How to Buy LINK at Coins.ph! | Chainlink 101 Philippines Guide

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Chainlink is a decentralized oracle network intended to bring real-world data into smart contracts. Why is this important? Building a decentralized app (DApp) requires on-chain data, off-chain data, and data storage. Chainlink is an oracle that pushes real world data to the decentralized app for its off-chain data. Without this data, only an approximate of 20% of DApps will work. 

Demand for this type of activity is high, that’s why LINK, the cryptocurrency used in Chainlink is one of the largest cryptocurrencies by market capitalization

How to Buy LINK in the Philippines

Buy LINK on Coins.ph

LINK is one of the cryptocurrencies launched on Coins.ph, the leading mobile wallet in the Philippines on July 19, 2021.

1) Sign up with a Coins.ph account. (If you already have account and is already ID and selfie-verified, proceed to step 3)

2) Get ID and Selfie-verified. 

3) Create a ETH/ERC-20 wallet on the app. The option should be immediately viewable once the app is updated to the latest version. (If you cannot see this option, update your app to the latest version.)

4) To buy LINK, just “slide” to convert “Php” to  “LINK.”

CHAINLINK FAQS

What is Link?

The cryptocurrency LINK is the network’s native token to be used to pay node operators, who in turn, stake their LINK to participate and provide data services. 

Who founded Chainlink?

Chainlink was founded by Steve Ellis and Sergey Nazarov in June of 2017, the same year they raised $32 million of ETH. Chainlink’s pitch was to connect verified external real-world data to smart contracts.

What are the use cases of Chainlink?

Chainlink is DeFi’s Middleman

Decentralization would mean that smart contracts must find a way to access real-world data which are not from a centralized data feed. Chainlink solves this problem by providing on-chain and off-chain solutions. For on-chain, a series of smart contracts allow developers data from the oracle nodes from off-chain. For off-chain, it becomes the middleman that connects real-world data and data between cryptocurrency blockchains

LINK as payment

Link is used by developers to pay for oracle nodes for data feeds. In turn, the nodes have to stake it for high quality data feeds. They may also use one or more oracle nodes via a bidding process.

Chainlink / LINK as Proof of Reserves

BitGo, a leader in institutional digital asset custody, has partnered with Chainlink for their Proof of Reserves. This means that BitGo’s “wrapped Bitcoin” (WBTC) is really 1:1 to BTC. Wrapped Bitcoin is an ERC-20 token that represents Bitcoin (BTC) on the Ethereum blockchain.

Chainlink’s integration to games

For games, there’s Chainlink’s Verifiable Random function which is required by random number generation used in some video games.

LINK as collateral

MakerDAO, a decentralized autonomous organization, made LINK a collateral option to the DAI stablecoin last 2020.

Flash loan Protector

Flash loan is a type of uncollateralized lending in decentralized finance that allows one to borrow instantly and easily, provided that they return the borrowed amount in one transaction on the blockchain. DApps were attacked by exploitative flash loans by taking advantage of price differences in the market due to the dependence on centralized data. Using Chainlink’s on-chain and off-chain components, they can be safe from this manipulation of prices and be safe from flash loans.

Chainlink’s partnerships and integrations

Chainlink has expanded its ecosystem and is now providing an approximate of over 100 price feeds to over 300 smart contracts and DApps. After ETH’s integration, Polygon, Binance Smart Chain, and XDAI followed the native integration of Chainlink.

Chainlink Community Grant Program

This grant program, like other grant programs in DeFi space, is rewarded to developers who will partake in the development and integration of Chainlink to more products and services.

Notable grants:

  • SmartPy: native integration of ChainLink price feeds on Tezos
  • BlockSpaces and LinkUp: native integration of ChainLink price feeds on NEAR Mainnet
  • Native integration of ChainLink price feeds on Solana
  • Protofire: Native integration of ChainLink price feeds on Avalanche
  • LinkMarine: ChainLink News Website

Other things to consider about Chainlink

Oracles is an incredibly competitive space and thus Chainlink has a lot of competitors. And while Chainlink is well-positioned to capitalize on its dominance, many are arguing about its success. One notable investment group — Zeus Capital — wrote a 65-page report criticizing Chainlink and its founders.

There were also reports of Chainlink trying to gain monopoly in the market where it serves. Finally, with a company behind Chainlink and LINK, the potential for challenges about Link’s status — whether it is a security or not — could happen.

Considering all these, it does not mean that Chainlink has not proven itself in providing the best solution for off-chain data that DApps needs. Their expansion to different networks shows their oracle’s necessity. With their Community Grant Program, this expansion and development is guaranteed to further boost the Chainlink platform. Not only that, but Chainlink’s partnership  with the World Economic Forum and Libra shows that they may be partnering up with public and private institutions which is great news for DeFi’s expansion. 

This article is published on BitPinas: How to Buy LINK at Coins.ph! | Chainlink 101 Philippines Guide

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