What is Chainlink (LINK)?
Founded in 2017, Chainlink powers a global computer network that provides reliable, real-world data to smart contracts through oracles. Oracles act as a bridge between external data sources and smart contracts. This off-chain information is critical for the execution of smart contracts.
One of the largest problems with blockchain smart contracts is that they rely on external sources to properly execute their terms. By providing a connection between blockchains and external sources, Chainlink addresses this issue. The bridge makes it easier for smart contracts to complete their tasks without constraints in a secure manner.
The Chainlink network is primarily driven by a large open-source community of node operators, data providers and researchers. LINK is the native cryptocurrency of the Chainlink network. It is an ERC-20 token and it is used to reward node operators and pay for the Chainlink service. To Buy Chainlink in New Zealand, create a Swyftx trading account today.
Want to learn more about Chainlink and other altcoins? Head to our guide to our deep dive on Chainlink, available on Swyftx Learn.
How to Buy Chainlink (LINK) in NZ
You can buy, sell and trade Chainlink in New Zealand on a registered cryptocurrency exchange like Swyftx. Create your free trading account with Swyftx by providing a few simple details such as your name, email address and phone number. Next, you must verify your account by scanning a form of government-issued photo ID (i.e. drivers license, passport etc.). This step typically takes no longer than 2 minutes to complete.
Once verified, you can deposit funds into your account quickly and easily. Swyftx accepts NZD deposits via bank tranafers. Once the funds have been successfully deposited into your account, you can buy LINK and all other listed cryptocurrencies.
What are smart contracts?
A smart contract is a self-executing agreement that sets conditions between two parties into lines of computer code. The conditions that lie within the contract’s code are distributed across a decentralised blockchain technology platform (i.e. Ethereum). Smart contracts allow transactions and agreements to be carried out among two or more anonymous parties without the need for a central authority like a central bank.
One downside of smart contracts is that they are based on information contained on a blockchain and can’t interact with external sources like payments systems and data feeds. The purpose of Chainlink is to act as a decentralised oracle network that connects smart contacts with real-world data from external and off-chain resources. You can buy and sell LINK tokens in New Zealand on the Swyftx Cryptocurrency Exchange.
