To understand the current state of Ethereum and Ethereum Classic, let's briefly examine some crucial events in their brief history.
Learn more about Chainlink
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Chainlink (LINK) price has declined today.
Chainlink (LINK) is priced at $14.04 today, with a 24-hour trading volume of $286,225,162.14. It is reflecting a 3.41% decline over the last 24 hours and a 2.31% decline over the past 7 days. With a circulating supply of 587 Million LINK, Chainlink’s current market cap is at $8,243,769,438.07.
Introduction to Chainlink (LINK)
Started in 2017, Chainlink works like a helpful layer for blockchain, making it easy for smart contracts to connect and work together smoothly.
Chainlink uses a decentralized Oracle network to help blockchains safely talk to outside data sources, events, and payment methods. This ability is super important for smart contracts to work well and become a top choice for digital agreements.
The Chainlink Network is a lively open-source community that includes data providers, node operators, smart contract developers, and many more.
Chainlink puts a strong focus on making sure that all node operators and users who want to help out in the network can do so easily and fairly.
The Founders of Chainlink
Sergey Nazarov, co-founder and CEO of Chainlink Labs, has a degree in business administration from New York University, specializing in philosophy and administration. He kickstarted his professional journey as a teaching fellow at NYU Stern School of Business.
In 2009, Nazarov embarked on the co-founding of ExistLocal, a peer-to-peer marketplace focused on authentic local experiences.
In 2014, he co-founded CryptaMail, a decentralized, blockchain-based email service. Later that year, Nazarov joined forces with Steve Ellis to launch SmartContract.
This platform connects smart contracts to external data sources and widely accepted bank payments. SmartContract eventually paved the way for the establishment of Chainlink.
Steve Ellis, who graduated with a degree in computer science from New York University in 2010, commenced his career as a software engineer at Pivotal Labs after completing his studies.
In 2014, he became a co-founder of the Secure Asset Exchange, a company that facilitates easy web access to a decentralized asset exchange.
What Sets Chainlink Apart?
Chainlink holds a prominent position as one of the pioneering networks enabling the integration of off-chain data into smart contracts. With many trusted partners, Chainlink has emerged as a significant player in the data processing realm.
What are chainlinks benefits:
- By integrating off-chain data, Chainlink has garnered the attention of various esteemed data providers like Brave New Coin, Alpha Vantage, and Huobi.
- These data providers can directly sell access to their data to Chainlink, thus harnessing the monetization potential of their information.
- Operating as a decentralized network, Chainlink empowers users to become node operators and earn revenue by running critical data infrastructure vital for the success of blockchains.
- Chainlink incorporates an extensive collection of node operators to collectively power decentralized Price Feed oracle networks, securing billions in value for leading DeFi applications such as Synthetix, Aave, and Compound, among others.
Understanding LINK Staking
LINK staking will introduce rewards and penalties to incentivize the proper functioning of the Chainlink oracle network. It will enhance the ability of node operators to receive tasks and earn fees within the network.
Under this staking system, participants will lock up their LINK tokens as collateral. This collateral may be taxed or “slashed” in the event of data misreporting by a node. The LINK tokens from dishonest validators will be redistributed as earnings to honest validators.
The developers behind Chainlink believe that this crypto-economic security measure will make the cost of attacking the network’s price oracle greater than the potential profits that an attack would yield.
This aligns with the gamification strategy employed by blockchain networks like Bitcoin and Ethereum.
Likewise, LINK holders who do not operate their own node can participate in staking by delegating their tokens to a trusted node operator.
Chainlink developers anticipate that the staking program will offer a 5% return, primarily combining emissions from the Treasury and fees paid by users of Chainlink’s data feeds. However, ultimately, the program will solely rely on fees earned by the network.
Moreover, node operators are incentivized to maintain honesty and integrity. This is done by encouraging community members to participate in staking. Additionally, participants can choose where to delegate their stake based on the reputation scores given to node operators that consistently provide valid data feeds.
Explore our step-by-step guide here to gain a deeper understanding of Chainlink staking.
The Circulating Supply of Chainlink (LINK) Tokens
During the initial coin offering (ICO) in September 2017, Chainlink declared a total and maximum supply of 1,000,000,000 LINK tokens.
Furthermore, as of October 2023, approximately 556,849,970 LINK tokens are in circulation, accounting for roughly 55% of the total supply.
Initially, the ICO price for Chainlink was $0.11, with 350 million LINK tokens sold. This represents a significant increase of over 200 times from the ICO price to the current Chainlink price.
The ICO documentation stated that node operators and ecosystem incentivization would receive 35% of the total token supply. The public sale events distributed another 35% of LINK tokens.
The company allocated 30% to support the Chainlink ecosystem and network development.
Securing the Chainlink Network
As an ERC-20 token based on the Ethereum blockchain, Chainlink relies on the proof-of-stake (PoS) consensus mechanism for security.
Unlike the proof-of-work (PoW) consensus used by Bitcoin, PoS selects node validators based on the number of tokens they have staked.
PoS protocols were developed as an environmentally friendly alternative to PoW systems that uses significant power consumption. PoS models have gained popularity due to their scalability and reduced energy requirements.
While PoW has proven to be a reliable consensus mechanism, Ethereum and other ERC-20 tokens have experienced rapid growth and set new trends.
Where to buy Chainlink (LINK)
Chainlink and the LINK token rank among the most popular cryptocurrencies in the market. Binance is one of the top exchanges where you can buy Chainlink.
Other exchanges that offer trading of LINK include:
It is essential to consider that investing in cryptocurrencies carries risks, much like any other investment.
To access real-time Chainlink prices in your desired fiat currency, you can utilize Coinweb’s converter feature.
Most Used
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Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.
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Biggest exchange in the world.
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Industry's lowest trading fees.
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Advance trading options like leverage trading.
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600+ crypto options, 150+ for the US.
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Lucrative on-site staking options.
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Hiccups in account verification.
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Less regulated than some competitors.
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The corporate structure is not transparently.
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Coinbase is one of the largest crypto exchanges in the world and a widely-used platform for buying, selling, and trading over 200 cryptocurrencies. It offers trading solutions for beginner, advanced, and institutional traders alike. Take a look at what makes it an excellent option for individual traders looking to trade in cryptocurrencies and beyond.
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A wide-selection of coin offerings.
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Most secure online crypto platforms.
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Top-rated mobile app.
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Easy interface and user-friendly.
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Expensive and complex fee structure for beginners
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Higher fees as compared to other cryptocurrency exchanges.
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Slow customer support.
Common Chainlink price pairs include:
- LINK/USD
- LINK/GBP
- LINK/AUD
- LINK/EUR
Coinweb’s Crypto Wiki can provide educational resources for those new to cryptocurrencies and interested in purchasing Chainlink.
Chainlink helps smart contracts securely use external data and was started by Sergey Nazarov and Steve Ellis in 2017.
Chainlink is unique because it lets blockchains safely use information from outside sources, like data feeds and payment methods, which is key for making smart contracts work well.
In Chainlink, people can lock up LINK tokens as collateral in a process called staking, which helps keep data honest and secure on the network. Tokens from bad actors can be taken away and given to those who act correctly.
There are about 556,849,970 LINK tokens in circulation out of a maximum of 1,000,000,000. They were first sold in an initial coin offering (ICO) in 2017 and are used to help operate and secure the Chainlink network.
You can buy LINK tokens on several exchanges, including Binance, Coinbase, Huobi Global, Gate.io, and Kraken. Remember, buying cryptocurrencies can be risky.
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