An Overview of the Chainlink: Intro, Working, And Circulation

Chainlink is a decentralized oracle network that connects real-world data with smart contracts on the Ethereum (ETH) blockchain. This makes it possible to create secure and reliable decentralized applications (DApps). LINK is the native cryptocurrency token of the Chainlink network, used to pay for services within the ecosystem.

The Chainlink Network is powered by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralized participation is guaranteed for all node operators and users looking to contribute to the network.

About the Founder of Chainlink

Sergey Nazarov is a co-founder and CEO at Chainlink Labs. He learned business administration at New York University, focusing on philosophy and administration. 

In 2014, he also co-founded CryptaMail, a fully decentralized, blockchain-based email service. In 2014, Nazarov partnered with Steve Ellis and launched SmartContract, a platform that connects smart contracts to external data and widely accepted bank payments. SmartContract was one of the entrepreneurial ventures that led Sergey Nazarov to the founding of Chainlink.

Steve Ellis graduated with a degree in computer science from New York University in 2010. After graduating, he became a software engineer at Pivotal Labs. In Year 2014, he co-founded the Secure Asset Exchange, a company that enables easy web access to a decentralized asset exchange.

How Chainlink Works 

Chainlink’s main function is to enable developers to connect their smart contracts to reliable, secure data sources known as Oracles. Oacles provide the necessary data for the smart contracts to work effectively. The LINK token is used within the Chainlink network to pay for Oracle services, motivate trustworthy data provision, and reward node operators.

By providing a stable & dependable connection, Chainlink confirms that data is always correct and up-to-date. It permits for a wide range of applications, including financial services, supply chain management, and various other use cases within a decentralized framework.

Chainlink (LINK) Supply and Circulation

Chainlink announced a total and maximum supply of 1,000,000,000 LINK tokens during the LINK ICO in September 2017. The current supply is about 453,509,553 LINK tokens, or about 45% of the total supply, as of September 2021. The Chainlink price at ICO was $0.11 and 350 Million LINK tokens were sold. This represents a more than 200X increase from the ICO price to Chainlink price today.

Chainlink price had a huge bull run in the period around mid-2019 to mid-2020. Chainlink bulls were nicknamed “LINK Marines,” becoming a well-known meme in the crypto community. Chainlink price reached an all-time high of $52.88 on May 9, 2021, due to an overall crypto market rally, as well as ongoing developments in the Chainlink ecosystem.

According to the ICO documentation, 35% of the total token supply will go to node operators and the incentivization of the ecosystem. Another 35% of LINK tokens were distributed during public sale events. Lastly, the remaining 30% of the total token supply was allocated to the company for the development of the Chainlink ecosystem and network.

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.