What is Chainlink (LINK)?
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Written by Ignat
Updated over a week ago

Chainlink is an oracle network that provides blockchains with real-time information. Chainlink uses a proof-of-stake consensus mechanism. PoS determines which nodes will validate transactions based on how many LINK tokens (the native token of Chainlink) they have staked. Apart from staking, LINK is used to stimulate accuracy and keep contracts stable.

Chainlink matches blockchain operators that seek out real-world information with oracles (third-party services that connect smart contracts with the outside world). The operator will submit a service-level agreement along with LINK tokens to be held in the contract; the tokens will later be used to pay the oracles for their work. Once oracles are selected, they will obtain the data, process it and route it through Chainlink. Chainlink will gather and assess the data and then route it to the operator’s blockchain. The new information will then be input into the smart contracts.

Check out this article to choose the most convenient way to buy cryptocurrencies, including LINK.

NB: For LINK transfers, Cryptopay supports ERC-20 network only. All the funds sent via other networks (e.g. BEP-20 etc.) will be lost forever.

In compliance with the Financial Promotion Act which came into force on 8 October, 2023, at 8 AM UTC, some account functionality is temporarily limited for the Cryptopay customers with verified UK residency.
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