What Is Chainlink?
Chainlink is a decentralized blockchain based oracle network. Chainlink provides components that helps smart contracts to get connected to external networks as well as software to empower the network nodes. The platform offers both on-chain and off-chain systems for data aggregation and consensus mechanism. Chainlink also provides services for security monitoring that makes people easy to select informed provider and benefit from the robust service besides having adversarial conditions. The platform also helps users to understand the characteristics of ideal oracle to have a sound strategy for security purposes following improved modifications in the infrastructure of data-source and the execution of smart contracts.
Chainlink is a blockchain based decentralized intermediary software that brings smarts contracts and on/off-chain resources in contact with each other. The role of the Chainlink can be assumed as an oracle. It enables programmable contracts execution as simple as you could imagine. Once the required condition is met, it executes smart contracts automatically and involved parties are compensated relatively fast with having to involve any third party or someone known as a middleman.
How Does Chainlink Work?
To understand how chainlink works, you must understand how smart contracts are executed? Let’s follow a simple example, where you pay a monthly subscription in respect of an insurance policy that you took a year ago. As per the terms of the insurance policy, it covers all accidental cost that you may incur in comings three years of time.
Suppose, you have a plan to travel to the countryside. Unfortunately, you meet a road accident where you ended up breaking the head lights of your car. Now, you wish to claim your insurance against that accident. If this is supposed to be a simple or in other terms traditional contract, it may take longer for you to get compensated. However, smart contracts execution helps you claim your loss from the insurance company on there and then basis.
Chainlink is going to be a market leader in providing a mechanism through which your bank and insurance company’s bank accounts are interlinked to the smart contracts, so the transaction takes place automatically after the insurance company acknowledges the issue.
Earn Chainlink Tokens
The ICO took place last year. Therefore, the public sale of the ICO has been closed now. People who wish to earn ICO tokens can get them in exchange for other cryptocurrencies on supported exchanges.
Buy Chainlink Tokens With E-Wallets
Chainlink is an ERC20 token based platform. It supports ethereum as its base currency. Because of the fact that ethereum is a cryptocurrency and cryptocurrencies are stored in electronic wallets, people who wish to earn Chainlink tokens need to have an E-wallet before they buy Chainlink tokens.
The ICO Distribution
As per the information available from different resources, the ICO was launched in September the previous year. The ICO planned to raise a minimum funding of 32,000,000 USD. There was a total token supply of 35% of 1000,000,000. The supported cryptocurrency of the ICO for making payments and receipts is ethereum. The ICO observed a funding cap of $139,568,100. The ICO offered around 35% bonus tokens to its early investors.
The ICO planned to distribute its tokens in the following proportion.
- 35% tokens were planned to be distributed to node operators to incentivize the ecosystem
- 35% of the tokens were planned to be made available for the public to subscribe
- 30% tokens were planned to be distributed to the company for Research and Development purposes.
The ICO planned to offer bonuses to its early investors in the following proportion
- 1 ETH = 2000 LINK was planned to be offered as a bonus to investors buying the ICO tokens in first 24 hours of the launch of the ICO.
- 1 ETH = 1750 LINK was planned to be offered as a bonus reward to those subscribers purchasing Chainlink tokens in the 1st week of the launch of the ICO.
- 1 ETH = 1650 LINK was planned to be offered to buyers buying the ICO tokens in the second week after the ICO is launched.
- 1 ETH = 1550 LINK was planned to be offered to those investors who buy the tokens of the ICO in the third week of the launch of the ICO.
- 1 ETH = 1450 LINK was planned to be offered to those investing their money in the ICO during the fourth week of the ICO.
Normally information about team members can be obtained by the official website of the company or from the whitepaper of the ICO. The official website of the company is currently inaccessible and the whitepaper of the ICO doesn’t contain any information about the team members of the ICO. This leaves us blind to say anything about the team member of the ICO. We believe, some information about team members should have been made as a part of the whitepaper published by Chainlink.
Invest In Chainlink
After a careful review of the ICO, we hereby conclude that Chainlink has the potential to grow big. The ICO intends to bring people a digital payment solution based on blockchain technology with the help of smart contract execution. The concept of the Chainlink is unique, however, it is workable. The only concern we have is that the official website of the ICO is not accessible and there is no information available about the people behind the ICO. Therefore, we would like to suggest people should do a thorough research on their part as well before they decide to invest in Chainlink.