$7.1363
- Market Cap$5,337,671,724.927
- 24 Hour Trading Vol$132,126,819.933
- Fully Diluted Valuation$7,136,291,551.62
- Circulating Supply748,099,970
- Total Supply1,000,000,000
- Max Supply1,000,000,000
- ChainLink Price$7.1363
- Trading Volume$132,126,819.933
- Market Cap$5,337,671,724.927
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Chainlink is a decentralized oracle network. It launched in 2017 to solve the challenge that smart contracts often need outside information to carry out their on-chain conditions, such as data coming from APIs. The system is designed to motivate a community of computers to deliver dependable information that smart contracts require for proper execution on blockchains. LINK is the network’s native token, used to pay for services.
In simple terms, Chainlink helps data providers function as a decentralized link between blockchain-based smart contracts and off-chain data sources. It can bring in price feeds, verifiable randomness, medical and weather data, external APIs, and more for use on-chain.
What are LINK's key features and how does it work?
The information gathered is meant to be trustworthy because each oracle in the Chainlink network receives a reputation score. This structure encourages data providers to submit accurate data in order to maintain a strong reputation. Chainlink follows a three-step workflow to communicate with external sources and bring data back.
Oracle Selection. Users create an SLA that defines the data requirements. Using the SLA, the user is matched to an oracle capable of supplying the requested data. The user then provides the SLA and deposits LINK into an Order-Matching contract, which takes bids from oracles offering to deliver the data.
Data Reporting. Data oracles work with external data providers to gather the requested information, then route it back through the smart contract on the Chainlink blockchain.
Result Aggregation. An aggregation contract reviews the data returned by the oracles. The oracle results are evaluated, scored, and then delivered to the user.
Chainlink’s architecture underpins these steps and includes three categories of smart contracts:
Aggregating Contracts gather information from oracles and align the findings with the smart contract that needs them;Order-Matching Contracts pair an SLA with the best-bidding oracles;Reputation Contracts confirm oracle reliability by checking inputs such as the number of completed requests, average response time, and the amount of LINK staked on the oracle.Chainlink can also work with standalone oracles that aren’t run directly on its blockchain. These nodes include two parts:
Chainlink Core reads newly submitted SLAs and issues data requests to the Chainlink Adapter.Chainlink Adapter serves as the intermediary between the node and the external data. It reads and processes the data before transmitting it to the blockchain.Chainlink’s underlying technology uses a hybrid consensus approach combining Delegated Proof of Stake (DPoS) and Proof of Authority (PoA), designed to move consistent data quickly.
Where can you buy Chainlink?
Chainlink (LINK) can be purchased on the CEXs and DEXs shown here. Binance is typically the most used exchange, though CoinBase Pro, OKEx, and Huobi Global are also frequently used.
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