Chainlink is arriving in South Africa.
AltCoinTrader, one of South Africa’s leading cryptocurrency exchanges, will list Chainlink on its trading platform on 25 November.
Chainlink first listed in 2017 and has seen exponential growth in the last year, earning a market cap of $4.5 billion.
It is an Ethereum ERC20 token that feeds real-world data to smart contracts that reside on the Ethereum blockchain.
How it works
While blockchain technology can advance new technical capabilities across industries, they cannot communicate with the outside world or their respective network environment.
Oracles are therefore required to feed blockchains with information from third-party service providers that reside outside the blockchain environment.
These services can include weather temperature, commodity prices, or IoT devices.
Chainlink is a decentralized oracle network used to pay node operators to deliver accurate third-party information to the blockchain, thereby solving the issue of communication limitations outside of the blockchain.
It works on a reputational system and rewards the node operators accordingly, while deducting rewards for nodes that provide inaccurate results.
Get Chainlink on AltCoinTrader
AltCoinTrader has always believed in enabling cryptocurrency in South Africa and hopes that the local community and developers will find new opportunities in the Chainlink project.
Currently, Chainlink is trading at around $12.85 and is expected to trade at about R220 on AltCoinTrader at the time of writing.