Chainlink Explained: Where to Store LINK Coin

One of the most popular projects launched in 2017 is Chainlink — the network of oracles. It provides decentralized, secure interaction for millions of users. The oracles transmit the information from the real world to the digital one, translating it into smart contracts. Chainlink has one of the most tech-savvy developers in the field.

Understanding Chainlink Essentials

Chainlink helps blockchains interact with each other, as well as with other external data sources through oracles. They link smart contracts to real-world events, such as payments. Chainlink is synced with an external API to distribute data.

 

LINK is Chainlink’s native token. It operates on the ERC-20 standard and has an ERC-223 feature that addresses the problem of lost tokens. You can use any cryptocurrency exchange online to buy LINK crypto with BTC.

 

Given the risk of attacks, the developers have introduced a Proof-of-Reserve (PoR) mechanism. It is a key element in ensuring the integrity of information. In the DeFi sector, where users depend on real-time data, the PoR algorithm protects against fraudulent actions.

Chainlink Wallets to Store the Coin Securely

The ICO was scheduled for mid-September 2017. The first 10 minutes brought the creators $3 million. But a technical failure stopped the sale of coins, and those wishing to invest in the project could not. The crypto community reacted with indignation to the situation, and even later on, showed distrust in the company.

 

At the moment, you can store Chainlink (LINK) cryptocurrency in online, mobile, desktop, hardware wallets, etc. If you want to protect your assets as much as possible, it is recommended to use the Ledger hardware wallet for storage. Its key feature is that it keeps private keys inside its microchips, and they never go online. Thus, the coins remain completely inaccessible to hackers and fraudsters.

 

Below you will find 4 out of 8 best Chainlink wallets that we recommend you to use in 2022.

Coinbase Wallet

Coinbase Wallet is a mobile crypto storage option from Coinbase. It supports more than 4,000 ERC20 tokens. It allows you to buy LINK with a bank card, as well as work with exchanges and decentralized applications.

 

Among the advantages are a clear interface, no limits, an impressive list of supported cryptocurrencies, and the ability to connect the wallet to DEXs and DeFi projects. In the future, more tokens will be integrated into the protocol. The developers will also expand the functionality of the built-in exchanger.

Trezor Wallet

Trezor is a hardware wallet that provides secure storage of bitcoins and altcoins. Like all hardware wallets, Trezor is known for its high level of security. Your assets won’t go offline, which eliminates the risk that someone will get hold of them.

MyEtherWallet

MyEtherWallet is a decentralized wallet on the Ethereum blockchain. It helps buy/store cryptocurrency, manage ERC-20 tokens and NFT tokens, interact with dApps. MyEtherWallet is ideal for everyday payments and purchases, making it a kind of bridge between everyday realities and the world of virtual assets. For example, you can pay for purchases with BTC or swap LINK to BTC and vice versa.

 

MyEtherWallet is one of the first non-custodial wallets on the Ethereum blockchain. It has a simple and user-friendly interface. Transaction limits are not set. Among the partners of MyEtherWallet are major players in the crypto market: 1inch, Simplex, and DEX.AG.

MetaMask

MetaMask is a decentralized wallet for storing, transferring, and receiving ERC-20 tokens. It can be connected to any Ethereum-based network: BSC, Polygon, Harmony, or HECO. MetaMask allows working with DEX and DeFi apps.

 

MetaMask is one of the most popular wallets in the market, along with Trust Wallet. It is available on every DEX exchange that supports ERC-20 tokens or networks like BSC and Polygon. It is easy to use and safe to store funds.

Tips to Know Before Choosing Cryptocurrency Storage

Each type of crypto wallet has its unique advantages, and the choice depends entirely on your needs. If you are an active trader and speed is important to you, a web wallet will be the best option. Two-factor authentication and other measures will solve your security concerns. If you want to stake Chainlink or are a cryptocurrency investor with a large number of assets in your account, then cold storage is ideal for protecting against phishing attacks and fraud. When choosing a crypto wallet for LINK, you should consider the level of security, time for wallet creation, and mobile-based option availability.