Along with the development of the crypto industry, requirements for crypto assets are growing. Today leading projects compete, offering better conditions for developers and expanding the crypto market. However, beginner traders may face difficulties when picking a project for investment. Of course, the easiest way is to buy the most popular assets, such as Ethereum and Bitcoin, but in this way, you miss out on many earning opportunities. The fact is that smaller and less popular projects that have good technology at the core have ample chances to boost during the upwards trend. Let’s discuss one of them – Chainlink.
What is Chainlink?
This project is particular because, due to it, real sector enterprises and businesses can access such technologies as blockchain and smart contracts. Chainlink is a decentralized oracle that provides hybrid smart contracts with the Link token participating in them. The Chain link price is $6.19 in mid-November 2022. The token is based on the Ethereum network, so it is compliant with its protocols.
To ensure the connection between smart contracts and off-chain data, Chainlink performs these steps:
- Selection of oracle
- Data reporting
- Collecting the results.
Smart contracts request the information and pay Chainlink operators Link tokens. Node operators set the price depending on the market situation and supply/demand ratio. Operators also stake their Link tokens to provide loyalty to the platform. It works similarly to the Proof-of-Stake mechanism – operators receive bonuses in Link, and it stimulates them to act.
To find the current Link price, you can visit the WhiteBIT crypto exchange. It offers over 450 trading pairs, including Link to USDT. To buy Link tokens, you should register on WhiteBIT and open the “Trade” section. There you will see the calculator. Enter your data in blocks – the asset you want to sell and Link tokens. The platform will display the current spot price for this asset and the fee which is no more than 0.10%. If it suits you, go ahead and exchange coins. In a few minutes, you will have Link tokens in your account.
The platform ensures quality service and robust security for traders and their funds. Read more about the Link token and trading it on the WhiteBIT blog.
Article Submitted By Community Writer