Buy Chainlink

Chainlink is a decentralized oracle network that acts as a bridge between smart contracts on the blockchain and real-world data. Chainlink enables the integration of trusted off-chain data into smart contracts, opening up new possibilities.

In the past, smart contracts relied on on-chain data, but with Chainlink, these contracts can now also make use of external data, such as price information, weather and financial data. Chainlink uses oracles, which are entities that collect and validate data outside the blockchain before passing it on to smart contracts. Oracles receive requests from smart contracts, retrieve the data required, and deliver it back to the contract. This allows for reliable and accurate integration between the blockchain and the real world.

Users benefit from several advantages when using Chainlink. They can ensure reliability because Chainlink works with multiple oracles that independently verify the same data before passing it on to smart contracts. Furthermore, Chainlink offers a high degree of decentralization, making it less vulnerable to attacks and outages.

In response to user needs, Chainlink has launched several products and features. One of these products is Chainlink Price Feeds, which provides reliable price data for cryptocurrencies. In addition, Chainlink offers VRF (Verifiable Random Function), a function for randomly generating data on the blockchain, while Chainlink Keepers automates the maintenance and management tasks within smart contracts.

Who is the founder of Chainlink?

Chainlink was founded in 2017 by Sergey Nazarov and Steve Ellis. Nazarov has over 15 years of experience in the blockchain and crypto industry. He has a background in computer science and led several successful blockchain projects before founding Chainlink.

The Chainlink team consists of over 200 experts in software development, cryptography, finance and business development. They work together to develop and expand Chainlink.

Chainlink can be used for various purposes, including:

• Price information: Chainlink provides reliable price information for cryptocurrencies, allowing users to integrate accurate and up-to-date prices into their smart contracts.
• Generation of random results: Chainlink VRF enables random number generation on the blockchain, which is useful for lotteries, gaming, and other applications where random results are needed.
• Maintenance task automation: Chainlink Keepers automates management tasks within smart contracts, such as executing periodic tasks or responding to specific events.

Chainlink uses several technologies for functionality and uses a combination of decentralized oracles and node operators. The project runs on the Ethereum blockchain and uses the Ethereum Virtual Machine (EVM) to execute smart contracts. LINK uses the ERC-20 token protocol.

Oracles and node operators

Oracles play a crucial role in the Chainlink network. Oracles, managed by node operators, collect and verify data from off-chain sources and make it available to smart contracts on the blockchain, acting as bridges between the blockchain and the real world. In return for providing data, oracles receive LINK tokens as a reward.

Building smart contracts

Developers can use Chainlink’s APIs and tools to build smart contracts that can utilise external data. Since Chainlink uses the EVM, developers can easily build Ethereum-compatible applications. Developers pay for Chainlink with LINK tokens.

Chainlink uses a Proof-of-Stake consensus mechanism, which allows for LINK staking. You can stake LINK by setting up a node operator or by delegating staking to an existing node operator. In return for staking LINK, node operators receive rewards.

You can earn passive income with Chainlink by lending LINK tokens on the Bitvavo platform. Lending Chainlink is easy from your Bitvavo account.

Among others, the following features make Chainlink unique:

• Decentralization: Chainlink uses a decentralized network of oracles to bring trusted external data to smart contracts.
• Scalability: By using off-chain data processing, large amounts of data can be processed efficiently.
• Data integration: Thanks to cryptography, data on the Chainlink network is processed securely and reliably.
• Flexibility: Chainlink can be integrated with various blockchain platforms and external APIs, enabling a wide range of applications.

What is the difference between Chainlink and Ethereum?

Chainlink and Ethereum both work with smart contracts but are very different from each other. Ethereum is focused on running smart contracts and building decentralized applications. Chainlink, on the other hand, focuses on connecting smart contracts to external data sources. It provides an infrastructure for trusted data feeds to smart contracts, allowing them to use information that comes from outside the blockchain.

Chainlink can be purchased at Bitvavo, a platform that is accessible for both beginners and experienced traders. Follow these steps to buy LINK:

1. Log in to your Bitvavo account or create a new account.
2. Deposit money into your account using the "Deposit" option.
3. Go to the Chainlink (LINK) buy page.
4. Enter the amount in euros you wish to spend or the number of LINKs you want to buy and confirm by clicking "Buy".

After purchasing LINK, your Chainlink tokens will be automatically added to your Bitvavo account. Selling Chainlink coins is just as easy from your Bitvavo account, allowing you to quickly respond to price changes and market changes.

Store Chainlink safely in your Bitvavo account, where most of our customers' digital currencies is stored in cold wallets that are managed offline. We advise activating two-factor authentication (2FA) as an extra layer of security.

Most software and hardware wallets support Chainlink, making it possible to store your LINK tokens in a personal wallet. You can buy LINK at Bitvavo and then transfer it to an external wallet by first verifying the address in your Bitvavo account.