CHAINLINK GENERAL INFORMATION
Chainlink is a cryptocurrency that aims to promote a global network of computers to provide reliable, real-world data to smart contracts running above blockchains. Chainlink serves with a decentralized oracle network and uses different nodes to obtain the requested data. These nodes form a consensus before transmitting data to the smart contract. In this way, the smart contract is not based on a single oracle. In addition, Chainlink nodes can perform both one-time and multiple data retrieval tasks. Data intake can be scheduled, which turns Chainlink nodes into a kind of "data feed" for smart contracts.
How to Buy Chainlink (LINK)?
To perform your Chainlink purchase and sale transactions on the ICRYPEX Crypto Exchange:
- You can become a member of our site by filling in the name-surname, phone and e-mail address sections from the "New Account" button.
- After completing all required fields of the membership, you can deposit TRY from your bank account by clicking "Deposit" or you can start your investment by transferring your LINK to your LINK wallet you have created in "My Assets".
- In the investments you will make through the bank transfer, ICRYPEX Bilişim AŞ should be written. Transfers sent with different, incorrect or incomplete recipient names are rejected by the bank.
- The transaction description code in the deposit section should be noted to be written on the receipt. Your transfers are made through current TRY accounts registered in your name.
- After depositing TL to your wallet, you can buy Chainlink easily either by going to the "Easy Buy and Sell" screen or by clicking "Easy Buy". To complete the buying process, you need to enter the Chainlink amount you want to buy and choose the rate price and give a buy order. After completing your Chainlink buying transactions you can evaluate your investments by following the market conditions.
ICRYPEX allows you a quick and secure Chainlink trading with its 24/7 Customer Representatives appointed to every user and its daily and weekly analysis support.
How Does Chainlink Work?
The Chainlink network has two interactive parts: On-chain and off-chain components.
- On-chain components consist of oracle contracts in Ethereum's blockchain. They monitor and process users' data requests.
- When there is a request for data, off-chain components transfer the request (contract) to the Chainlink network where it is processed into a local blockchain contract. These Chainlink contracts then match the request to a suitable oracle service.
Chainlink contracts consist of three parts; reputation agreement, order matching agreement, and picking agreement.
- Reputation contract: Records Oracle service provider performance metrics and checks past performance.
- Order matching agreement: It records the user's offer on the network, collects offers from oracle providers and selects them based on reputation agreement analysis.
- Collection agreement: It collects all responses from the Oracle providers and calculates the final batch response to the original query.
While these contracts are running, Chainlink's on-chain unit follows a three-step process:
- Choosing an oracle
- Data reporting
- Collecting results
The second critical part of the Chainlink architecture consists of off-chain oracle nodes connecting to the Ethereum network. These nodes collect the responses to external requests. Individual responses are summarized by various consensus mechanisms and then translated into a single, reliable global response and contract. The data collected is processed through Chainlink Core, which is the very important component that connects blockchain and off-chain data sources. Chainlink Core is the device that translates off-chain data and sends it to an oracle on the chain. Chainlink nodes are installed alongside public blockchains and private corporate networks. The main task of the Chainlink network is to make it possible to run these nodes in a decentralized way.
How to Make Chainlink Mining?
Chainlink transaction confirmations are provided by Ethereum miners.