Chainlink For Beginners Explained - A Step by Step Guide
Chainlink 🚀 for beginners is an explainer video for newcomers where we touch insightful points around:
What is Chainlink?
How to buy LINK?
How it works?
How to get involved?
Everything you need to know about Chainlink for beginners, we delve into all the information you will need to get started.
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Read our Video Script:
The open-source Chainlink technology was collectively designed by a large community of developers, researchers, and users who share a common goal of evolving Chainlink into a community-driven blockchain ecosystem. Chainlink’s decentralized network of nodes uses oracles to provide data and information from off-blockchain sources to on-blockchain smart contracts, and aims to incentivize a global network of computers to provide reliable, real-world data to the smart contracts running on top of blockchains. Chainlink started on Ethereum, but their oracle services are also available on other popular blockchains such as Bitcoin and Hyperledger. Leading blockchain middleware company, used by enterprises (SWIFT, Google, Oracle) and smart contract teams (Web3 Foundation, Zeppelin, Open Law, Market Protocol, and many others).
In 2017, the co-founders of Chainlink, Steve Ellis and Sergey Nazarov, published its whitepaper and launched the Chainlink network as a SmartContract project. Sergey Nazarov joined the cryptocurrency revolution in 2011 and his vision is to transform the way societies distribute wealth, enforce contracts, and share information with their citizens. Sergey harnesses a unique understanding of enterprise adoption with blockchain technologies as he has been working with leading banks, insurance companies and large technology firms over the years.
Chainlink can be used either by developers wanting to build hybrid smart contracts, or by clients seeking fully-developed products, such as market and data feeds, cross-chain bridging and Verifiable Random Functions (VRFs) for random number generation for their smart contracts. Chainlink can also be used for the automation of smart contracts, and audits of on-chain and off-chain reserves. This decentralized oracle network consists mainly of purchasers and providers of data, who either request data or return data in a secure way. Users of Chainlink also have the option to become node operators who are responsible for running and maintaining oracle infrastructure to ensure that smart contracts across every blockchain have secure access to the highest quality real-world data. Both independent developers and large companies can sell data as node operators to the Chainlink network and be paid LINK tokens in the process.
LINK is an ERC-20 token that is built on Ethereum. Besides earning LINK as a data provider, this token can be traded for fiat currency or other digital currencies and can be bought on Coinbase, Binance, and Huobi. As Chainlink’s native token, LINK was created to help with financing the growth of Chainlink projects and to incentivize the mining of these tokens. LINK tokens are the digital asset token used to pay for services on the network. Chainlink’s current market cap is $24.2 billion with a total of 1 billion tokens and approximately 441 million tokens already mined.
Chainlink plays an important role in the evolution of blockchain technology and cryptocurrencies continue to evolve. The decentralized Chainlink oracle network will be a key factor in the long-term stability and viability of cryptocurrency in general, and provides real-world data to smart contracts on the blockchain. The Chainlink Network supports many leading DeFi applications, CeFi companies, and other financial institutions, and its flexibility makes it easy to integrate this technology with the existing systems and architecture being used by enterprises.
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