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Chainlink is a digital ecosystem powered by the Ethereum blockchain designed to provide a better connection between smart contracts and external data. 

Chainlink started with two innovative Americans named Sergey Nazarov and development engineer Steve Ellis in September 2017. These enthusiasts created Chainlink in response to the rising problems in the current relationship between real-world data and public blockchains. Nazarov and Ellis found that the biggest problem is the risky third-party sources and little cross-verification procedures. 

Since its inception in September 2017, Chainlink raised $32 million through its ICO, eventually surpassing the $16 million goal both founders were hoping for. 

Chainlink launched its main net in June 2019 to millions of users. Chainlink already has the potential of making its network compatible with other cryptocurrencies like Bitcoin and Hyperledger. 

Many are wondering if this much-anticipated company can live up to its expectations. For this article, we will provide a thorough review of the advantages and disadvantages of Chainlink and its LINK token. 

A More In-Depth Look at the Chainlink Ecosystem 

The Chainlink ecosystem uses the LINK token, featuring a decentralized network that distributes and sells data. The Chainlink Ecosystem also features an off-chain and blockchain that must work together cohesively for the entire network to work. 

Its off-chain feature uses the Ethereum network to connect with oracle nodes to effectively collect data from other sources. For example, a node might go to a stock platform that would provide real-time training information to people in the Chainlink network. 

The LINK Token 

Chainlink released over 1 billion LINK tokens, with over 350 million tokens in the wallets of ICO investors. 

Chainlink decided to shelve the remaining 650 million for the operators and the company team. The company intends to reimburse the services provided by these operators through the LINK tokens. In this way, the company’s team would benefit from the price fluctuation of the company’s success in the crypto market. 

Since its inception, its LINK tokens have ranked #21 among all cryptocurrencies in many trading platforms. 

This cryptocurrency also complies with ERC677, remaining compatible with all digital wallets powered by Ethereum. 

Frequently Asked Questions (FAQs) 

Where can I store my LINK tokens?

You could store your LINK tokens on many cryptocurrency exchanges like Binance or Bithumb. You could also store your tokens on wallets that support ERC-20 tokens like MetaMask, MyCrypto, and others if you want more security.

What fields would benefit from the Chainlink Ecosystem?

Chainlink works in various businesses and projects like elections, market trading, gambling, weather, insurance, multi-level marketing, and the like.

Will Chainlink show stock market predictions?

Chainlink is looking for connections with various stock market platforms to provide trading information for investors to make trading decisions.