A Comprehensive Introduction, Uses, and Trading Guide on Binance
Introduction
There are thousands of coins and projects in the crypto world, but only a few of them solve real-world problems. Chainlink (LINK) is one of them. It is a network that connects the blockchain to real-world data — like the stock market, weather, or sports scores.
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How does Chainlink work?
Chainlink’s primary function is to bring off-chain data to the blockchain through “oracles.” For example, if a smart contract relies on a stock price, Chainlink fetches that price from the real world and brings it to the blockchain so that the contract can be executed correctly.
What is an oracle?
An oracle is a medium that exchanges information between the blockchain and the outside world. The Chainlink network consists of multiple oracles that verify and store this data.
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What is the LINK token?
LINK is Chainlink’s native cryptocurrency token.
This token is used as a payment to node operators.
LINK will also be used for staking (in a future update).
Its total supply is limited to 1 billion LINK.
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Key uses of Chainlink
1. Data feed in DeFi projects
2. Smart insurance contracts (e.g.: automatic payment in case of crop failure)
3. Random number generation in blockchain games
4. Integration with NFTs and internal features of the Metaverse
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Buy and sell LINK on Binance
You can easily buy LINK for USDT, BTC or ETH on Binance.
Step 1: Create a Binance account
Step 2: Deposit your crypto or fiat money
Step 3: Buy LINK via market or limit order
Leveraged trading with LINK is also possible on Binance Futures.
Conclusion
Chainlink is a robust and reliable network that makes smart contracts more efficient, secure, and connected to reality. If you are investing or researching crypto, LINK is a project that cannot be ignored
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