What is Chainlink?
ChainLink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. LINK is the digital asset token used to pay for services on the network. Smart contracts are pre-specified agreements on the blockchain that evaluate information and automatically execute when certain conditions are met. ChainLink is a decentralized network of nodes that provide data and information from off-blockchain sources to on-blockchain smart contracts via oracles. The Chainlink protocol registers this request as an ‘event’ and in turn creates a corresponding smart contract (Chainlink Service Level Agreement (SLA) Contract), also on the blockchain, to get this off-chain data. The Chainlink SLA Contract generates three sub-contracts: a Chainlink Reputation Contract, a Chainlink Order-Matching Contract, and a Chainlink Aggregating Contract.
Key elements of Chainlink include:
Oracle Selection — First, Chainlink users draft a service-level agreement (SLA) that specifies a set of desired data requirements. The software then uses the SLA to match the user with oracles that can provide the data. Once the parameters are set, the user submits the SLA and deposits their LINK cryptocurrency in an Order-Matching contract, which accepts bids from oracles.
Data Reporting — This is where the oracles connect with external sources and obtain the real-world data requested in the SLA. The data is then processed by the oracles and sent back to contracts running on the Chainlink blockchain.
Result in Aggregation — The last step involves tallying the results of the data oracles collect and return it to an Aggregation contract. The Aggregation contract takes the responses, assesses the validity of each, and returns a weighted score, using the sum of all the data received, to the user.
How to Buy Chainlink?
If you already have some cryptocurrency then acquiring Chainlink is simple! The first thing to do is to get started with BuyUcoin as this will allow you to directly exchange another cryptocurrency for LINK. Select the cryptocurrency that you have and want to exchange for LINK and choose how many links you want to buy. Click exchange and the transaction will begin. Depending on which cryptocurrency you’re trading, the exchange may take just a few minutes or it might take longer. As soon as the transaction clears, you’ll be able to see your newly bought LINK in your BuyUcoin wallet!
If you don’t already have crypto, you can use BuyUcoin or another service to buy Bitcoin or another popular crypto (Ethereum, Ripple, Litecoin, Tron, etc. ) that you can then exchange for LINK. Also, some services allow you to buy Chainlink directly with government currencies like the US dollar, INR, and euro.
Buy Chainlink in India — Step by Step Guide For Beginners
BuyUcoin is an exchange that provides buying and to Sell Chainlink in India as well as other cryptocurrencies. Below is a step by step guide to Chainlink via BuyUcoin:
Step 1 — Open a Digital Wallet
A digital wallet is where you hold your cryptocurrencies and interacts with others via blockchain technology. There are many providers of digital wallets, however, it is important to make deep research before you decide which one is the best for you. Currently, the most popular digital wallet provider in BuyUcoin.
Step 2 — Register & Open an Account
Once you enter buy coin/signup, register, and open an account that can provide you with their service. Select the type of your account either individual or corporate. Select your country and agree on the terms and conditions to register your account for crypto trading.
Step 3 — Complete Your KYC
KYC and AML are mandatory for Indian jurisdiction. Your data is saved and encrypted and is stored in Indian data centers only. You will be redirected to a different URL to complete your KYC. Please be ready with your recent selfie. You will need the images of your pan card. You will need the mobile number with you which is linked with your Aadhar.
Step 4 — Complete your Google 2 Step Verification
To use 2FA you will have to install an Authenticator app on your smartphone or tablet. Once enabled you will be asked to provide an additional six-digit one-time password along with your email and password every time you log in to your BF account. This works only when signing in with an email and password. When using Facebook or LinkedIn you can enable 2FA with your social media provider settings
Step 5 — Add Bank details
Add the credentials of your bank name, holder account name followed by account number, and IFSC code details.
Trade Chainlink (LINK) in India
The price, however, fell back due to the effects of the Coronavirus on the global markets and the drop in the value of BTC but has since rallied somewhat. So much in the pipeline that at the Chainlink current price and MC, it is not only a safe investment but is almost guaranteed to bring strong returns.
Chainlink Price is now valued at roughly $6 billion, with a single token, known as a Link, currently worth the equivalent of around $17. ChainLink had an all-time high of $19.17 about 1 month ago. Over the last day, ChainLink has had 24% transparent volume and has been trading on 543 active markets with its highest volume trading pairs being USDT ($1.32B), USD ($318.59M), and BTC ($115.40M).
Can I Use Regular Money to Buy Chainlink (LINK) India?
While it is not currently possible to directly purchase Chainlink with a credit card, BuyUcoin offers the best route to purchase one of the coins available for credit card purchase and trade Chainlink for them with the best liquidity and lowest fees.
However, once you’ve acquired your LINK, we always recommend that you take it off the exchange and store it in a secure wallet like a hardware wallet or your preferred wallet. This is because centralized exchanges are hacked frequently and are not a safe place to store crypto for the long term.
Getting a Chainlink Wallet
Unfortunately, hacks are common in the cryptocurrency space with more than $4 billion worth of crypto having been stolen in 2019 alone. If you’re planning to buy LINK it’s critical that you store it securely.
That’s where the BuyUcoin wallet comes in. Aside from giving you the power to safely send, receive, and store LINK, the BuyUcoin wallet has the following features:
Supports many crypto assets
Focuses on premium design and ease of use
Is the only wallet to support desktop, mobile, and hardware wallet integration
Allows you to exchange cryptos right from your wallet
Gives you the ability to sync your wallet between desktop and mobile
Has 24/7, fast human support if you ever need help
Chainlink Exchanges in India
Chainlink is traded at so-called exchanges. Exchanges are platforms that allow the exchange of fiat currencies such as Dollars or Euros against digital currencies. Besides exchanges, there are so-called broker services, which aim to facilitate the buying process for non-experts.
Chainlink Mining
With the rise of staking and other forms of crypto dividends, users are looking for crypto assets to invest in not just for capital gains but yield or investment income, too. Chainlink staking involves running a Chainlink node or joining a Chainlink staking pool in order to connect blockchains to off-chain data and being paid in LINK for doing so.
Of course, if blockchain oracles see broader adoption and LINK is at the center of that, earning LINK for providing off-chain data to smart contracts will pay off handsomely for stakes. However, LINK staking is not live yet. That being said, you can see Chainlink’s documentation on running a Chainlink node to get ready.
Conclusion
Clearly, Chainlink is aiming to achieve big things. In its early days, Chainlink was known for its close association with 4chan, a site
known for its controversial content. 4chan users posted (and still post) about LINK endlessly, leading many to think Chainlink was a joke or meme.
However, LINK’s promise is starting to show with its real-world application through various high-profile partnerships and growing usage of Chainlink oracles. Of course, achieving Chainlink’s ultimate goals won’t be easy since the success of Chainlink depends on the following:
Global adoption of smart contracts.
Demand for decentralized oracles for smart contracts.
Chainlink’s ability to grow into a reliable and secure decentralized oracle solution.
Roadblocks will definitely emerge on the way to Chainlink’s goal of solving the elusive oracle problem. But for now, Chainlink seems to be leading the way in “LINKing” the world to blockchain technology.