The coin to watch this year is Chainlink, which has already gained 200% in the last month. However, Chainlink not only has long-term potential but can also be used as an effective way to increase your crypto earnings today. Here are the basics of what you need to know about Chainlink and how to use it if you have a cryptocurrency (such as Bitcoin or Ethereum) that you would like to exchange for other cryptocurrencies (such as Litecoin or Ripple).
What is Chainlink?
Connecting blockchain smart contracts with real-world data is one of its main functions. Smart contracts are simply blockchain-based computer programs that perform tasks automatically, based on data collected and exchanged with other systems. But if smart contracts can’t access or share valuable information (such as news headlines, stock prices, or weather updates), their value is severely diminished. The first and most obvious solution is to pay humans (traders, journalists, etc.) in cryptocurrencies like Bitcoin and Ethereum, which only requires users to manually verify each piece of information before adding it to a smart contract. With so many manual checks over long periods of time, transaction costs add up quickly and consensus becomes difficult.
What are you doing or what are you doing?
ChainLink’s goal is to act as a bridge between real-world data and blockchain smart contracts. In other words, it enables smart contracts on various blockchains, including Ethereum and Bitcoin, to access key off-chain resources such as data sources, web APIs, and traditional bank account payments. The project aims to achieve fast transaction processing times (on Ethereum, for example) by allowing oracles, trusted entities that have agreed to input external data into specific smart contracts, to do the work off-chain. At launch, ChainLink will support both traditional bank payments as well as popular APIs like Google Sheets and Dropbox.
Where can I find it?
Cryptocurrency is all about finding ways to earn coins and tokens. Investing, day trading, cloud mining, etc. They are ways you can find more coins or tokens, but they involve a lot of risk or require you to spend money that is not easy to give up. If you have crypto but want more, it’s a good idea to start exploring smart contracts. Smart contracts are basically agreements that users create and broadcast on their cryptocurrency network so that other users can act on them automatically. Smart contracts can be used for crowdfunding ICOs (Initial Coin Offerings), betting on sporting events, or betting on just about anything.
It is safe?
This is a great question and one that all investors should ask. When you invest in a project or company, you want to make sure that it has been thoroughly vetted. How safe are your investments? You don’t want to invest in anything that could lose its value overnight. Fortunately, there are several ways to tell if something is safe or not. For example, government bonds have earned a reputation as a safe investment over time due to their safety features and low risk of default. However, these bonds have limited earning potential due to low-interest rates.
When will the token be sold?
The token will be sold on September 15, 2017. The pre-sale of LINK tokens started at 9:00 am. m. EST on September 8, 2017, and ended at 6:00 p.m. EST (GMT -5) on September 15 and is due at 3 a.m. normal working hours.
