How to Buy Chainlink (LINK) Right Now • Benzinga

December 9, 2020 Editor Coinbase 0

Chainlink connects smart contracts on blockchain networks. These networks can include data providers, web APIs, enterprise systems, cloud services, IoT devices, payments systems and other blockchains. 

Blockchain networks are highly secure and reliable. But they lacks the ability to fetch external data or send data to off-chain systems. Chainlink connects smart contracts to real-world information, payments and events such as medical data, weather data, sports data, shipping data and asset prices. 

How Chainlink Works

As a more recent addition to the blockchain network, Chainlink has several rich features. 

End-to-End Decentralization 

Chainlink uses decentralized oracle networks made up of independent and Sybil-resistant nodes to prevent data manipulation. It also helps to maintain high availability of the cryptocurrency.   

Secure Nodes

With Chainlink, every piece of data is digitally signed by nodes and stored on-chain. It also provides cryptographic proof of the oracle networks’ overall security. 

High-Quality Data

You can access any password-protected or authenticated API data source on Chainlink. This process can prevent redundant validation by multiple nodes for any single point of failure. 

Crypto-Economic Security

Chainlink lets you leverage binding service agreements outlining the terms of an oracle service with monetary penalties for poor results. 

Defense in Depth

You can apply multiple layers of security such as cryptographic signatures, trusted execution environments, 0-knowledge proofs and more. 

Chainlink has a thriving open community of node operators, developers, researchers and security auditors. It improves network security and accelerates development through frequent contributions.   

Blockchain Agnostic 

Chainlink connects to all leading public and private blockchain environments from a single framework. It also provides a universal abstraction level for cross-network connectivity. 

Due to these robust features, Chainlink provides enterprises and governments with numerous ways to leverage the benefits of blockchain technology. The ease of use and its functionality make Chainlink an attractive investment opportunity for cryptocurrency traders. 

Step 1: Open an Online Account

Are you interested in learning how to trade Chainlink? Before you begin trading cryptocurrencies, you’ll need to sign-up for an account with an online broker. There are several cryptocurrency brokers available online. 

Make sure the broker you sign-up with has Chainlink listed on its exchange. The commission charged by the brokers can vary based on the type of cryptocurrency you want to trade. Compare the commission fees and the minimum balance needed to open an account to help you pick the broker that matches your financial goals. 

Take a look at the top cryptocurrency brokers on the market.