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All about LINK: the Type of Blockchain, Where to Buy and Exchange LINK, and How to Store It. LINK Price Prediction

Jennifer Alanis -

LINK is a coin of the Chainlink blockchain. Chainlink is a platform that enables enterprises that work off-blockchain to connect with different blockchain platforms. In other words, Chainlink serves as a middleware between a traditional company and a blockchain network by feeding smart contracts with external data.

Chainlink was developed as a decentralized oracle network launched in 2017. Oracles are entities or programs that connect a blockchain with an external system and enable data feeding from that system to the blockchain thus enabling smart contracts to operate based on inputs and outputs of a blockchain.

With oracles, Chainlink enables data communication between the networks and off- and on-chain.

The Chainlink blockchain is hosted on the Ethereum network, thus, it utilizes the same operating protocol: proof-of-stake.

While Chainlink complements Ethereum to some extent, these are different networks with different features.

So, Chainlink facilitates communication between the projects built on Ethereum with off-chain networks. While Ether is used for swaps, paying for goods and services, and similar, the initial purpose of LINK is to solely support the Chainlink ecosystem. However, LINK is built on Ethereum and thus, is supported by all Ethereum-based projects and dApps.

Chainlink’s popularity is increasing because the network allows connecting on-chain and off-chain worlds to solve the main blockchain problems: interconnectivity and communication with the external world.

The LINK token is the native Chainlink token that is used to reward network operators for keeping the network up and retrieving data from off-chain environments, converting the received data into the supported formats, and performing all computations.

The token is a popular asset and is supported by many cryptocurrency exchanges such as:

  • Binance
  • Coinbase
  • KuCoin
  • Kraken, among others.

LetsExchange also supports the token and enables buying it with over 3,900+ crypto assets. The platform doesn’t require to register an account but those users who would like to benefit from additional features and an affiliate program can do it.

LINK is an ERC20 token even though it runs on the majority of popular networks such as Binance Smart Chain, Arbitrum, and so on. Thus, it can be stored like any other ERC20 token: on a reputable and safe wallet that supports the mentioned standard.

Among the top choices, you can consider:

  • Ledger
  • Trezor
  • TrustWallet
  • Exodus
  • Trustee
  • HASHWallet, among many others.

To pick the right wallet, consider whether you want to hold LINK for a long time or you will trade it. In the first case, a cold wallet may be the best option because it offers the highest security level and is suitable for cases when you don’t need to use your cryptocurrency constantly.

In the latter case, you may consider a hot wallet because it enables you to access your crypto whenever you need it which is perfect for trading activities.

At the moment of writing, the LINK is traded at $11.52, and the coin is ranked 12 based on its market cap.

According to experts, Chainlink has the potential to grow in the long term if one considers its increasing importance in the ecosystem and the increase of use cases.

in 2023, the coin is going to keep a stable price by reaching the maximum of $12. In 2024, the growth will continue. The Bitcoin halving will push the entire crypto market up in general, and the growth of LINK will be stimulated additionally by the project’s high importance. By the end of 2024, LINK is expected to reach the max of $19, with occasional drops to $11, with the average traded price of $15.

Chainlink looks like one of the most actionable projects in the long term, and 2025 is expected to demonstrate it very clearly to the entire crypto community. By the end of this year, LINK is forecasted to reach the max of $28, by being traded at an average of $25.

2030 will be a successful year for LINK. By then, the project’s potential in the long term will be undeniable, and it will lead to a consistent growth of the coin. By the end of 2030, LINK is expected to reach $48 as a maximum and will be traded at an average of $40.

Conclusion

Chainlink is one of the most promising projects in the crypto space. Over time, its importance and influence on the crypto market will grow, and the LINK price will respond accordingly with consistent growth in the long term.