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What is Chainlink? Is LINKcoin worth investing in?
What is Chainlink
Chainlink is a decentralized network of “predictors” that aims to provide external data for blockchain smart contracts.
Since blockchain technology is not limited to transfers and record transactions, its scope of application can go far beyond these basic functions. Some highly programmable blockchain platforms are able to support more complex commands, such as running applications over the network. Such blockchain-based applications are often referred to as “smart contracts”. Since the advent of Ethereum in 2015, smart contracts have been a core focus of blockchain development.
However, there is a contradiction in the smart contract: it requires external data to execute commands, but most of the data required is not stored on the blockchain. Because blockchain systems are inherently closed and cannot interact directly with the outside world, smart contracts themselves cannot connect off-link data. This means that various real-world datasets such as asset prices, match scores, IoT sensor readings, network data, and enterprise systems cannot be transferred directly to the blockchain, which greatly limits innovation space for smart contract developers.
In order to efficiently transfer off-chain data to the blockchain, it is necessary to use a software called a “predictor”.
Born on the fly, Chainlink is a decentralized network of predictors designed to securely and reliably connect blockchain smart contracts to off-chain systems. Chainlink builds a decentralized network of independent predictors using a similar pattern to blockchain. In this network, multiple predictors collectively acquire information from multiple data sources, aggregate the data, and then transfer the validated aggregated data to smart contracts, thereby triggering contract execution. This approach effectively avoids centralised risk throughout the process and provides strong safeguards for the reliable execution of smart contracts.
What is a Prophecy Machine
Oracle is the connection system in the Blockchain that is responsible for connecting data on and off the chain. Because both on-chain and off-chain data operate independently and do not interact, predictors can link the two to connect the regional chain with real-world information to expand the scope of application.
On-chain data: Data recorded on the regional chain
On-chain data: external data
However, this raises a security question: how to ensure that the predictor has the same level of security and reliability as the underlying blockchain? This is the only way to maintain the core value proposition of smart contracts that eliminate counterparty risk and maximize protection. If data is transferred to a smart contract using a centralized predictor, the predictor may have the power to manipulate the final output of the smart contract. This is known as a “predictor problem” and has the potential to compromise the security of the entire smart contract. So a decentralized network of predictors became extremely important, so Chainlink was born with luck.
Importance of Chainlink
Chainlink is a decentralized network of predictors designed to securely and reliably connect blockchain smart contracts to off-chain systems. Chainlink builds a decentralized network of independent predictors using a similar pattern to blockchain. In this network, smart contracts allow multiple data sources to connect, collect the data, and then transfer the verified and integrated data to the smart contract, triggering contract execution. This effectively avoids the risk of single data node failures that affect the entire system workflow throughout the entire process, plus access to multiple data sources at the same time enhances the authenticity of the regional chain and enhances overall operational efficiency and reliability.
LINK Coin Introduction and Usage
LINK coin is an Ethereum-based ERC-20 project token launched by Chainlink. Its purpose is to connect the entire Chainlink ecosystem to serve as a network circulation token. USERS CAN PAY LINK TOKENS TO OBTAIN DATA, STAKE LINK TOKENS TO GUARANTEE THE INTEGRITY OF THEIR BEHAVIOR, OR MAKE A PROFIT.
Data providers need to pay a certain amount of LINK tokens as collateral if they want to provide data to the chainlink ecosystem. If an error message is provided, the Chainlink system does not collect the staked tokens as a penalty; for the data acquirer, users can pay LINK tokens to obtain data from the chainlink ecosystem, which are also distributed to the data provider as a reward for providing correct information.
THIS REWARD SYSTEM, AS WELL AS THE SUPPLY RELATIONSHIP, HAS FACILITATED THE DEVELOPMENT OF THE LINK COIN ECOSYSTEM, WHICH WILL DRIVE THE CONTINUED RISE OF LINK COIN AS THERE IS A GROWING DEMAND FOR DATA ON THE BLOCKCHAIN NETWORK.
What is the future outlook for LINKcoin
SO FAR, THE MARKET IS RELATIVELY OPTIMISTIC ABOUT THE OUTLOOK FOR HOLDING LINK COINS, THE MAIN REASONS ARE AS FOLLOWS:
1. Competition in the predictor market
As the head of the predictor field*, Chainlink (LINK) occupies a leading position in the market. Currently, most mainstream platforms and apps are also using Chainlink's network of predictors. Therefore, it has a significant market advantage, and the competitive challenges brought by peers have a weaker impact and continued to develop steadily.
2. Market demand growth
With more and more DeFi smart contract projects coming online, the demand for Chainlink predictor services is increasing. THIS REFLECTS AN UPWARD POTENTIAL FOR LINK TOKEN PRICES.
At the same time, LINKcoin is gaining more support from Trump, as Trump returns, or there is an opportunity to benefit from his promoted cryptocurrency policies. You can look forward to seeing how the post-market moves.
LINK Coin Latest Price
LINK Coin News
How to buy LINK coin in Hong Kong
IF YOU WANT TO BUY OR INVEST IN LINKCOINS SAFELY, YOU NEED TO FIND A TRADING PLATFORM THAT WORKS WELL WITH THE BRAND. Futu is a Hong Kong-based registered body that allows you to offer virtual asset trading services, allowing you to trade in LINKs in one place.
Here's how to follow the steps of Futubull Crypto:
After opening an account, activate the Crypto trading function, go to the [Accounts] page, click on [Cash Comprehensive Account], and open [Account Management] in [More], [Activate Trade Varieties] in [More], and select [Cryptocurrencies] in [Unactivated].
Before starting a cryptocurrency account, a “virtual asset risk assessment, virtual asset holding limit assessment, virtual asset knowledge test”, and identity verification are required. After submitting the application, start up in about 5 minutes and a successful launch will receive a system message and message.
Before trading cryptocurrency, please allow time to deposit funds into your cryptocurrency account. Go to the [Accounts] page, click on [Cash Integrated Account - Cryptocurrency], select [Funds Transfer] or [Deposit Funds], then select the settlement currency type and enter the amount to trade after your account.
Go to [Markets] - [Cryptocurrencies], select the currency you offer to trade, click “Trade” in the lower left corner and you can start trading. （How to Trade Cryptocurrencies on Futubull)
*Chainlink is the largest cryptocurrency by market capitalization in the Predictor concept block.
