Main features of Chainlink network

Chainlink is a decentralized network that provides data from off-blockchain sources to on-blockchain smart contracts via oracles. It is considered the largest platform of decentralized oracles. Its main task is to connect smart contracts on the blockchain with real-world information. The platform was created by developers Sergey Nazarov and Steve Ellis in 2017.

Chainlink doesn't have its own network. It is run by a network of nodes, e.g. blockchain. The Chainlink node is middleware operating between the blockchain and external data. The platform was built on Ethereum.

In 2021, the developers announced the launch of the White Paper Chainlink 2.0. The whitepaper established how the Chainlink Network would enable feature-rich hybrid smart contracts through a wide range of off-chain computations.

LINK token

LINK exists only as a token in the Chainlink network. The maximum number of tokens is 1 billion, including about 492 million coins in circulation (as of October 2022). The digital asset is used to pay rewards to oracles, increase motivation for node operators, the accuracy of information processing, and maintain the stability of smart contracts.

The ICO of the token took place in 2017. The developers managed to raise $32 million. This digital asset cannot be mined. One can become its owner by buying or exchanging it.

Its price dynamic and outlook

The 2020 year was one of the most successful periods for LINK. The token soared by more than 800%, surpassing even Bitcoin in terms of profitability. As for market capitalization, LINK entered the TOP 5 digital assets.

It also notched impressive results in 2021 after the publication of the White Paper. The price of the token skyrocketed above $52, hitting an all-time high. The lowest level was reached in November 2017. Back then, the token was estimated at $0.15.

Many analysts believe that in the future, the token is likely to start a bull run. There are three ways to make money on coins: long-term investing, trading, or stacking.