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Chainlink is a decentralized oracle network that functions as a bridge connecting blockchains with the real world. It enables smart contracts on any blockchain to securely connect to external data sources, APIs, and payment systems. 

LINK is the native cryptocurrency of Chainlink. It is an ERC-20 token that powers the Chainlink network. LINK uses a proof-of-stake (PoS) consensus mechanism where users have to run their own nodes and provide data to smart contracts in order to receive LINK tokens as a reward.

Chainlink’s decentralized oracle network consists of purchasers and data providers. Purchasers request data, and the data providers, also known as the node operators, return data securely. The Chainlink protocol registers the request from the purchasers and forwards it to the nodes that then bid to provide that data. The nodes must commit a stake of LINK tokens when they bid to ensure long-term commitment to the project. Their stake can be taken away if they act maliciously. 

Chainlink uses a network of nodes to make the data provided to smart contracts as trustworthy and reliable as possible. As Chainlink has an open system, anyone can run a Chainlink node and earn LINK tokens as a reward for delivering reliable data.

Chainlink Decentralized Oracle Network (DON) supports two ways of delivering real-world data to on-chain smart contracts. This includes the basic request model and the decentralized data model:

• Basic Request Model – Smart contracts generate and submit a data request to Chainlink oracle nodes in one transaction and receive the response later within a separate transaction.
• Decentralized Data Model – A shared data resource where Chainlink oracle nodes regularly update an on-chain reference contract with fresh data, allowing smart contracts to query and receive real-world data in a single transaction. 

Originally, the Chainlink network was designed to be a centralized oracle system that could verify incoming information. However, it has become a decentralized oracle network that pairs with smart contracts to provide secure transactions using external data sources and APIs.

Chainlink was founded by current CEO Sergey Nazarov and current CTO Steve Ellis. The protocol was created in 2017, but it was officially launched on the Ethereum Mainnet in May 2019. It has since expanded to support additional blockchains and alternative chains like BNB Chain, Avalanche, and layer 2 networks such as Arbitrum, Optimism, etc. 

In 2017, the protocol raised $32 million in an Initial Coin Offering of 1 billion LINK tokens. When the LINK tokens first hit the market in 2017, they traded for just above a cent in USD. In 2021, LINK reached an all-time high of $52.88. 

Chainlink has formed successful partnerships with some high-profile projects to facilitate the verifiable sending and receiving of both on-chain and real-world data. Some of the partners include Binance, Everipedia, and Google Cloud.

Chainlink is secured by the proof-of-stake (PoS) consensus mechanism and thus relies on the amount of staked LINK tokens by the node validators to maintain the network’s security.

Chainlink acquired a startup called Town Crier in November 2018 in order to improve security for oracles or data feeds. Town Crier’s technology helps the data provided to Chainlink’s oracles become more secure through trusted execution environments and specialized extra secure hardware.

While the users have limited scope to secure their ERC-20 tokens, such as LINK online, the Ledger Hardware wallet lets the users store, secure, and manage tokens in one place without worrying about accessibility or security. The private keys, which give access to the users’ assets, remain safe in a certified secure chip. Cold storage wallets are typically encrypted devices that store users’ LINK tokens offline, providing a layer of security against the evolving threats emerging from being connected to the internet.

The users can directly manage their LINK tokens with the Ledger Live application. 

Ledger Live app gives the option to manage 1800+ coins and tokens from a smartphone or desktop, making the protocol convenient. The provision to use a PayPal account or Debit/ Credit Card to purchase Chainlink (LINK) offered by Ledger is useful. Follow the following simple steps: 

1. Get a Ledger Hardware Wallet.
2. Download ledger Live on a web or mobile device.
3. Install the Ethereum application on the hardware wallet from the Ledger Live dashboard. 
4. Create a designated Chainlink account after setting up Ledger Live.
5. Start buying LINK using Ledger Live. 

On Ledger, users can buy LINK, as an ERC-20 token and make use of a wide range of services on the Ledger Live app. Infinite swap pairs available on Ledger can be accessed as follows: 

1. Get a Ledger Hardware Wallet. 
2. Download Ledger Live.
3. Install the ‘Exchange’ application on Ledger Live and the applications for the tokens you wish to swap.
4. One must have LINK in its hardware wallet to facilitate the swap. 
5. Once there are sufficient assets in the wallet, swapping is possible.