Buy Chainlink (LINK) in Ireland With EUR | CoinJar

What is Chainlink (LINK)? And how do investors buy Chainlink on CoinJar? Chainlink is a cryptocurrency that plays a crucial role in the world of decentralised finance (DeFi).

Chainlink is a decentralised oracle network that bridges the gap between smart contracts and real-world data.

Decentralised oracle networks

Smart contracts on blockchains can’t access external data directly. Chainlink solves this problem by providing a decentralised network of oracles.

These oracles gather real-world data (such as stock prices, weather conditions, or sports scores) and feed it into smart contracts.

Imagine a smart contract that triggers a payment when a specific event occurs (e.g., a flight delay). To execute this, the contract needs accurate external data. Oracles act as trusted intermediaries, ensuring that smart contracts receive reliable information. This makes it a good solution for DeFi applications.

How does Chainlink solve the Oracle Problem?

The oracle problem arises because smart contracts cannot directly access external data. Chainlink addresses this by creating an incentive system for oracles. These oracles provide reliable data, gain a positive reputation, and are rewarded with LINK tokens. As they accumulate reputation, their accuracy and reliability increase.

Is Chainlink a good investment?

Here are some factors to consider.

Real-world adoption

The technology is actively used by various projects, including DeFi platforms, gaming, and supply chain management.

White paper and vision

The white paper outlines its purpose and technical details. It’s essential reading for potential investors.

Team

Co-founded by Sergey Nazarov and Steve Ellis, both are experienced in blockchain technology.

Market demand

As blockchain networks expand, the need for reliable oracles grows. Chainlink decentralises this critical service.

Amount of LINK

Keep an eye on the circulating supply of LINK tokens. Scarcity can impact its value.