Crypto Investors: There are two cryptocurrency coins that have been added to the list of approved digital assets in Malaysia and they are called chain link (LINK) and Uniswap (UNI). They are available on moonthe first Securities Commission-approved digital asset exchange in Malaysia with the widest range of cryptocurrency investment options from seven approved coins.
Since the launch of these new cryptocurrency coins in the country, Malaysians have traded more than RM50 million worth of these digital assets on Luno. So, are you ready to learn more about the two cryptocurrency coins before you jump into the game?
Chainlink (LINK): Bridging the gap between real data and the blockchain
[Image: Chainlink.]Chainlink is a platform that helps to connect blockchain-based smart contracts with external data such as stock prices or weather data in real time. Smart contracts can be thought of as apps that perform an action automatically when certain conditions are met and the cryptocurrency network they live on confirms those conditions have been met.
Chainlink helps these smart contracts by connecting them to real data sources. It does this through the use of oracles, which are essentially intermediaries that collect external data and translate it into a language that the blockchain can understand.
LINK is now the native token of the Chainlink network. It is mainly used to pay for services run by oracles on the network.
Chainlink Isobox. [Image: Chainlink]The Chainlink network is also decentralized, meaning that not even one person or group has absolute control over the delivery of the data; rather, responsibility is distributed across the network. This protects the network from a single point of failure and helps improve its security.
Some examples of chainlinks usage are:
Improving smart contract based gaming applications (if you are a game developer)
Chainlink offers Verifiable Random Function (VRF), a solution that generates a random number and delivers it to the smart contract, where users can determine if it’s fair and unbiased; as neither the players, game developers nor external entities can manipulate or manipulate the randomness to their advantage. In other words, the contract is inviolable.
pay insurance compensation
Flight insurance companies compensate travelers in the event of a delay. Smart contracts allow insurers to pay for them automatically when certain conditions are met. Chainlink is critical to this process as it feeds external data specified in the details of the agreement, such as the weather and flight times, into the smart contract. If they meet the terms of the agreement, the smart contract can decide whether to pay or not, depending on whether the causes of the delay meet the terms of the original agreement.
Uniswap (UNI): Experience cryptocurrency investing activities on a peer-to-peer (P2P) network
[Image: Uniswap.]As a software and cryptocurrency investment platform running on Ethereum, Uniswap offers its global network of users a place to buy and sell cryptocurrencies in a P2P manner. UNI is Uniswap’s native token, and every holder of UNI has the right to vote on new developments and changes to the platform.
Hundreds of tokens are currently available on Uniswap. New tokens can take a long time to be verified and listed on major exchanges, but since Uniswap is decentralized, anyone can access them. This is possible because transactions between the parties involved in the swap are facilitated by smart contracts.
[Image: Uniswap.]Uniswap does not hold any assets on behalf of its users. Instead, it uses so-called “liquidity pools,” which are digital piles of cryptocurrency locked in a smart contract. Any user who trades against the pool’s assets would have to pay a fee, which is later distributed to all liquidity providers according to their contribution.
Uniswap was created with the intention of being a decentralized exchange, or DEX for short, that does not require users to make a deposit before using it or to open an account and provide any personal information.
Uniswap’s reliance on liquidity pools rather than last trade prices and order books as used by Bitcoin has proven very successful, and it has garnered financial backing from large venture capital firms.
Start your cryptocurrency investment with Luno, the leading and regulated digital asset platform in Malaysia
So, are you Team LINK or UNI? Consider your options carefully before proceeding.
Regardless of the type of cryptocurrency investment you choose to trade, getting started with cryptocurrency investing is actually convenient and quick. If you are wondering how to start investing in Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Chainlink or Uniswap, you can sign up lunos website and register for an account today.
By the way, for those of you who have friends or family who haven’t signed up for an account with Luno in Singapore, you can refer them to Luno and enjoy SGD 30 (~MYR 97) in Bitcoin! To invite your friends:
- Share your unique invite code with your friend on the rewards page
- Your friend signs up, deposits, and buys SGD200 (~RM644) worth of crypto.
- They both get SGD 30 (~97 MYR) worth of Bitcoin for free.
This article is brought to you by Luno.
This article is for educational purposes only and you should not take any such information as investment or financial advice. Investing in cryptocurrency carries a high level of risk and can result in capital loss as the value can fluctuate. We encourage individuals to consult a licensed financial planner for detailed financial advice on whether cryptocurrency is a good investment option.
Read more about Luno’s Terms of Service and the risks associated with cryptocurrencies here: www.luno.com/en/legal/terms
Read more about Luno’s referral program terms and conditions here: www.luno.com/en/legal/rewards-and-promotions
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