Chainlink is a decentralised oracle network that enables universally connected smart contracts. The Chainlink network allows blockchains to interact with external feeds to source off-chain information needed for smart contracts. It does this by connecting APIs to smart contacts making smart contract data feeds on blockchains secure and tamper-proof and is easy to integrate with payment providers. This allows the easy distribution of smart contracts. Chainlink is predominantly used by project developers looking to integrate Chainlink into their projects.
LINK token is the native cryptocurrency of the Chainlink network and is the form of payment required to access the core operations of the network. More specifically, users of the network will use LINK to pay those who operate nodes that are used for data retrieval. The maximum supply of LINK tokens is 1 billion and there is currently less than 50% in circulation (circulating supply). You can buy, sell and trade Chainlink on Swyftx; Australia’s top-rated crypto exchange.
Want to learn more about Chainlink and other altcoins? Head to our guide to our deep dive on Chainlink, available on Swyftx Learn.
What are Chainlink oracles?
The purpose of Chainlink is to bridge the gap between blockchain-based smart contracts and real-world applications. Nodes within the Chainlink network are referred to as Oracles. Oracles are designed to retrieve external data for blockchains that trigger smart contract execution upon the completion of predefined conditions. Essentially oracles act as intermediaries that translate data between real-world applications and smart contracts.
How do I buy Chainlink in Australia?
There are a few different ways to buy Chainlink (LINK) in Australia. It’s generally considered that the easiest and most convenient way to buy and sell LINK tokens is on a Cryptocurrency exchange such as Swyftx. The process of signing up for and then verifying your identity takes minutes. Once your identity is verified, you’ll be required to deposit Australian dollar (AUD) into your account and then enter the quantity or value of Chainlink you would like to purchase and click ‘Buy LINK.’ Once you have successfully purchased the digital asset, it will be stored in the wallet integrated into your account.
