Chainlink Connects Smart Contracts with Real-World Data

Chainlink (LINK) is a groundbreaking cryptocurrency project designed to change how smart contracts interact with real-world data. Essentially, smart contracts, which are digital agreements automatically executed under certain conditions, are a fundamental feature of Blockchain technology. These contracts often require external data to function correctly, which poses a significant problem. Chainlink solves this issue by using a network of data providers called oracles to securely and reliably supply external data to smart contracts. In this article, you can find answers to two frequently asked questions: What is Chainlink (LINK), and how to buy Chainlink (LINK) with TRY.

What is Chainlink (LINK)?

Launched by SmartContract in June 2017, Chainlink was conceptualized to solve the critical issue of dependency on external data sources faced by smart contracts. Founded by Steve Ellis and Sergey Nazarov, with contributions from advisor Ari Juels, Chainlink introduced a new approach to connecting Blockchain-based smart contracts with real-world data. Chainlink ensures the integrity and reliability of smart contract applications by incentivizing oracles to provide accurate data through its main network asset, LINK.

Chainlink operates through a meticulously designed three-step process: Oracle Selection, Data Reporting, and Result Aggregation. First, users prepare a Service Level Agreement (SLA) specifying their data requirements, which is used to match them with suitable oracles. Once the SLA is submitted, oracles fetch the required data from external sources and send it back to the Chainlink Blockchain. Finally, the collected results are evaluated for accuracy and returned to the user, completing the data retrieval process.

At the core of Chainlink’s architecture are three types of smart contracts: Aggregation Contracts, Order-Matching Contracts, and Reputation Contracts. Aggregation Contracts collect and match data from oracles, while Order-Matching Contracts pair users with the most suitable oracles based on their SLAs. Reputation Contracts verify the integrity of oracles by considering factors such as completion rate and response time to ensure their reliability. Additionally, the Chainlink Blockchain includes external oracles that independently gather real-world data and interface with the Blockchain through Chainlink Core and Chainlink Adapter components.

Overall, Chainlink represents a groundbreaking innovation in Blockchain technology, enabling smart contracts to interact seamlessly with real-world data sources. By incentivizing data providers and ensuring the integrity of received data, Chainlink paves the way for the widespread adoption of smart contracts across various sectors. As the project continues to develop and expand its support for different Blockchain networks, it remains at the forefront of bridging the gap between Blockchain and the real world.

How to Buy Chainlink (LINK) with TRY?

Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Chainlink (LINK). On Binance TR, where you can quickly create an account, you can trade over 100 cryptocurrencies, including LINK. To buy Chainlink (LINK) with TRY on Binance TR, follow the steps below.

How to Open an Account on Binance TR?

Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.

After entering the requested information completely and accurately, email/SMS verification will be performed to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).

How to Verify Your Account on Binance TR?

Identity verification on Binance TR is one of the security procedures that must be completed before starting to trade cryptocurrencies and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or through the official Binance TR website. Note that you will need your phone to verify your identity on the website.

On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the dropdown menu, and then click “Verify.” You will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click on “Copy URL” to have the identity verification address sent to your phone via SMS.

When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. First, tap on the “Identity” option to continue.

Then a screen like the one below will open. To continue the verification process, first, select the document type that suits you.

After selecting the document type, tap on “Upload Front” to continue. After taking a photo of the front side of the document according to the document type you selected, tap on “Upload Back” and take a photo of the back side of the document and upload it. Make sure that the images are clear and that the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.

Then tap on the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible once the camera opens.

After completing all these steps accurately and completely, your identity verification process will be completed shortly.

How to Deposit TL on Binance TR?

You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits up to 50,000 TL can be made 24/7 with FAST from other banks. Deposits over 50,000 TL from other banks are processed within EFT hours.

To deposit money into your Binance TR account, first, go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on “Deposit” from the dropdown menu.

Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If the bank you prefer does not yet have Binance TR integration, you should continue by clicking on the “Other Banks” option.

In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information displayed on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.

After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.

How to Buy LINK Coin with TL on Binance TR?

After depositing money, you can proceed to the TL to LINK coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.

After clicking on this option, the following page will open. By typing “LINK” in the search section on the right side of this page, you can go to the TL to LINK purchase page by clicking on the LINK/TRY option from the results.

Now the following LINK trading page will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy LINK in the first box and the number of LINK you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy LINK” button.

What is Binance TR?

Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR in 2020 for cryptocurrency investors in Turkey. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.

Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.

Users are supported by Binance’s core functions, gaining access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.