Chain link is a platform that wants to make the connection between smart contracts and real life!

The cryptocurrency we buy when we want to use Chainlink is LINK and it is the currency we use on this platform!

Smart contracts are just some algorithms to make a transaction more efficient and cheaper in a decentralized way, that is, no institution has power over our transaction!

Well Chainlink wants to take these digital contracts from the online environment and apply them to real life!

How does Chainlink technology work?

Well Chainlink uses an oracle, remember these smart contracts are on a digital blockchain on a platform. The oracle is like a digital bridge that connects real life with this digital Blockchain platform. Basically with the help of this oracle we can bring real life data and apply it to Bockchain!

This is how we can streamline processes from reality to digital on Blockchain, through smart contracts!

It facilitates smart contracts through its oracles by finding the correct information from real life, without the chance of an error, without the chance of human error, without the chance of a centralized institution to intervene!

So is it worth investing in Chainlink?

In other words, a service like Chainlink’s will become more relevant, more important or more popular as smart contract platforms are increasingly adopted. The more people use smart contracts, the greater the need for Chainlink.

What is LINK cryptocurrency?

As I said, the LINK cryptocurrency is the cryptocurrency we use on the Chainlink platform and it has several utilities.

First of all, the value of this cryptocurrency is given by demand and supply like almost anything in this world!

Every time you use Chainlink for your smart contract you will have to pay a small cost to the people who run those oracles to find the right information for you!

This cost will be paid in LINK currency and another use of this LINK cryptocurrency is the fact that the people who run these oracles must deposit a sum of money in LINK on the Chainlink platform as a guarantee!

Disadvantages of Chainlink

I may not have convinced you so far of the functionality of Chainlink, so this platform is very good and how LINK value will increase in the future.

Let’s talk about the disadvantages, if better, faster competitors appear on the market, Chainlink will most likely lose its value!

The second thing I noticed was that Chainlink had a bad communication with its customers and I didn’t see much about what they wanted to do in the future.

Another thing I noticed is that they suffer a lot on the marketing side, compared to other cryptocurrencies they don’t even have a marketing that will bring them more customers and investors.

Remember, I’m not a financial analyst, I don’t give financial advice and if you went after me without doing your own research you deserve to lose all your money ! ! !

Invest only what you are prepared to lose!

Signed Buzurin Daniel