Take a peek at Chainlink Crypto Performance June 3 2024, Strengthening or Weakening?

Liputan6.com, Jakarta Chainlink (LINK) is a decentralized oracle network that aims to connect smart contracts with data from the real world. LINK Coin was developed by Sergey Nazarov, with Steve Ellis as another co-founder.

Reporting from Coinmarketcap, Chainlink's crypto token, LINK or Chainlink Coin, conducted an Initial Coin Offering (ICO) in September 2017, raising USD 32 million or around IDR 496.5 billion (assuming an exchange rate of IDR 15,516 per US dollar), with a total supply of 1 billion tokens LINK.

LINK, as the native cryptocurrency of decentralized oracle network Chainlink, is used to pay computer node operators.

Since the Chainlink network has a reputation system, node providers holding large amounts of LINK can be rewarded with larger contracts, while failure to convey accurate information results in token depletion.

In trading Monday (3/6/2024), LINK Coin recorded quite poor performance. Based on Coinmarketcap data, the LINK price is IDR 294,670 with a 24-hour trading volume of IDR 4.6 trillion.

LINK Coin weakened 1.67 percent in the last 24 hours. Meanwhile, the current Coinmarketcap ranking is 13, up from the previous ranking of 16. LINK Coin's market capitalization is IDR 172.9 trillion. To date, there has been a circulating supply of 491.5 million LINKs out of a maximum supply of 1 billion LINKs.

What Are Oracles?

Chainlink is a platform that aims to bridge the gap between smart contracts based on blockchain technology (made widespread by Ethereum), and real-world applications. Since blockchains cannot access data outside their network, oracles (defi instruments) are needed to function as data suppliers in smart contracts.

In the case of Chainlink, the oracle is connected to the Ethereum network. Oracle provides external data (e.g. temperature, weather) that triggers smart contract execution upon meeting predefined conditions.

Participants on the Chainlink network are incentivized (via rewards) to provide smart contracts with access to external data lists. If users want access to off-chain data, they can submit a request contract to the Chainlink network.

This contract will match the requesting contract with the appropriate oracles. These contracts include reputation contracts, order matching contracts, and aggregate contracts. Aggregate contracts collect data from selected oracles to find the most accurate results.

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