How to Buy Chainlink Crypto: Complete Step-by-Step Guide
One of the top 20 blockchains on the market is Chainlink. It is a framework for building Decentralized Oracle Networks (DONs) that bring real-world data onto blockchain networks, enabling the creation of hybrid smart contracts. These DONs provide decentralized services such as Price Feeds, Proof of Reserve, Verifiable Randomness, Keepers, and the ability to connect to any web API. Let’s take a closer look at LINK coin use cases and how to buy Chainlink crypto.
There are many exchanges where one can buy LINK crypto, and StealthEX is one of the safest options. This platform offers users to get Chainlink coin with no extra fees and with the best floating and fixed rates. This cryptocurrency is always freely available for purchase via StealthEX.
First, you should choose Bitcoin in the left drop-down list. Then choose LINK in the list of coins on the right.
After setting the pair it is necessary to enter the amount of BTC you want to exchange. Here you will see the estimated amount of LINK coins that you will receive after the exchange.
Now, when everything is set, press the Start Exchange button and you will be taken to the next page.
In the second step, you need to provide the LINK coin recipient address. The recipient address must match the crypto you are going to receive. Remember to double-check the information you enter prior to the exchange as the transaction you make cannot be canceled.
As soon as you have carefully checked all the details, you can press the Next button and you will be redirected to the Confirmation page.
Pressing the Next button you will be redirected to the Exchange page.
At first, you will see the address where you need to send your Bitcoin to continue the exchange. StealthEX will also provide you with the exchange ID. It will allow you to keep all the information about the swap. It is recommended to save your exchange ID or the link to your exchange.
After sending BTC coins to the shown address, the information on the Exchange page will be renewed automatically. The Exchange page has several statuses that will change during the time of the exchange.
- The first status is Awaiting deposit.
- The following status is Confirming. This means that StealthEX is confirming the transaction you made.
- The next status is Exchanging. During this time the exchange is being made.
- Then the status will be changed to Sending to your wallet. This indicates that there are just a few minutes until you receive your LINK coin.
Finally, you will be redirected to the Finish page. This shows that the exchange has been successfully made and you will receive crypto to the address provided. To be sure that LINK crypto was sent to your wallet you can also use the Output hash shown on this page and check it in the blockchain list of transactions.
From here you can either create a new exchange on StealthEX or leave the page and check your LINK crypto wallet to be surprised at how fast you get LINK coin sent to your address. Usually, the process is quite rapid so you won’t need to wait long: LINK swaps are processed in a matter of minutes.
Now that we’ve sorted out how you can buy Chainlink via StealthEX, let’s take a closer look at this blockchain and its use cases.
One major limitation to blockchains and smart contracts is that they publish the results of their processes on-chain, but don’t push data on to other networks, such as triggering actions on external systems, like generating a payment on another blockchain or generating a transaction on a traditional payment system like PayPal or SWIFT. For this reason, it’s common to hear comparisons between blockchains and computers that aren’t connected to the Internet or the outside world. As a result, smart contracts are rendered incapable of properly receiving external input into the contract and of producing outputs on other systems.
Since most smart contracts rely on external data and must push data onto other systems once the smart contract is complete, it severely restricts their ability to operate.
Enabling External Connectivity for Smart Contracts
Chainlink addresses the issue of oracles by introducing middleware that establishes a decentralized network of oracles that communicate with the outside world using APIs. The nodes then feed the answers to a smart contract, which aggregates the information into a single weighted response that can be fed into the requester’s smart contract without interfering with the consensus of the blockchain.
In addition, Chainlink connects nodes to external systems, such as other blockchains or backend systems, by using external adapters that link various networks through APIs. As long as the node operator has access to the API, Chainlink can be utilized on any blockchain (public, permissioned, or private) and connected to any external system because these external adapters can be specifically created for any system and written in any programming language.
Smart contracts can now access a range of resources that were previously out of their grasp, including smart contracts in fiat currencies, smart contracts on credit cards, and smart contracts based on any piece of data that is now available, thanks to this new functionality. This is ultimate connectivity.
As a blockchain, Chainlink is a cycle of innovation and security.
Moreover, Chainlink offers a more reliable and secure solution to centralized oracles by allowing the requester (smart contract creator) to choose as many oracles as they want to service their contract (distributing oracles). And, it also offers the ability to select what and how many data sources to use (distributing sources).
For example, someone could have 100 nodes service their sports bet smart contract, with 50 retrieving data from ESPN, while the other 50 get data from Fox Sports News. The results can then be aggregated however the requester likes, such as producing an average, and the outliers can be thrown out, with nodes getting punished for providing outlier data by being issued a payment penalty and receiving a strike against their reputation, similar to a bad review on Yelp.
The penalty payment will serve as both insurance for the requester in the event that it provides the contract with erroneous data or fails to react in a timely manner, as well as collateral put up by nodes to service the contract. Ultimately, the requester decides how much insurance they want, and the node and requester agree on the amount of collateral that must be provided by the node. All of these elements defend against bad data because the majority would overwhelm the outliers while also keeping nodes honest because their financial interests are on the line.
On top of this, Chainlink offers an additional layer of security by allowing requesters to encrypt the communication lines in and out of the TEE.
In March 2023, Chainlink’s Product Marketing Manager Michael Robinson posted a number of possible use cases for Chainlink crypto. Some of them include integrating data from popular Web2 platforms and brands like Spotify, Zillow, TikTok, and Tesla to transform the way people create and exchange value.
For example, music streaming data could be utilized by a smart contract that automatically pays artists for each song played. Driving data from smart cars could be integrated into self-executing on-chain rental agreements. Real estate could be tokenized into dynamic NFTs that update in real time to reflect current housing market data.
In the beginning of March, Chainlink launched the beta of Chainlink Functions, a serverless Web3 development platform that leverages Chainlink’s decentralized oracle networks to easily deliver Web2 data on-chain. As part of Functions’ beta launch, top cloud and Web2 platforms including AWS, Meta, and Google Cloud collaborated to generate a series of use cases that showcase the potential to innovate with Functions. Web3 projects including Block Scholes, ChainML, Dopex, Nusic, and Thirdweb are also currently testing Functions across multiple web3 verticals from AI integrations to DAO governance.
In April 2023, there were 10 integrations of 3 Chainlink services across 5 different chains, which means increased usage of the blockchain’s native token, LINK.
Taking into consideration the project’s rapid development, LINK coin can become one of the most sought-after blockchains on the market.
Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.Chainlink cryptocurrency exchange how to buy how to buy crypto LINK coin