Chainlink (LINK) is the 19th largest cryptocurrency in the world by market cap, valued at $6,946,000,000. The current price of Chainlink is $6.946, which is -0.230%
lower than yesterday. Prices have ranged between $7.37 and $6.83 over the past 24 hours. All prices are listed in US dollars and accurate as of January 31, 2023 10:01 UTC.
What is Chainlink?
Chainlink (LINK) is blockchain middleware that aims to connect smart contracts with real-time information from off-chain resources, such as banks and stock exchanges. This allows smart contracts to access data feeds, application programming interfaces (APIs) and traditional bank payment systems that operate outside the blockchain infrastructure.
There are a number of potential applications for this, such as connecting smart contracts with the following information:
Central bank interest rates
Current exchange rates
Off-chain payment methods
Shipment and customs data
Sports scores
Weather forecasts
For example, let’s assume that there’s an Ethereum smart contract that needs to make a payment through PayPal. There’s currently no compatibility between Ethereum and the PayPal API, which is where Chainlink comes in. By linking the smart contract with the PayPal API, it can ensure fast and secure payment. LINK tokens are the cryptocurrency of the Chainlink network. When any company that operates a data feed, payment service or other useful off-chain API connects them to smart contracts through the Chainlink network, that company will receive LINK tokens in exchange.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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![Chainlink [LINK] drops to crucial support zone: Is a price reversal likely?](https://images.cryptocompare.com/news/default/ambcrypto.png)
