Chainlink token is technically an Ethereum offspring and operates as a decentralized oracle network. The platform grants Smart Contract connectivity to real-world applications too by giving the network access to reliable data feeds, APIs, payments, and other resources. The Smart Contracts, which are also used in the Ethereum network, are pre-specified information that is agreed upon by members of both the parties, which then verifies the conditions of the transactions and automatically executes it if the conditions are met. Since the Smart Contracts are stored on the network blockchain itself, they are immutable (cannot be altered) and can be verified by everyone on the network. This level of transparency ensures the guarantee of trust among both the parties as the Smart Contract will only be executed if all the prerequisites of the transaction are met and agreed upon. But Smart Contracts can only take into account that the data that is available on the blockchain or that can be imputed in the blockchain in a virtual format. This creates a barrier between the real-world assets and the Chainlink blockchain.

In order to overcome this barrier, oracles are utilized. Chainlink token is an intermediary software that is used as a middleman and is used to translate data in the real world into a form that can be read by the Smart Contracts. But a standard oracle network poses a series of issues as they are centralized in nature and may diminish the very essence of creating a decentralized blockchain network. Chainlink token provides a solution to this issue by providing users with a network of nodes that provide Smart Contracts with real-world information through these nodes using oracles. This process eliminates the reliability that is created on a centralized oracle as a reliable information source.

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The cryptocurrency network solves the key issues of obtaining off-blockchain information as it has been plaguing the Smart Contract system since its inception. The gap that exists between Smart Contracts and information that does not exist on the blockchain can be bridged using the Chainlink network and its unique decentralized oracle network. By bringing access to off-chain data to Smart Contract, it would open new avenues and would bring forth a wave of upgraded Smart Contracts and efficient decentralized applications. Since all the operation that is needed to be integrated with the network exists in external APIs and data feeds, Chainlink token provides a means to integrate this information into Smart Contracts. Besides bridging a gap between information sources, the platform also eliminated the need to rely on a centralized source of information on real-world events. Smart Contracts essentially changed the tide in its favor by kicking off a new era of decentralized and tamper-proof agreements that execute by itself and aims to deliver to all parties that are bound by it. This is quite a drastic change from traditional blockchain networks that utilize data that is already imputed into the blockchain during its creation. However, in order to maintain the level of trust that Smart Contracts hold, it should not acquire its data from a centralized source of information, such as an oracle, since each oracle service is centralized in nature. so that investment in Chainlink token is good for crypto traders.

Since Chainlink token (LINK) is a renowned DeFi cryptocurrency and has already overtaken Bitcoin SV when it came to valuation, the cryptocurrency is listed on many cryptocurrency exchanges and can be acquired using other cryptocurrencies such as BTC, ETH, and USDT and in some rare cases can also be bought using fiat currencies such as USD. There are many local cryptocurrency exchanges in India that list Chainlink token on their platform and can be acquired using other cryptocurrencies. BuyUcoin is one of the best cryptocurrency exchange platforms that provide users with a wide variety of cryptocurrencies to choose from and offers minimum trading fees to encourage users to benefit from the cryptocurrency market.

Since its inception in 2017, the cryptocurrency had a stagnant growth rate and did not have a significant amount of market cap or price of LINK coin in USD. By the end of 2017, when almost every other cryptocurrency was seeing a massive rise in its valuation, Chainlink only saw slight growth in its market cap when it was $400 million USD while the price of LINK coin in USD was at $1.06 USD per token. The cryptocurrency market crash that brought down the valuation of almost every cryptocurrency ever listed before the calamity also affected Chainlink but not that significantly. While other cryptocurrencies were still coping with their losses after the crash, Chainlink’s valuation started growing and by June 2019, the market cap had increased to more than $1.5 billion USD while the price of LINK coin in USD increased to $4.33 USD per token. In the subsequent months, the valuation kept growing and by July 2020, the market cap reached almost $3 billion USD. As of 19th August 2020, the Chainlink market cap is at $5,902,853,494 USD while the price of LINK coin in USD stands at $16.87 USD per token.