Chainlink is a blockchain-based cryptocurrency network that offers real-world data to smart contracts on the blockchain. It is a decentralized oracle network that offers a tradeable digital token named Link, which is used to pay for smart contract transactions on the chainlink network. Like other alt cryptocurrencies, LINK also holds its own value in comparison to fiat currencies like INR, USD, EURO, etc.
Have you ever wondered why chainlink, why there is a need for chainlink-based transactions, how it functions and what are its advantages and disadvantages? Continue reading this blog to find the answer in detail.
Why Chainlink?
Since the inception of blockchain, it has been a topic of discussion for a lot of good reasons. After the introduction of Bitcoin, the first blockchain-based cryptocurrency, launched in 2010, the technology has become the talk of the town for all good reasons like decentralization and security. But, this technology also has its limitations. These systems are inherently closed off from the rest of the world which is good from the security perspective but it also limits the input data they can accept.
This creates a need for something that can act as a bridge to help these systems see what is happening in the outside world. But, for the system to work, the inputs cannot come from a single source. This is because if it relies on a centralized source of data, it may be possible that the data gets manipulated, which goes against the very nature of blockchain. That is the very problem that Chainlink can solve.
Chainlink network is designed with a purpose to provide input on a variety of external sources of data and thereby helps in empowering blockchain-based transactions. It helps in bridging the gap.
Oracles that send real-world data and smart contracts that exist on the blockchain. The best thing about this network is that it can generate multiple subcontracts while also taking data from only the most reliable and secure nodes and oracles. Although there is no cap on the number of smart contracts the platform can handle, there are only one billion LINK tokens that people can buy, sell or invest in.
Advantages of Chainlink
There are many benefits that Chainlink offers. Some of them are as follows:
Reliable and Tamper-proof Network
Chainlink utilizes decentralization, premium data, trusted nodes, and cryptographic proofs to connect only highly accurate and quality data to any smart contract.
Proven and Time-tested Solution
Chainlink offers battle-hardened and time-tested oracle solutions to offer premium security to the transactions happening on the blockchain network.
Transparent Oracle Computation
Chainlink independently monitors and verify Chainlink’s open-source code, the performance of its oracle networks, and the quality of individual nodes, and thereby offers a highly secure and flexible infrastructure for blockchain-based transactions.
How to Buy Chainlink with INR?
Buying Chainlink token LINK is quite easy. It is one of the most popular cryptocurrencies that are listed on most of the cryptocurrency exchanges like PCEX Member, Coinbase, Binance, and Kraken. You can buy, sell, or transfer LINK using fiat and other cryptocurrencies. But, to do so, you have to find an exchange that allows you to buy LINK in your preferred market. For instance, if you want to buy LINK with INR, you can visit PCEX Member, India’s most reliable cryptocurrency trading platform to buy it at the lowest trading fees in the market. The process of buying LINK on this platform is relatively simple than other cryptocurrency exchanges. Given below the steps that you have to follow to buy LINK in INR.
- If you are a first-time user, just register your account using your email id. If you have already created your account, just log in to your account using your credentials.
- Complete the KYC by uploading all the required documents.
- Once done, add your bank details from which you would like to transfer INR to your PCEX Member account.
- Add money that you would like to invest and then select the INR market.
- Place your buy order. Once it gets matched LINK will be automatically credited to your account.
We hope, now you have a clear idea of how you can own LINK in INR. You can also visit other cryptocurrency exchanges in India but it’s important to look at the charges and policies to make a confident buying decision.
