What You Need to Know

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LINK, the native coin of the Chainlink network, is coming to Bitbuy. This presents an excellent opportunity for Canadian traders—but why would you need to buy it at all? Beyond simple diversification, LINK offers access to the Chainlink protocol, which is in itself a highly sought after solution for blockchains. In this article, we’ll cover all you need to know about both the coin and the project.

Blockchain: Is Real World Access Possible?

With the way blockchains are designed, smart contracts have no way to access real-world information unless it is fed into them directly. This limits their scope severely: without this information, smart contracts can only handle what is already on-chain or what you enter yourself, without the possibility of automation. Simply put, there is no way for smart contracts to know whether any given source is credible, and with the rigidity of a blockchain, any bad data can be close to impossible to correct.

This is where decentralized oracles come in. Oracles are software components that act as bridges between off-chain and on-chain data. The issue arises in trying to determine whether the oracle is telling the truth—and just like with blockchain in general, this problem can also be addressed by introducing decentralization. If the majority of oracles consistently provide the same information, then it is likely to be correct. This is the approach Chainlink is taking.


LINK on Bitbuy: What You Need to Know 102

Chainlink is, at its base, a decentralized oracle network. It is blockchain-agnostic, which means it does not favor any existing blockchains, but can be used with any of them. Their oracles collectively find and aggregate data, then feed it to the blockchain in question. If a single oracle consistently provides bad data—out of malice or merely technical issues—it is punished and excluded from the network.

Chainlink provides smart contracts with data from any external system, which includes premium data providers as well. These smart contracts can also send commands to other systems, like asking for payment, and the project is working towards enabling the terms of any given job to be included within smart contracts. This would ensure trustlessness in that oracle nodes would put down a deposit that is returned when they complete their job on time.

The LINK token is what powers the entire ecosystem: used for staking, which is how you get to participate in the network as an oracle, as well as for implicit incentives, the token is highly sought after. The token offers an entry point into the Chainlink ecosystem for those who want to participate in bringing the real world into the blockchain. Even for crypto enthusiasts who don’t necessarily want to be part of this project, the coin’s stable foundation ensures a good addition to any portfolio.

Bitbuy has recently launched LINK as part of their cryptocurrency offering. Both complete beginners and experienced veterans can find trading options for themselves here:

  • For beginner traders: Bitbuy Express Trade is an option allowing you to set up your trade quickly and is meant for market orders—in other words, buying assets at the market price.
  • For experienced traders: if you want more options than what Express Trade allows, Pro Trade has got you covered: here, you will get detailed widgets that provide an advanced trading interface. You can place both maker and taker orders this way, follow charts and statistics, as well as everything else you may need for advanced trading.

SPECIAL DEAL:

If you reside in Canada and if you don’t already have a Bitbuy account, you can register here to start trading LINK and receive CAD 20 once depositing CAD 250+. Here are the steps on how to claim your bonus:

  • Follow this link and register with the exchange.
  • Make a deposit of at least CAD 250 (but you’re always free to add more!)
  • A deposit bonus of CAD 20 will be automatically added to your account.
  • Happy trading!