How to Buy ChainLink (LINK) in Australia
Today, a lot of people are starting to look into how to buy Chainlink (LINK) in Australia, and the number has been increasing throughout the year. Surely there are some reasons behind this altcoin’s new popularity. It has promising potential in the cryptocurrency market and it offers many advantages.
Lucky for you, today we’re going to talk about it. Now to decide whether or not you will invest in Chainlink (LINK), let’s start with the basic question.
Jump the line: Click here to add Chainlink (LINK) to your portfolio.
What is ChainLink (LINK)?
The Chainlink network is a decentralized network of Chainlink nodes, which are selling the use of specific data sources, APIs, and various off-chain payment capabilities directly to a smart contract.
Chainlink is structured by two independent parts that are located both inside and outside the chain and interact to fulfill the functions of the network.
As mentioned, its main objective is to unite the blockchains with the outside world. For this, it has two main architectural components: on-chain infrastructure and off-chain infrastructure.
LINK can be defined as an ERC20 token with additional ERC223 call and transfer functionality (address, uint256, bytes). This token model establishes the sending of transactions and processing of transactions through smart contracts.
To compensate for the off-chain needs of the Chainlink system, the LINK token is used to pay node operators.
According to the developers, it is necessary for the Link token to perform this function, since the demand and value of the tokens are directly correlated with the number of operators offering off-chain services to the system.
LINK tokens are also used as the currency of the Chainlink platform. Therefore, the more use the ChainLink platform has, the more tokens there should be.
Related: What are ERC20 Tokens?
How does Chainlink work?
Chainlink works through decentralized oracles. A blockchain oracle is used to retrieve data from external sources (traditional payment platforms, banks, apps and more).
Through this, Chainlink can obtain external data to incorporate it directly into the chain of blocks. It is a link between blockchain and the existing infrastructure on which the blockchain operates.
Chainlink’s job is ultimately to verify real-world occurrences to incorporate them into the blockchain technology and activate or modify smart contracts when the conditions established in them are reached.
Chainlink’s oracles, like everything else that happens in the blockchain world, operate in a decentralized way and must extract information from various external sources and verify it to avoid fraud and modifications by third parties.
More on Chainlink: Read our complete guide on Chainlink (LINK) and how it works.
Reasons to invest in ChainLink (LINK)
ChainLink is an innovative project with advantages that differentiate it from other cryptocurrencies. These characteristics make LINK an excellent token for transactions and a good investment.
Here are some reasons why we should invest in Chainlink (LINK):
- ChainLink is in charge of closing the clauses of smart contracts belonging to and outside the chain, so LINK has two main architectural components, which are rare among other cryptocurrencies.
- This project seeks to provide reliable tamper-proof inputs and outputs for complex smart contracts. Simply put, this blockchain develops smart contracts with a higher level of security.
- ChainLink is a decentralized oracle service that allows linking smart contracts with the outside world, through events linked to variables such as temperature, weather conditions, among others. Certain values or ranges of these external variables can trigger the execution of actions within the contracts.
- ChainLink is working on implementing umbrak signatures to its own protocol, which will, through a new aggregation protocol, implement threshold signatures in the ChainLink protocol, thus allowing only a single gas refill to be made. This is very convenient considering that the development of DeFi projects (which require gas charges on the blockchain) and data recovery when doing a project can be cheaper. To learn more about DeFi, please read this article.
How to buy in Chainlink in Australia?
Now that you’ve learned about the fundamentals of Chainlink, how can you add this crypto to your portfolio?
Fortunately, buying Chainlink in Australia is a quick and simple with Easy Crypto Australia. We offer competitive rates with transparent fees and 100% guarantee on your orders.
We also offer a variety of investment instruments to help you achieve your crypto investment goals, such as auto-buy templates, direct crypto swaps, and a portfolio tracker to help manage your assets.
Ready to buy? Click here to buy Chainlink (LINK) in Australia.
Do not hesitate to contact Easy Crypto team for more information about Chainlink or other altcoins that are available in Australia.
Last updated June 18th, 2021.