LiNK (LINK) is a cryptocurrency and smart contract platform that allows users to create, manage, and trade cryptocurrencies on the blockchain. It was launched in 2018 by LiNK Corporation as an open source project with the aim of creating a decentralized financial system.
LiNK is based on its own blockchain which is powered by the PoS consensus mechanism. This means that it does not require any miners to operate but instead uses validators who are rewarded for their efforts in maintaining network security. The main advantage of this consensus algorithm over others such as Proof-of-Work (PoW) is its scalability and energy efficiency compared to other networks.
The native currency of the LiNK network is LINK which can be used to pay transaction fees or rewards for validators staking their coins on the network. Validators must stake at least 10k LINK before they begin participating in block production or validation process while serving as witnesses in order to receive rewards from transactions performed within LiNK’s ecosystem.
Apart from being used for payments, LINK can also be used for deploying smart contracts and decentralized applications (dApps). Smart contracts enable two parties to enter into agreements without needing external verification or execution by third parties like banks or governments. In addition, dApps allow developers to build more sophisticated applications that run on top of LiNK’s blockchain infrastructure allowing them access data stored within the blockchain ledger securely and efficiently .
Finally, we should note that there are several ways users can acquire LINK tokens including buying them directly from exchanges such as Binance , mining/staking through validator nodes , earning rewards via bounty programs , or simply trading other cryptocurrencies against it using DEXes like Uniswap .
