The introduction of smart contracts led to the need for decentralized applications to receive relevant information from external sources. The so-called oracles became the most effective solution to the problem of securing off-chain data. Chainlink is a prime example of an oracle network, delivering a wide range of services, including enabling organizations to collect data from blockchains. Although Chainlink does not have its proprietary blockchain, it does have its native token LINK. The LINK crypto can be used not only for interacting with Chainlink’s products but also as a viable payment method. NOWPayments is a non-custodial LINK payment gateway providing businesses and individuals with free-to-deploy tools for accepting LINK payments.
Key points:
- Chainlink helps Web3 projects gain important off-chain data in an efficient way.
- LINK, the native token of Chainlink, powers different components of the project’s infrastructure.
- NOWPayments enables businesses to accept the Chainlink crypto as payment.
What Is Chainlink Crypto?
As mentioned above, Chainlink is an oracle network, yet there are details that make it particularly stand out. For starters, it is highly secure, as it ensures complete decentralization. When using Chainlink’s products, there is no risk of compromising your smart contract or application. Additionally, Chainlink has the most reliable data sources on the market, so if you plan on feeding your smart contract accurate info, Chainlink is the way to go. Thanks to this oracle network, developers are capable of creating a ton of useful apps and other use cases in hundreds of spheres, from gambling to advanced supply chain management.
The Chainlink network relies on node operators that are responsible for maintaining a smooth connection between smart contracts and off-chain data on all blockchains compatible with Chainlink. In order to incentivize node operators, the actual users of Chainlink’s products pay them in the LINK token. Every node has the ability to set its own fee for services, which is based on the existing demand and the node’s capacity. At the same time, becoming a Chainlink node operator comes with the need to stake LINK tokens to show that there is no malicious intent. What’s more, those nodes with a higher stake get to earn more LINK, as they have the privilege of being chosen to perform different tasks more frequently.
In addition to Ethereum, the Chainlink crypto operates on several EVM-compatible networks, including BSC, Solana, Fantom, and others. NOWPayments allows you to accept LINK coin payments only on Ethereum.
Which LINK Use Cases Are There?
Aavegotchi
Aavegotchi is an NFT gaming protocol that leverages the infrastructure of the Aave protocol and Chainlink to bring Web3 mechanics to thousands of gamers. Aavegotchi has an extensive portfolio of products, including its own decentralized exchange.
Yet, the most important element of the Aavegotchi ecosystem is the Gotchiverse. It is a Play-To-Earn NFT game, which is managed solely by the players. The Aavegotchi NFTs also generate yield for their holders. The project utilizes Chainlink’s Verifiable Random Function (VRF), which contributes to fair gameplay. The example of Aavegotchi demonstrates the versatility of Chainlink’s solutions, as they can be successfully implemented even in gaming projects.
Synthetix
Synthetix is one of the largest DeFi platforms on the Ethereum network. Synthetix allows users to issue derivative-like assets. Basically, it is a protocol where you can create a token that mimics different kinds of existing assets, including the U.S. dollar.
The platform relies heavily on price feeds in order to maintain its derivatives trading mechanism in service. As a result, it requires an oracle solution which is capable of dealing with this task. Chainlink is the primary oracle provider used by Synthetix, as it offers unmatched performance and accuracy.
T-Systems
T-Systems is one of the leading digital services companies in the world. T-Systems’ diverse selection of products can assist businesses in undergoing full digitalization. For instance, T-Systems can help enterprises with secure networks, Salesforce, cloud and SAP solutions, and many other types of digital technologies.
In terms of its employment of Chainlink’s solutions, T-Systems leverages Chainlink’s products in its network infrastructure provisioning. Essentially, it integrates the power of Chainlink oracle nodes to supercharge its Web3 infrastructure. This use case indicates that Chainlink can be successfully utilized even beyond the traditional DeFi realm, which constitutes the primary area of application for oracles.
WePiggy
WePiggy is a lending protocol, which calls itself a full-fledged Web3 bank. WePiggy does just what any standard bank does. It lets you borrow and lend money only that in the case of WePiggy, everything is done in crypto.
WePiggy is run not only by the core team of developers but also by the holders of the native token of the protocol WPC. WePiggy works closely with Chainlink, as it makes extensive use of Chainlink’s Price Feeds. Thanks to this solution, the protocol can access reliable price data which is critical for accurate pricing of crypto assets when providing loans and analyzing the collateral.
Etherisc
Etherisc is a platform that is making insurance available to everyone through decentralization. It aspires to create insurance products collectively and, thus, manages to deliver numerous insurance options to users.
For instance, it can grant crop insurance to farmers, allowing them to simply pick their crop and location and automatically receive payouts in the case of drought or flood. What makes this product particularly interesting is that it utilizes Chainlink’s oracle solution. Thus, by integrating Chainlink’s infrastructure, Etherisc can offer insurance coverage to farmers in the most impoverished parts of the world.
NBA
Every person on the planet knows what the NBA is. In 2020, everyone’s favorite basketball league made its grand debut in Web3 by releasing NFTs featuring all-time best moments in its history.
Today, the NBA is at the forefront of Web3 innovation which is evidenced by the Association NFT Collection, which it created with the help of Chainlink. The collection contains NFTs which get automatic updates based on the performance of players and teams. By using Chainlink’s oracle infrastructure, the NBA managed to build a collection that is dynamically changing its appearance.
Liquity
Liquity is a DeFi protocol, enabling users to borrow money with no interest at all. Users can utilize ETH as collateral and get their loan paid out in LUSD, which is a stablecoin pegged to the U.S. dollar. At the same time, just like any lending protocol, it requires users to overcollateralize their loans and maintain at least 110% in collateral.
Liquity integrated the Chainlink ETH/USD Price Feed. This was a huge success, as it enable the protocol to reach an impressive $4.6 billion Total Value Locked (TVL) in just 8 months. This provided Liquity with the competitive edge it needed.
NOWPayments
NOWPayments is a reliable non-custodial payment processor that quickly handles all of your transactions done in LINK or over 150 other cryptocurrencies while charging only a 0.5% fee. With the help of NOWPayments’ tools, you can deploy LINK payments in a matter of five minutes. There is no KYC required. This service lets you choose the best tool according to your requirements, whether it is an eCommerce plugin or a payment link. You can streamline your crypto payouts via the Mass Payouts feature, a convenient tool that simplifies the process of settling multiple payments in LINK. NOWPayments also helps organizations and individuals to accept donations in cryptocurrencies like LINK.
How Can I Integrate Chainlink into My Business?
NOWPayments delivers the following tools for accepting LINK token payments:
- eCommerce plugins: These plugins are compatible with PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware.
- Payment Link and a PoS terminal: Businesses can use a payment link and a virtual Point-of-Sale terminal.
- Recurring Payments: Some companies may deploy special recurring invoices.
- Custodial Recurring payments: It allows companies to set up separate billing accounts for their customers and let them top up these accounts with the cryptocurrency of their choice.
- API: NOWPayments’ versatile API enables businesses to create custom crypto payment solutions.
In order to deploy a LINK coin payment link, follow these steps:
- Enter your public Chainlink crypto address.
- Press “Create payment link.”
- Enter the details of your payment link and click “Confirm.”
- You will receive a payment link that your clients will be able to use by simply scanning its QR code.
Conclusion
Chainlink is an oracle network which is essential to the infrastructure of hundreds of Web3 projects, from lending platforms to games. LINK is the native token of Chainlink that ensures the seamless operation of the protocol. NOWPayments makes it possible for merchants and individuals to accept LINK as a payment method via its free-to-set-up tools.
FAQ
Where to buy LINK crypto?
Is Chainlink crypto a good investment?
The LINK crypto can definitely be considered a solid investment option, as it is backed by a project, which is in high demand among numerous Web3 platforms. The need for oracles can be expected only to increase in the near future, as the Web3 market grows further. As a result, the LINK token has a good chance of achieving a higher market price in the coming years.