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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. In this guide we compare exchanges to help you buy, sell and trade LINK in New Zealand.
LINK tokens are available on a number of cryptocurrency exchanges around the world, but not all exchanges are created equal. Compare exchanges on fiat currency support, deposit method and cryptocurrencies offered:
Want to buy Chainlink? Follow these simple steps:
Depending on the exchange you choose, LINK can be traded with New Zealand dollars (NZD), Bitcoin (BTC) or Ethereum (ETH). You’ll need to provide your email address and create a password to register for an account. It’s also recommended that you set up two-factor authentication to provide an extra level of security.
Some cryptocurrency exchanges only allow trading between cryptocurrencies and don’t allow the direct deposit of fiat currency, such as NZD, so you’ll usually need to own or buy BTC or ETH first.
The exact process for depositing funds into your account varies depending on the exchange you choose.
The final step is to trade your chosen currency for LINK on the exchange. Once again, the exact process you need to follow may vary slightly depending on the exchange you choose.
Chainlink coins are ERC20 tokens that exist on the Ethereum network. As a result, they can be stored on any Ethereum-friendly wallet, such as the following:
Launched in 2017, Chainlink is an intermediate blockchain that aims to connect blockchains with other off-chain applications. One drawback of smart contracts is that because they’re based on information secured on a blockchain and because of the way miners reach consensus around blockchain-based transaction data, they can’t interact with external resources such as data feeds and payment systems.
Smart contracts are self-executing contracts executed on decentralised infrastructures and with the terms of the agreement written into cryptographic code. Because they exist on decentralised networks, such as a blockchain, smart contracts cannot be altered and therefore create a relationship that doesn’t rely on trust.
Chainlink acts as a fully decentralised oracle network to help connect smart contracts with external resources, off-chain payments and APIs. The potential applications for this are many and varied, and include connecting smart contracts with all manner of essential information, such as the following:
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.
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