What is Chainlink (LINK)? Learn detailed information about the giant in the oracle field​

What is ChainLink? LINK is a Token that is probably still quite new to the cryptocurrency market for many investors. But few people know that LINK Token has had revolutionary developments in both value and technology. Let's explore and learn more about ChainLink with BHO Network now!
1. What is ChainLink (LINK)?
ChainLink is a decentralized Oracle network. LINK's goal is to act as middleware between smart contracts and external data sources, allowing Smart Contracts to securely access off-chain data. To put it more simply, ChainLink is a bridge that transfers information and data from the real world to Blockchain and vice versa.

2. What problem does ChainLink solve?
As you learn, you will learn that the smart contract itself cannot interact with data sources outside the blockchain (in 2 ways). Since there is no connection between input or output data sources, this makes it possible to develop smart contracts with more diverse functions. And that is exactly the problem that ChainLink solves - Connectivity, the connection between smart contracts and data outside the Blockchain.

3. How ChainLink works
To enable any organization to mutually integrate cryptographic technology and traditional software, connections need to be established between the cryptocurrency infrastructure element and dozens of third-party points.

This connection is provided by Oracles, software that forms a kind of channel between the parties to the contract. This channel exchanges data according to the rules specified in the Smart Contract.

ChainLink has developed a technology to form such channels between different data providers through Blockchain technology. The team has created rules that ensure the execution of smart contracts between cryptocurrency infrastructure and third-party information sources.

The networks are not regulated as such by anyone or anything other than the Smart Contract and are fundamentally decentralized.

More specifically, ChainLink's operations are divided into two levels: On-chain (providing direct scaling solutions) and Off-chain (providing non-direct scaling solutions).

3.1 On-chain level

ChainLink allows contracts to be processed directly on the chain. These data governance contracts will handle user data requests.

This means that when a user wants to access off-chain data, the User is sent a request contract to the ChainLink network and the blockchain processes those requests in a separate contract.

There will be three types of contracts to meet the requirements of the management system including: Reputation Contract, Order-matching Contract and Aggregating Contract.

The process takes place with the following steps:

Administrative choice: User submits a data recovery request to achieve a service level agreement (SLA). You can then filter and search for governance systems using Chainlink itself.
Data reporting: After choosing the governance system, off-chain providers will negotiate services and send the necessary data to the Blockchain for nodes in the processing chain application.
Aggregation of results: All suppliers involved in a contract requirement present an aggregation of contract data. After checking all the data to send the best response to the contracts.
3.2 Off-chain level

With this layer, ChainLink creates a subnet of Oracle nodes that collect information from third-party databases, APIs, etc. Oracle nodes operate independently based on specific metrics. In the future, the system will work with smart contracts in many different networks.

4. Outstanding features of ChainLink
There are many reasons why a digital currency is attractive to investors and below are the three main reasons:

4.1 Technology has high applicability
Smart contracts along with blockchain claim superiority over traditional information systems, such as cost savings or transparency.

However, users can think of the Blockchain world as a technical island. On the digital front, most smart contract systems are isolated from traditional data sources, making them difficult to develop widely.

The ChainLink application has an extremely important role, it is a bridge between the Blockchain world and the traditional digital world. ChainLink allows traditional systems and distributed ledger technologies to leverage the resources and reciprocal benefits of Blockchain.

More specifically, ChainLink provides this bridge by introducing a third party that connects these two worlds through the use of APIs. This new level of connectivity will get most DAPPs up and running for the first time.
Because most of them need to connect to external data sources to implement protocols. Thereby also monetizing data on legacy systems, which is important since most incumbent companies want to provide resources to smart contract creators and thus generate revenue streams new.

With this important application, ChainLink becomes the leading Blockchain project attracting investors.

4.2 Wide partner network
Thanks to its superior technological expertise, ChainLink has alliances with more than 60 partners in various fields including: Decentralized Legal (Accord and OpenLaw), Decentralized Web (Web3 and Polkadot), Shipping & decentralized logistics (Morpheus) and decentralized finance (SWIFT & protocol markets).

June 2019: ChainLink cooperates with giant Google to access data on Google Cloud (the world's largest cloud data storage). This partnership is a huge step forward that puts LINK ahead of many other projects and puts Link in the top 15 of the coin market capitalization rankings by market capitalization.

It can be seen that ChainLink's widespread application proves the project's great potential, allowing any company to become a LINK partner.

4.3 Leading the Oracle Blockchain segment
ChainLink is almost unique in its scope, the project has proven to be superior to the rest. ChainLink's competitors more or less have specific weaknesses that are difficult to overcome.

For example, Oraclize is a centralized Oracle service provider for smart contracts. Oraclize's centralization creates significant security trust issues and is difficult to apply to contracts denominated in major currencies.

Other competitors such as Shintaku, Witnet or Enigma cannot compete with ChainLink in terms of application technology or partner networks.

ChainLink is already considered a “market leader” by its partners, which bodes well for the future. That is also one of the reasons why it attracts investors. Anyway, investing in a top project still has better profit potential than the rest.

5. What is LINK token?
What is LINK token? Is a Token on the ChainLink decentralized network. Launched in late 2017 via ICO. ChainLink (LINK) currently runs on the Ethereum blockchain platform according to the ERC677 standard.

6. Detailed information about LINK Token
Detailed information about LINK Token that investors need to understand to gain the highest profits.

6.1 Important indicators of LINK Token
Extremely important indicators that investors need to know to better understand LINK Token.

Ticker: LINK
Contract: 0x514910771af9ca656af840dff83e8264ecf986ca
Decimals: 18
Blockchain: Ethereum
Token Standard: ERC-677
Token type: Utility Token
Total Supply: 1,000,000,000 LINK
Circulating Supply: 350,000,000 LINK

6.2 LINK Token Allocation
LINK tokens are distributed in many different components to bring the highest profit to the project as well as maximum benefits to investors.

6.3 LINK Token Sale
Selling 35% ~ 350 million LINK Tokens, ChainLink earned $32 million in 2 sales including presale and public sale. Presale price is $0.09 plus 20% bonus. Meanwhile, the public sale will cost each LINK Token $0.11. Regarding the plan to lock Tokens and eliminate the remaining 650 million LINKs, the development team was not mentioned.

6.4 Purpose of use of Token LINK
LINK Token is used to pay node operators on the ChainLink network. Node operators are responsible for retrieving and formatting data from off-chain data into readable data on the Blockchain.

7. LINK Token Wallet and Exchange
When you want to invest in ChainLink, you can't help but know what LINK Token is, what the storage wallet and exchange are like? All will be available in the article below.

7.1 LINK Token storage wallet
As mentioned above, LINK is a cryptocurrency developed on the Ethereum blockchain platform according to ERC677 standards, so you can store it in ETH wallets that support this Token. Some of the most popular ETH wallets today are:

Mew Wallet
Coinbase Wallet
Sollet wallet
Metamask
Blockchain Wallet
Binance Wallet
Bitcoin Wallet
Binance Smart Chain Wallet
Ethereum Wallet

7.2 LINK Token exchange
Users can buy, sell, and trade ChainLink (LINK) at many exchanges such as:

Uniswap platform
T-rex floor
Gate.io
Dodo exchange
Coinex exchange
Kraken platform
Bithumb Global
Bilaxy Floor
See more: What is Band Protocol (BAND)? Everything about BAND cryptocurrency

8. The Future of ChainLink (LINK)
A successful project largely depends on the project development team, ChainLink's partners and a clear understanding of its competitors to know whether its future will go further or not?

8.1 ChainLink's project development team and partners
Project development team

The ChainLink project was founded by Sergey Nazarov, who has experience building peer-to-peer networks, he used to work at the famous venture capital firm FirstMark Capital in New York.
Chainlink is also his first Blockchain project and platform. Chainlink also owns some prominent members of the development team, such as: Steve Ellis, Dimitri Roche, Mark Oblad, etc.
Partner

ChainLink has a number of major partners, such as:

SWIFT: Society for Worldwide Interbank Financial Telecommunications, connecting more than 11,000 financial institutions worldwide.
Zepelin_os: An operating system for smart contract development.
Request Network: A network aiming to become a Fiat currency exchange with standard cryptocurrencies.

8.2 ChainLink's competitors
Currently, ChainLink has no competitors because ChainLink has created its own market and meets the needs of the current market.

8.3 Potential of the ChainLink project
The need to use smart contracts in companies and DAPPs will increase in the future, which will lead to LINK Tokens being purchased to use Chainlink.

In addition, ChainLink is operated and developed by a team with extensive experience in this field.
9. Should you invest in ChainLink Token (LINK)?
Whether to invest or not is probably a question many people have. As always, BHO Network will evaluate the ChainLink project** based on personal opinion, you can refer and make your own investment decision, you should not consider this as investment advice..

At the idea level, ChainLink is a project with a lot of potential, the development team is quite solid, however, this project does not have a clear roadmap and no actual product yet. According to updated news, the project plans to release MainNet in Q1 2018, but it has not been done yet, only TestNet is tested.

Even so, ChainLink is still a Token worth considering for long-term investment. If you are really interested in this project, please follow the Mainnet launch process. If ChainLink Mainnet is successful, it will most likely be worth it. will increase, very, very high.

For those of you who like Trading, Link Token is also a good choice. However, you should know that trading is not for inexperienced new investors