ChainLink has arrived in South Africa. AltCoinTrader, one of South Africa's leading crypto-currency exchanges, will be listing ChainLink on its trading platform on 25 November. ChainLink listed on the markets in 2017 and has seen exponential growth in the past year, and has earned a market cap of $4.5 billion. Link is an Ethereum ERC20 token that feeds real-world data to smart contracts that reside on the Ethereum blockchain.
Blockchain technology may advance new technical capabilities across industries. However, they cannot communicate with the outside world or their respective network environment. Oracles are required to feed blockchains with information from third-party service providers that reside outside of the blockchain environment. These services can range from weather temperature to commodity prices or any IOT devices.
ChainLink is a decentralised Oracle network used to pay node operators to deliver accurate third-party information to the blockchain. ChainLink works on a reputational system and rewards the node operators accordingly and deducts rewards for nodes that provide inaccurate results.
AltcoinTrader has always believed in enabling crypto in South Africa and hopes that the local community and developers will find new opportunities in the ChainLink project. Currently, ChainLink is trading around $12.85 and is expected to trade around R220 on altcointrader.co.za at the time of writing.
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