Top Reasons to Invest in ChainLink (LINK) in Australia
Today, a lot of people are starting to invest in ChainLink (LINK) and the number has been increasing throughout this year. Surely there are some reasons behind this altcoin’s new popularity. It has promising potential in the cryptocurrency market and it offers many advantages.
Lucky for you, today we’re going to talk about it. Now to decide whether or not you will invest in ChainLink (LINK), let’s start with the basic question.
What is ChainLink (LINK)?
The ChainLink network is a decentralized network of ChainLink nodes, which are selling the use of specific data sources, APIs, and various off-chain payment capabilities directly to a smart contract. ChainLink is structured by two independent parts that are located both inside and outside the chain and interact to fulfil the functions of the network.
As mentioned, its main objective is to unite the blockchains with the outside world. For this, it has two main architectural components: on-chain infrastructure and off-chain infrastructure.
LINK can be defined as an ERC20 token with additional ERC223 call and transfer functionality (address, uint256, bytes). This token model establishes the sending of transactions and processing of transactions through smart contracts.
To compensate for the off-chain needs of the ChainLink system, the LINK token is used to pay node operators. According to the developers, it is necessary for the Link token to perform this function, since the demand and value of the tokens are directly correlated with the number of operators offering off-chain services to the system. LINK tokens are also used as the currency of the ChainLink platform. Therefore, the more use the ChainLink platform has, the more tokens there should be.
How does it work?
ChainLink works through decentralized oracles. A blockchain oracle is used to retrieve data from external sources (traditional payment platforms, banks, apps and more). Through this, ChainLink can obtain external data to incorporate it directly into the chain of blocks. It is a link between blockchain and the existing infrastructure on which the blockchain operates.
ChainLink’s job is ultimately to verify real-world occurrences to incorporate them into the blockchain technology and activate or modify smart contracts when the conditions established in them are reached. ChainLink’s oracles, like everything else that happens in the blockchain world, operates in a decentralized way and must extract information from various external sources and verify it to avoid fraud and modifications by third parties.
A short history of ChainLink price in Australia
LINK has been listed in the cryptocurrency market since the second half of 2017, a period in which it fluctuated between $0.2 AUD to $1.70, which is remarkable considering that at the beginning this project did not have its own network. During 2018 the price of LINK was stable, increasing and / or decreasing only a couple of cents after its fall at the end of the year (thus coinciding with the bearish market that took place at that time).
In May 2019, the LINK price began an uptrend that continues to this day, going from $1.70 to $23. Anyone who has invested in LINK in early 2019 has multiplied their capital almost 20 times its original value, making this cryptocurrency one of the most prominent in terms of profit in addition to having excellent technological features.
The future price of LINK is unknown, as it could rise to unknown levels. For the time being, professional investors will wait for a price pullback for LINK to enter buy orders and watch the run, which is believed to reach new price levels.
Why should we invest in ChainLink (LINK)?
ChainLink is an innovative project with advantages that differentiate it from other cryptocurrencies. These characteristics make LINK an excellent token for transactions and a good investment.
Here are some reasons why we should invest in ChainLink as soon as possible:
- ChainLink is in charge of closing the clauses of smart contracts belonging to and outside the chain, so LINK has two main architectural components, which is rare among other cryptocurrencies.
- This project seeks to provide reliable tamper-proof inputs and outputs for complex smart contracts. Simply put, this blockchain develops smart contracts with a higher level of security.
- ChainLink is a decentralized oracle service that allows linking smart contracts with the outside world, through events linked to variables such as temperature, weather conditions, among others. Certain values or ranges of these external variables can trigger the execution of actions within the contracts.
- ChainLink is working on implementing umbrak signatures to its own protocol, which will, through a new aggregation protocol, implement threshold signatures in the ChainLink protocol, thus allowing only a single gas refill to be made. This is very convenient considering that the development of DeFi projects (which require gas charges on the blockchain) and data recovery when doing a project can be cheaper. To learn more about DeFi, please read this article.
How to invest in ChainLink in Australia?
Since many users have been excited about this cryptocurrency, it was only a matter of time before they looked to invest in ChainLink (LINK). However, not everyone has the same level of experience to trade tokens online at will and unlike Bitcoin, you cannot buy ChainLink from a BTC ATM.
The good news is that Australia is a country that has had a positive approach to cryptocurrencies and allows the establishment of multiple crypto exchanges that — through bank wire transfers with AUD — you can buy the tokens you want. This is the case with Easy Crypto AU. Easy Crypto only asks to create an account and verify it with a KYC procedure, which will identify you as an official user and will allow you to buy the listed cryptocurrencies, among which are LINK, BTC, ETH, LTC, EOS, DASH and many more.
Now you know what ChainLink (LINK) is, what do you think about it? Are you going to purchase ChainLink in Australia today?
Do not hesitate to contact Easy Crypto team for more information about ChainLink or other altcoins that are available in Australia.
We are always happy to help 🙂