Crypto Corner: A profile on LINK

So far this year, we’ve added 20 brand-new ERC-20 tokens to the Wirex app. And we’re not stopping there!

We thought it was about time you got to know our latest additions a bit better, so we’re bringing back our Crypto Corner profiles.

Let’s kick things off with a token we added to the platform in June, Chainlink (LINK).

What’s it all about?

The LINK token powers the Chainlink Network, which is a decentralised oracle network built on the Ethereum blockchain.

What’s a decentralised oracle network? First things first, an oracle is a third-party service that sends data from the outside world to smart contracts on a blockchain. A network of oracles, then, describes a group of independent blockchain oracles that all provide data to the same blockchain.

The Chainlink Network does exactly that - it utilises multiple data inputs to eliminate any single point of failure in a smart contract. This enables the network to securely connect smart contracts with external data sources.

It does so by incentivising oracles to provide accurate data. Each oracle receives a ‘reputation score’ for doing so, as well as a reward in the form of the network’s own cryptocurrency, LINK.

Acting as this bridge between a blockchain and the outside world means that Chainlink is able to assist the real-world implementation of blockchain technology across a wide range of sectors. And it’s clearly got the right idea - it’s currently the most widely used oracle network to date.

Who came up with the idea?

The network was launched in 2017 by the company SmartContract. The Chainlink whitepaper was published later that year by co-founders Sergey Nazarov and Steve Ellis, and company advisor Ari Juels.

What can you do with LINK?

LINK can be bought and exchanged just like any other cryptocurrency - you can do so in the Wirex app at exclusive OTC rates.

You can now also open an X-Account in LINK, which means you can start earning up to 10% AER on it straightaway. Find out more here.

Any fun facts?

A group of internet sleuths believe that Chainlink creator, Sergey Nazarov, could in fact be Bitcoin’s mysterious founder, Satoshi Nakamoto.

Apparently, the web domain smartcontract.com was purchased six days before the Bitcoin whitepaper was released. Coincidence?

Well, they do share the same initials.

Ok, so it’s not exactly overwhelming evidence, but food for thought, perhaps…

There you have it - an overview of Chainlink. Let us know your thoughts below and stay tuned for the next token in the series!

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4 Likes

Wirex Is awesome in all ways :tada::tada:

Since first time hearing of LINK without knowing nothing remember thinking that it definitely will have good future, it’s written in the name :grinning_face_with_smiling_eyes: