Deep Dive into Chainlink (LINK)

Emirex Group | Oct 21, 2020 3:05:34 PM

Chainlink (LINK) - is a decentralized oracle network which aims to connect smart contracts with data from the real world. On 30th of September, Chainlink (LINK) was listed for trading on the Emirex exchange. 

Current available trading pair on the Emirex exchange: LINK/USDT, LINK/BTC

  • Chainlink (LINK) is a decentralized oracle network that aims to connect smart contracts with data from the real world. 
  • Users receive on-chain and off-chain data by connecting their smart contracts to various data sources and third-party APIs.
  • The Chainlink token (LINK) is an ERC20 token, with the additional ERC223 “transfer and call” functionality of transfer used as the payment for all services the Chainlink Network provides.
  • The Chainlink nodes can conduct both one-time and multiple times data retrieval tasks. The data reception can be scheduled, which turns Chainlink nodes into a sort of “data feeds” for smart contracts.

CryptoCurrency Profile

  • Token Standard - ERC-20 (with the additional ERC223)
  • Chainlink Price - $10,83 USD
  • Chainlink ROI - 6 818,25%
  • Market Rank - #7
  • Market Cap - $68 828 018 USD
  • 24 Hour Volume - $801 187 725 USD
  • Circulating Supply - 388 509 556 LINK
  • Total Supply - 1 000 000 000 LINK
  • All Time High - $19,85 USD (Aug 16, 2020)
  • All Time Low - $0,126297 USD (Sep 23, 2017)

About Project

ChainLink is a decentralized oracle service. It improves smart contract interconnectivity by granting smart contracts access to reliable data feeds, APIs, payments, and other resources. Chainlink solution provides advanced information protection not only within the blockchain but also outside it.

The ChainLink project includes two aspects - blockchain systems and the external environment. Both parts actively interact with each other to provide relevant and verified information.

The Chainlink blockchain network consists of special nodes called oracles. Any organization capable of providing the requested information can act as an oracle of ChainLink. For example, a stock exchange, payment system, or banking structure. Within the framework of a smart contract and transactions, the accuracy of the data provided by financial institutions plays a special role.

Matching and synchronizing smart contracts and external data not only help to avoid network errors but also to speed up information exchange.

LINK token

LINK is the native token of the Chainlink ecosystem. It is used in the Chainlink network to compensate Chainlink Node operators for the retrieval of data from the external data sources, turning it to blockchain readable format, off-chain computation, and uptime guarantees. This incentivizes honesty and integrity among the nodes as penalties are incurred for dishonesty.

The LINK token soared in value throughout 2020, from the post-crash price of less than $2 in March, reaching an all-time high of almost $20 in August.

The ICO occurred on September 19, 2017. The token sale was a success, reaching its cap at $32 million in just 2 hours. However, it didn’t go without controversy, as $29 of those $32 million were raised in pre-sale, leaving less than 10% of the tokens for the official public sale. 1 LINK was sold for approximately $0.11. The company issued 1 billion LINK tokens in total. 35% of the tokens went to incentivize the Node Operators. The other 35% were sold in the pre-sale and public sale. The company reserves the remaining 30% LINK tokens. They are kept to compensate the project developers and staff. 

Recent News

  • 11 Jul 2020: Announced the Smart Contract Summit #0 (SmartCon);
  • 31 Jul 2020: Introduced the Community Grant Program;
  • 14 Aug 2020: Expanded the bug bounty program onto Gitcoin;
  • 04 Sep 2020: Released the Chainlink Community Grant Program;
  • 25 Sep 2020: Announced the sponsoring and supporting the fund Gitcoin Grants’ on-going Round 7 initiative;
  • 09 Oct 2020: Introduced a request for proposal (RFP) process. 


It’s hard to project Chainlink's current state because the company didn’t release any formal roadmap. The Chainlink's team recommends watching open-source codebase as it develops through their Github and pivotal.


Further development of ChainLink is focused on enhancing the practical application of smart contracts. With a smart contract, customers will get the best result provided by the oracle on the Chainlink network. This allows you to filter out inaccurate or inaccurate data and will help to make the Internet "cleaner" in terms of information. Data fragmentation is a big problem for many companies: it becomes difficult to collect it, and the result is not guaranteed. The Chainlink platform solves this global problem.

The project has already helped big companies like Google, Gartner, Binance, AAVE, and more. Currently, the platform only works with the Ethereum smart contract, but in the future, it is planned to expand the infrastructure and add other blockchains. Chainlink has partnered with Swift, Gartner, and IC3 and pioneered this niche by building a network of trusted oracles that will give it a high edge in the future.

However, analysts doubt the short-term prospects of such a development, focusing on long-term investments.

As a result, when assessing the potential of the ChainLink platform, the strong development team and the already demonstrated success of the project stand out in positive aspects.

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