What is Chainlink (LINK)?

Chainlink is a decentralized Oracle network that connects non-web-3 users and businesses to existing web-3 enterprises. Existing blockchain networks lack the inherent capability to fetch the outside world data; that's where the Oracle networks come to the rescue. Oracle networks establish connections with real-world entities to provide data to smart contracts. Chainlink is the middleware to build these Decentralized Oracle Networks that enable the smart contracts to unleash more use cases by computing the real-world data and feeding it to the smart contracts. It is built on the Ethereum blockchain network and was founded in 2017 by Sergey Nazarov and Steve Ellis. The LINK token of this network is used to pay for the services and collateralization provided by the Chainlink network. It powers the chainlink network by incentivizing its users if they ensure the proper network management. It is also used for staking and payments to node operators in its network.

Chainlink is currently integrated across many blockchains or layer-2 solutions, including Avalanche, Ethereum, Arbitrum, Polygon, Optimism, Solana, Fantom and many more.

How does Chainlink (LINK) work?

Chainlink is a decentralized oracle network connecting real-world data to on-chain blockchain resources via Oracles. Since oracles communicate with the outside world data, it generates reliability issues that might occur using centralized sources. The Chainlink network eliminates these issues using a Service Level Agreement (SLA). The network operators draft an SLA contract to describe and convey their desired data requirements. This SLA contract is subdivided into 3 contracts: a Chainlink Reputation Contract, a Chainlink Order-Matching Contract, and a Chainlink Aggregation Contract.

The Chainlink reputation contract checks the authenticity and reputation of the Oracle operator along with previous records and requests and discards the unreliable nodes. The chainlink order-matching contract delivers the request to all the network's operating nodes and takes their bid in LINK tokens. The nodes provide the required data, and the aggregate contract assesses this data for legitimate results and sends it back to the requesting contract.

How to Buy Chainlink (LINK) coin in India?

There are many platforms where you can invest and trade Chainlink (LINK) in India.

One such platform is Flitpay. To buy LINK in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process. After the KYC approval, make sure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy Chainlink (LINK), and execute the Chainlink (LINK) purchase.

You can instantly convert your INR to Chainlink (LINK) and Chainlink (LINK) to INR and withdraw your INR through bank transfers whenever you want. Flitpay also keeps introducing timely rewards for its users.

What to Do After I Buy Chainlink (LINK)?

LINK tokens can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold LINK till it reaches a high price and then can sell it quickly through the FLITPAY's OTC order facility. Users can earn significant profit from buying it at a lower price and selling it at a higher price.

Besides that, the LINK token is also used across multiple blockchains to enable their integrations with native Chainlink oracles. Within this network, LINK is used for staking and payments to node operators.

Why Use Chainlink (LINK)?

While most oracles are centralized, Chainlink's oracle is decentralized. That's why its network is considered more secure than its counterparts. Also, when a user posts a contract request in the Chainlink network, the request gets contracted out to multiple oracles. This way, it ensures that the contractor receives the right set of reliable information. Lastly, since a good number of data providers, node operators, researchers, and smart contract developers support the network of Chainlink, it can be considered to have trustworthy working and management. Due to all these reasons, the use of LINK tokens, which are used as a way of incentivization is quite significant in the crypto space.

FAQs

What is Chainlink (LINK)?

LINK is the native token of the Chainlink Network. This decentralized Chainlink network provides real-world data to smart contracts on the blockchain. LINK token is used by the network to incentivize its users for the proper functioning of the network.

What is the Chainlink (LINK) price in India?

Check out the LIVE! INR price of Chainlink (LINK) crypto in India on Flitpay.

Which is the best platform to buy Chainlink (LINK) in India?

The best crypto exchange in India to buy LINK or your favorite cryptocurrencies is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

Is it safe to invest in Chainlink (LINK) in India?

Yes, investing and trading Chainlink is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges to invest in LINK crypto. It offers the most real-time prices and advanced investing features.

Is Chainlink (LINK) a Good Investment?

Chainlink network showcases many benefits as compared to its counterparts. But as a token, it has a history of boom and bust price cycles since its launch which makes it a comparatively uncertain altcoin. Moreover, cryptocurrencies can be highly volatile at times hence one needs to be careful while making any investment decision.