What is LINK?

_{What is Chainlink (LINK)?}

Chainlink (LINK) is a decentralized Oracle network that aims to connect
Smart contracts with data from the real world
Chainlink was developed by Sergey Nazarov, with Steve Ellis as another co-founder.
It held an ICO in September 2017, raising $32 million with $1 billion in LINK tokens.

LINK, the original cryptocurrency on Chainlink of Chainlink's decentralized Oracle network
Used for payment to network operators, since the Chainlink network is a reputation system.
The network operator that can supply a large number of LINKS will be rewarded with a large contract.
Meanwhile, the failure to deliver the correct data resulted in the token being downgraded.
The developer described LINK as an “ERC20 token with ERC223 additional 'transfers and calls'.
Transfer functionality (address, uint256, bytes)
It makes it possible to receive and process tokens with contracts within a single transaction.”
In 2017, LINK ICO valued at $32 million, 32 percent of LINK was delivered.
to network providers to stimulate the economic ecosystem. And 30 percent are also on Chainlink.
To be used in development (35 percent were sold in public token sales).

_{Blockchain nativo:}

Chainlink does not have its own blockchain, but it is an ORACLE network.
Another decentralized one on Ethereum's chain
By LINK, it was created to enable Smart Contracts to work in conjunction with external Blockchain data.
More secure and efficient, whether it's real-time data sources, APIs, or payment systems

_{Protokola Konsensus:}

Due to the fact that Chainlink is located on the Ethereum blockchain, it uses the same consensus system as the chain on which it is located.
This means that the update of ETH to version 2.0 will transform the Consensus system into Proof-of-Stake.
It will also become the standard system of LINK.

_{Trilemma (Security, Speed, Scalability):}

Seguridad: Chainlink focuses its own stance on security
Because it is made to manage the use of external data in conjunction with data on the blockchain.
LINK tokens are used for staking for those who are set up as an ORACLE provider.
In order to gain collateral and increase the stake in providing effective information services.

snelheid: As an ORACLE network, Chainlink's system
That had the speed of work tied to the Ethereum network at the time.
However, with the nature of decentralized storage, storage speeds up.
And access to stored data is often faster than transactions on conventional blockchains.

Scalabilità: LINK has a lot of developments aimed at helping solve scalability issues.
One solution that works well is the off-chain reporting system for Layer 2 issues.
Which is more sensitive and can respond more easily to problems.

_{Founder/Date Founded:}

Sergey Nazarov and Steve Ellis co-founded Chainlink and raised development funding through an ICO in 2017.

_{Objective/Use Case:}

Chainlink's goal is to be a bridge between data in the outside world and data on the blockchain system.
This will allow the smart contract to work securely with data outside the blockchain.
This is very important in order to make the smart contract practical in various matters.
A reliable and secure external source of information is required. Correct.

_{Total supply/Limit or Unlimited:}

Chainlink has set a maximum supply of 1 billion LINK tokens

_{Supply Deflation:}

Chainlink does not have a fixed token volume control or burning system in place. However, the LINK token
It can be used as collateral for transactions on LINK's system and can be locked for a certain period of time.
To affect the overall volume of tokens circulating in the system.

This article provides an entry-level understanding of Chainlink and the LINK token, as the nature of crypto is evolving all the time.
Interested parties therefore need to keep abreast of the latest developments and changes.

_Source:

Chainlink whitepaper
Chain.link/
docs.chain.link/
Ethereum.org
Coinmarketcap