LINK is the native token for the Chainlink network (the “Chainlink Network”). The Chainlink Network is a decentralized oracle network that was launched in 2017 by the for-profit company SmartContract. The Chainlink protocol assists blockchain smart contracts by incentivizing oracles (data providers) to accurately verify data inputs and outputs. Smart contracts are agreements that are programmed to execute when certain terms and conditions are met. Smart contracts rely on real-world, external data sources. Since blockchains do not allow for a sufficient connection with external data, the Chainlink Network was created to act as a decentralized bridge between smart contracts and sources of external data.
The problem the Chainlink Network tries to solve is commonly known as the oracle problem. The oracle problem stems from the fact that smart contracts need real-world data to operate as intended. However, while the rest of the smart contract ecosystem uses blockchain technology which relies on consensus mechanisms for accuracy, the data providers (or oracles) may not be subject to the same constraints. Therefore, smart contracts may need to rely on a centralized source of data, which could potentially provide unreliable or untrustworthy data to the blockchain and undermine the decentralized nature of smart contracts. The Chainlink Network tries to solve this problem by creating a decentralized network of nodes in an attempt to eliminate the reliability and trust issues associated with using only a single centralized source of data. The Chainlink Network attempts to accomplish this goal by using a group of decentralized nodes, assigning those nodes reputation scores and aggregating, weighting and validating the data they provide to ensure that it is reliable and trustworthy.
It should be noted that Chainlink does not operate its own blockchain, and the token can function on many different blockchains at the same time.
In 2017, Sergey Nazarov launched Chainlink and its digital currency, LINK.
The LINK cryptocurrency possesses a supply limit of one billion and is linked to Ethereum. LINK is used to incentivize users to extend and use the off-chain data. The virtual currency also covers the costs of executing smart contract transactions on the Chainlink network.
To learn more, check out Chainlink’s Whitepaper: https://chain.link/whitepaper
Eager to buy Chainlink but not sure how? No worries! Bitbuy is the simplest and most secure platform to buy Chainlink (LINK) from. Bitbuy always ensures the lowest associated fees and highest security when buying, selling, or trading cryptocurrency.
Investors can easily invest in Chainlink (LINK) by creating an account with Bitbuy, adding funds to their account directly through E-Transfer or bank wire and buying LINK directly through the Bitbuy platform. Experience problems or need answers along the way? Do not fear, Bitbuy is always here. Our customer support team will ensure your investment journey is smooth throughout.
So, where do novice and seasoned crypto enthusiasts go to purchase Chainlink? Bitbuy has you covered for all your crypto needs. Unsure how to buy, sell, and trade the digital currency? Here is a step-by-step rundown of the process:
If at any point you need help signing up, verifying your account, adding funds, or buying and selling Bitcoin, just contact customer support for same-day assistance.
Bitbuy is one of the best and most secure places to buy Chainlink in Canada. Here is why:
Every transaction you make on Bitbuy is encrypted using SSL (Secure Socket Layer) technology with two-factor authentication solutions implemented throughout. Bitbuy operates with a 99% cold storage reserve for all digital currencies in custody and executes daily encrypted and distributed backups for disaster recovery. Here at Bitbuy, it is crucial users know that their digital assets are safe with us.
Bitbuy offers some of the lowest buying and selling fees in Canada. You can check out our trading fees and processing times before you buy Chainlink (LINK).
Buying cryptocurrency directly from individuals is slow and risky. Cryptocurrency exchange platforms like Bitbuy make the process faster and far more efficient.
We pride ourselves in our exceptional customer support which sets us apart from other digital asset marketplaces. Simply submit a request under Bitbuy Support to be paired with one of our experts. We believe that exceptional customer support is an essential part of simplifying cryptocurrency for everyone.
Interac e-Transfer is the most popular way to pay online in Canada. Canadians want to buy Chainlink (LINK) with Interac, but banks do not make it easy. Bitbuy exists to simplify the process when you want to buy LINK in Canada with Interac. You can use your bank account directly to fund your Bitbuy account, which you can then use to buy and sell cryptocurrencies in Canada.
Looking for a place to store your LINK? Bitbuy is the perfect place to start. Bitbuy has a built in-wallet in each user's account that you can use to store your LINK safe and securely with.
Website (instructions for the mobile app below)
When you log into your Bitbuy account you will be automatically directed to the ‘Accounts’ section of your account. Click 'Express Trade' located at the top of the page if you are already logged in. To facilitate the trade, click the 'Sell' button which will appear in red.
Click the drop-down and search LINK to begin the sale.
Enter the amount of LINK that you wish to sell. The dollar value of your sale will be displayed below under ‘Transaction summary'. When you are ready, click the 'Sell' button to complete the transaction.
Mobile App
Sign into your Bitbuy account and you will be automatically directed to the 'Accounts' section. If you are already logged in, click on 'Accounts' in the bottom right corner of the navigation bar.
Locate LINK and click on the 'Sell' button.
Enter the amount of LINK you wish to sell. The value of your sell will be displayed at the bottom of the page. When you are ready to continue, click the 'Place Sell Order' button to complete your transaction!
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