Chainlink ($LINK) is a decentralized oracle network that plays a pivotal role in the blockchain ecosystem by enabling smart contracts on Ethereum to securely connect with external data sources, APIs, and various payment systems. This integration is crucial for the execution of complex smart contracts that require real-time data, such as those used in insurance, finance, and supply chain sectors. As the leading provider of trusted data feeds to blockchain networks, Chainlink ensures the accuracy and reliability of the data, thereby enhancing the functionality and expanding the potential applications of smart contracts. By facilitating secure and seamless interactions between blockchains and external systems, Chainlink is essential for developers looking to build advanced decentralized applications, making $LINK an important asset in the rapidly evolving digital economy.
1. Create an Account
Visit the Netcoins website and click on the sign-up button. Or download the Netcoins app from the app store for mobile. Enter your email address, create a strong password, and agree to the terms and conditions. You will receive a confirmation email click on the link to verify your email address.
2. Fund it
Choose your preferred funding method: bank wire transfer, Interac e-Transfer, crypto deposit, or cash deposit. Follow the prompts to transfer funds into your Netcoins account. The process is quick and incurs no fees.
3. Start Trading
Once you have funds in your Netcoins account, you'll find that it's super easy to buy LINK in Canada.
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TrustpilotWhat Can You Do with LINK?
While you can use bitcoin to buy goods and services or use ether to execute smart contracts and pay miners for maintaining the Ethereum network; Chainlink tokens are simply used to pay “node operators” in the Chainlink network. These node operators connect to the Ethereum network and collect user-requested data that lives off-chain. On top of that, they also ensure that the data is accurate and relevant. For this work, the nodes are rewarded LINK tokens, Chainlink’s native cryptocurrency.
How Does LINK Stand Out From Other Cryptocurrencies?
LINK is an ERC-20 token, which means it’s compatible with other cryptocurrencies and smart contracts that also live on the Ethereum blockchain. Like we mentioned earlier, LINK is used to incentivize Chainlink node operators rather than being used for everyday purchases, like bitcoin or for executing smart contracts, like ether. Because it’s an ERC-20 token, you can’t mine LINK (like you can with bitcoin, or litecoin). Instead, the Chainlink team decides which node operators can validate information, making it a centralized token (unlike Bitcoin which is decentralized because it’s not owned or managed by any one party).
If you want to learn more about Blockchains, Bitcoin or Ethereum, follow our educational blog!
Why Invest in LINK?
Why is KYC (Verification) required?
Netcoins Inc. is a licensed money service business under FINTRAC, and a registrant under the Provincial Securities Commissions, and adheres to the strict guidelines set by them for Money Transmitter Businesses and Securities Registrants. We are required to have a Know-Your-Client (KYC) process and compliance program in place. KYC is a process that allows us to verify the identity of our customers.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process. If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business.
How can I fund my account?
Your Netcoins account can be funded with a crypto deposit, Interac e-Transfer, or a bank wire transfer. Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy LINK in Canada.
