One of the problems that blockchain has in becoming adopted by the mainstream is the fact that it exists in a sort of vacuum. Interoperability is a bugaboo for many applications on the blockchain.
The data that smart contracts use has to be on the actual blockchain. Without a bridge to access data from multiple sources, may industries simply can’t use the blockchain, as much as they would like to.
How To Buy LINK
So you’re interested in buying LINK? Currently, there is no way to buy LINK directly with fiat, so the best way to buy LINK is to first purchase Ethereum, transfer it to your chosen trading platform and change it to LINK. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for LINK/ETH and confirm.
3. On the LINK/ETH trading section you can now choose how much LINK you want to buy with your Ether. Once you have chosen your amount, press Buy LINK and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of LINK.
Solving that problem is ChainLink.
ChainLink is a decentralized network of nodes that can collect data feeds from off chain sources and add them to the blockchain making it possible for blockchain-based smart contracts to connect to any external systems.
Through ChainLink oracles, smart contracts are able to source data from off-chain pools and bring it on to the blockchain. Pools such as, data feeds, various web APIs, and traditional bank account payments.
What does ChainLink do?
Since smart contracts are not able to communicate with off chain applications, ChainLink acts simply as a middleman. The middleware is called an oracle. An oracle is a type of bot that ventures out into the off chain wilderness and brings back data which can then be integrated into smart contracts. Apps on the blockchain can then use the data that came from off chain sources.
An example of how this would look in a real world application could be in the case of a Securities smart contract. Data feeds about market prices or interest rates would be needed for on chain applications. Since the dApp itself wouldn’t be able to collect the data they would need to pay ChainLink to go out, collect the data and then integrate it into a smart contract that the Securities application could communicate with.
Internet of Things data that comes from various sources could be aggregated and then used by an Insurance company on a blockchain. If a claim was made, then the information required to process that claim could all be brought onto the blockchain and safely secured in a smart contract.
ChainLink then is a network of nodes and any application on the blockchain can buy into the network using and connect with whatever node works for them.
For now, only dApps on the Ethereum blockchain can access the ChainLink network. Soon, the plan is to become a fully agnostic blockchain which can communicate with any chain.
If you haven’t heard of ChainLink until now, don’t worry. It isn’t shrouded in secrecy. The focus of the developers is in the actual development of the platform. They simply don’t spend much time or resources in the marketing. If you are on Github you’re likely to see more about how things are processing through the spate of commits, rather than by following their social media accounts.
Though the processes required for this project to come to full fruition, the time is ripe for ChainLink to finally bring the blockchain out of the underground and force mass adoption by enterprises.