input from sources beyond the blockchain.

Many off-chain elements influence the markets, including sports scores, weather, fiat currencies, and credit cards. Chainlink provides input to what most people know as “Smart Contracts.”

Smart contracts enable the system to respond to a range of conditional inputs (i.e., if Y, do Z).

Bitcoin and its blockchain cannot process data outside of its blockchain. However, newer blockchains like Ethereum can process data better, using a wider range of programmable smart contracts. Therefore, Chainlink launched in 2019 on Ethereum blockchain but was agnostic. Chainlink can work on other blockchains as well.

What Is LINK?

LINK is the token native to Chainlink. This token helps finance the development of projects. It works on blockchains and is just like Bitcoin (or BTC) and Ethereum (or ETH).

History of Chainlink

For years, Chainlink has been a project to keep an eye on. SmartContract.com was the program's original name when it launched in 2014. The platform changed its name to Chainlink shortly after its launch to better reflect the platform's core audience. Today, Chainlink is assisting in new and innovative ways in bridging the expanding gap between external data sources and public blockchains.

In 2017, Chainlink presented an ICO that was one of the largest of its kind at the time. Since then, the network has always been in the limelight. The site received a good sum of $32 million because of the crowdfunding event. Chainlink has been able to push the frontiers of oracle dependability and security to new heights because of this funding.

Chainlink formed one of its most significant partnerships to date in 2019. The company was able to secure a new collaboration with Google. Chainlink's technology was included in Google's smart contract strategy because of the partnership. Investors hailed this move as a huge victory because it allows consumers to connect to Google's two most popular cloud services – BigQuery and Cloud Storage – via API.

Chainlink Price History

When it launched in 2017, the Chainlink price was less than ¢20. The LINK price remained less than 1 USD until 2019. By 2020, the Chainlink price started to rise quickly and increased to 2 USD. By 1 March 2021, it was at 36 USD.

Despite the spectacular rise in the Chainlink price, it has dropped to about $26 and has not regained a high again.

Should You Invest In LINK?

Despite its huge success earlier in 2020, LINK price remains volatile, which may be too much for investors to bear. Therefore, it would be a good idea to invest in this token only as a way to support the Chainlink technology.

Even so, Chainlink remains an important cryptocurrency technology to invest in as it evolves. In general, having Chainlink in place will be the key to ensuring the long-term viability and stability of the cryptocurrency. Therefore, it is safe to say that investing in LINK is a sound decision because it has the potential to become a decentralized oracle network widely used.

With the evolution of cryptocurrency, Chainlink has become an important technology. Generally, viability and stability increase with Chainlink in place as it acts as a key for cryptocurrency. Therefore, LINK will reach another level in terms of huge investment. Also, you need to trust that Chainlink would become a standard for industries as it is the most widely used, decentralized oracle network.

These points will help understand the complexities of the financial system:

Problems that ChainLink Resolves

Chainlink aims to solve one of the blockchain industry's main problems, i.e., how to share data from the blockchain and to the blockchain. Sensors known as oracles have traditionally performed this function. Oracles can monitor anything. A few things oracles keep track of are sports results, weather, stock prices, and account balances.

Oracles improve the functionality of blockchains by providing a dependable means to start smart contracts when certain conditions are satisfied. However, Oracles are a centralized system, which makes them the blockchain's weakest link. If the oracle gets corrupt or compromised, everything is at risk.

Long-term Effects

One of the most crucial steps in the blockchain creation process is data entry. Remember that blockchains are unchangeable and unaffected by censorship. If the information they get is wrong, erasing and correcting it is extremely tough. It is impossible on some blockchains and experts often refer to this issue as the "Oracle Problem." Chainlink tries to tackle these issues by combining several next-generation protocols.

How Exactly Does Chainlink Work?

Chainlink aims to build the first blockchain oracle network in the world. An oracle blockchain technology would be able to use the same technologies as standard blockchains to confirm that the nodes in operations are working properly and that the data they are storing is correct.

This process begins in the Chainlink ecosystem when a user submits a Requesting Contract for information. Within the network, this notification will register as a blockchain event on the network. This will generate a Chainlink Service Level Agreement (SLA) Contract. Three other contracts in the system were launched because of this deal.

Contract for Chainlink Reputation

The initial contract establishes the credibility of an oracle. This programming will go over each oracle's history. The system examines the accuracy of this oracle's previous contributions. The oracle gets a rank at the end of the evaluation. This rank makes it easier for the system to use the best oracles.

Order-Matching Contract in Chainlink

The Chainlink nodes receive the requesting contract, delivered by the second contract. The bidding will begin as soon as the nodes receive this request. The system uses preprogrammed prerequisites to configure the node types and number of nodes automatically, thereby ensuring the completion of the request.

Aggregating Chainlink Contract

The last contract amends inaccurate data. The system reviews all the data collected since the earlier checks and balances were complete. The system ignores any information that does not match the other network inputs. By the end of this stage, data validation completes and the data becomes available to the blockchain.

Advantages of Chainlink (LINK)

Chainlink provides the network with several significant advantages. The importance of oracles in network expansion cannot be overstated. They are at the heart of some of the industry's most fascinating advances. DEXs (decentralized exchanges), for instance, use oracles to calculate cryptocurrency prices without providing an order book.

Firms may continue to use this sophisticated technology securely thanks to Chainlink. Users may be confident that the information they get is not flawed, corrupt, or out-of-date. If a single node fails, the system will immediately replace it with a superior alternative.

Where Can I Buy Chainlink in GCC and Turkey?

In GCC and Turkey, you can buy Chainlink through Rain. It is a secure and licensed platform, offering the best Chainlink price in the region. Rain is the custodian of several users in the region, with a support team available 24/7 to help.

How to Keep Your Chainlink Safe

You can keep your LINK tokens on the exchange wallet if you want to trade them regularly or if you just plan to hold a little amount. Note, however, that this is the least secure method of storing your LINK. You may also use the trusted Rain mobile to keep your LINK tokens protected from the exchange hackers' prying eyes.

A hardware wallet is the best solution if you want to make a large investment in LINK or if you plan to hold this cryptocurrency for a long time. Hardware wallets protect your cryptocurrency in "cold storage" off the internet. This method prevents internet adversaries from gaining access to your assets. Both Ledger Nano X and the Chainlink Ledger Nano S offer sophisticated support for Chainlink (LINK).

Chainlink - A Project Worth the Hype

No one can deny that the crypto world has numerous projects that are more hype than actual substance. This is not the case with Chainlink. This platform gives the market a much-needed resource. Chainlink enhances the functioning of blockchains around the world and gives developers more options. Despite the low LINK price, this and many other reasons are why Chainlink is still one of the most popular coins on the market.

If you are ready to buy Chainlink and need assistance, get in touch with [email protected] If you want the latest updates on Chainlink price, subscribe to our newsletters.

Rain is a Crypto-Asset Services Provider headquartered in İstanbul. Rain provides services to its users at financial institution standards.

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