Established in 2017, Chainlink serves as a blockchain abstraction layer designed to facilitate universally connected smart contracts. By utilizing a decentralized oracle network, Chainlink enables blockchains to securely interact with external data sources, events, and payment systems. This functionality delivers the essential off-chain information required by complex smart contracts, helping them to become the predominant form of digital agreement.
The Chainlink Network thrives on a vast open-source community that includes data providers, node operators, smart contract developers, researchers, and security auditors, among others. The company prioritizes guaranteeing decentralized participation for all node operators and users keen to contribute to the network.
For an in-depth exploration of this project, take a look at our comprehensive analysis of Chainlink.
Who Founded Chainlink?
Sergey Nazarov is a co-founder and the CEO of Chainlink Labs. He earned his degree in business administration from New York University, with a focus on philosophy and management. He began his career as a teaching fellow at NYU's Stern School of Business. In 2009, Nazarov co-founded ExistLocal, a marketplace facilitating peer-to-peer exchanges of genuine local experiences.
In 2014, he also co-founded CryptaMail, a fully decentralized email service based on blockchain technology. During the same year, Nazarov collaborated with Steve Ellis to launch SmartContract, a platform intended to bring smart contracts to life by linking them with external data and mainstream bank payments. SmartContract was one of the ventures that eventually led Sergey Nazarov to establish Chainlink.
Steve Ellis completed his studies in computer science at New York University in 2010. Immediately after graduation, he worked as a software engineer at Pivotal Labs. In 2014, he co-founded the Secure Asset Exchange, a company that simplifies web access to a decentralized asset exchange.
What Distinguishes Chainlink From Others?
Chainlink is among the pioneering networks that enable the integration of off-chain data into smart contracts. Supported by numerous trusted partners, Chainlink is a significant player in the data processing sector. This integration of off-chain data has captured the interest of many reputable data providers like Brave New Coin, Alpha Vantage, and Huobi. These data providers can sell data access directly to Chainlink, turning their information into a source of revenue.
As a decentralized network, Chainlink empowers users to become node operators, allowing them to earn revenue by maintaining crucial data infrastructure essential for blockchain success. Chainlink employs a diverse array of node operators to power a variety of decentralized Price Feed oracle networks in live production. These networks currently secure billions in value for leading DeFi applications such as Synthetix, Aave, and Compound.
How Will LINK Staking Function?
Currently, Chainlink faces criticism for its reliance on a limited number of trusted nodes, despite its efforts toward decentralization. Nonetheless, LINK staking is designed to address this issue.
The introduction of LINK staking will bring rewards and penalties to encourage correct operations within the Chainlink oracle network. This feature will also improve the capacity of node operators to accept tasks and earn fees within the Chainlink system.
In this framework, participants will lock up their LINK tokens as collateral. If a node provides inaccurate data, this collateral can be taxed or "slashed." The LINK tokens deducted from dishonest validators will be redistributed as earnings to those who provide accurate data.
Chainlink developers aim for this crypto-economic safeguard to make the cost of a potential attack on the network's price oracle higher than any profit that such an attack would generate. This strategy mirrors the gamification techniques employed by blockchain networks like Bitcoin and Ethereum.
Likewise, LINK holders who do not operate their own nodes can still take part in staking by delegating their tokens to a trusted node operator. Chainlink developers anticipate that the staking program will initially offer a 5% return, derived from a mix of emissions from the Treasury and fees paid by Chainlink's data feed users. Ultimately, it will depend solely on the fees earned by the network.
The involvement of community members in staking will provide further motivation for node operators to act honestly. Participants will be able to choose where to delegate their stake based on reputation scores assigned to node operators consistently supplying valid data feeds.
How Many Chainlink (LINK) Tokens Are in Circulation?
During the LINK initial coin offering (ICO) in September 2017, Chainlink announced a total and maximum supply of 1,000,000,000 LINK tokens. As of the end of September 2021, around 453,509,553 LINK tokens, or 45% of the total supply, are in circulation. The ICO price for Chainlink was $0.11, and a total of 350 million LINK tokens were sold. This signifies more than a 200-fold increase from the ICO price to Chainlink's current price.
Chainlink underwent a significant bull run from mid-2019 to mid-2020. Enthusiastic Chainlink supporters, often called "LINK Marines," became a popular meme within the crypto community. The Chainlink price soared to an all-time high of $52.88 on May 9, 2021, spurred by a general crypto market rally and ongoing developments within the Chainlink ecosystem.
According to ICO documents, 35% of the total token supply will be allocated to node operators and ecosystem incentives. Another 35% of LINK tokens were distributed during public sales. The remaining 30% of the total token supply was reserved for the company to support the continued development of the Chainlink ecosystem and network.
How Is the Chainlink Network Protected?
As an ERC-20 token based on Ethereum, Chainlink secures itself through the proof-of-stake (PoS) consensus mechanism. Unlike Bitcoin's proof-of-work (PoW) model, PoS selects node validators based on the quantity of tokens they have staked.
PoS protocols were designed to tackle the high energy consumption associated with PoW systems. PoS models are gaining popularity because they require less electricity and offer better scalability. Although PoW has established itself as a dependable consensus mechanism, Ethereum and all ERC-20 tokens have seen rapid growth and are setting trends in the industry.
Where Can You Purchase Chainlink (LINK)?
Chainlink and its LINK token rank among the most sought-after cryptocurrencies in the market. Consequently, numerous exchanges have begun to offer LINK trading. Binance stands out as a top exchange where you can purchase Chainlink.
Other platforms providing LINK trading options include:
* Huobi Global
* Coinbase Pro
* Gate.io
* Kraken
Keep in mind that investing in cryptocurrencies involves inherent risks, similar to any other type of investment. You may also use a dedicated exchange rate converter page for assistance. Popular Chainlink trading pairs consist of: LINK/USD, LINK/GBP, LINK/AUD, and LINK/EUR.
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