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 Lunathe first Securities Commission-approved digital asset exchange in Malaysia with the widest variety of approved seven-coin cryptocurrency investment options.
Since the launch of these new cryptocurrency coins in the country, Malaysians have traded over RM50 million worth of these digital assets on Luno. So, are you ready to learn more about the two cryptocurrency coins before jumping into the game?
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Chainlink is a platform that helps connect blockchain-based smart contracts with external data, such as stock prices or real-time weather data. Smart contracts can be thought of as applications that perform an action automatically when certain conditions are met and the cryptocurrency network they live on approves that those conditions have been met.
Chainlink helps these smart contracts by connecting them to real data sources. He does this by using oracleswhich are essentially intermediaries who collect external data and translate it into a language that the blockchain is able to understand.
Meanwhile, LINK is the native token of the Chainlink network. It is mainly used to pay for services performed on the network by oracles.
The Chainlink network is also decentralized, which means that no one person or group has absolute control over the provision of data; but rather the responsibility is spread across the entire network. This prevents the network from having a single point of failure and helps improve its security.
Some examples involving the use of Chainlink include:
Improving smart contract-based game apps (if you’re a game developer)
Chainlink offers the Verifiable Random Function (VRF), a solution that generates a random number and passes it to the smart contract where users can determine whether it is fair and unbiased; because neither players, nor game creators, nor external entities can alter or manipulate randomness to their advantage. In other words, the contract is untouchable.
Payment of insurance claims
Theft insurance policies compensate travelers for delays. Thanks to smart contracts, insurers can pay them automatically when certain conditions are met. Chainlink is critical to this process as it feeds external data defined in the deal details, such as weather and flight times to 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 satisfy the terms of the original agreement.
Uniswap (UNI): Discover Cryptocurrency Investment Activities on a Peer-To-Peer (P2P) Network
A software and cryptocurrency investment platform that runs on Ethereum, Uniswap offers its global network of users a place where cryptocurrencies can be bought and sold in a P2P manner. UNI is the native token of Uniswap, and anyone holding UNI has the right to vote on new developments and changes to the platform.
There are currently hundreds of tokens available on Uniswap. New tokens can take a long time to get verified and listed on major exchanges, but since Uniswap is decentralized, anyone can access them. This is possible because the transactions between the parties involved in the swap are facilitated by smart contracts.
Uniswap does not hold any assets on behalf of its users. Instead, it uses so-called “liquidity pools,” which are digital stacks of cryptocurrency locked inside a smart contract. Any user who trades against pool assets would be expected to pay a commission which is then distributed to all liquidity providers proportionally, based on their contribution.
Uniswap was created with the intention of being a decentralized exchange, known as DEX for short, which did not require users to make a deposit before using it or to open an account and provide any information personal.
Uniswap’s reliance on liquidity pools rather than latest trade prices and order books like those used by Bitcoin has proven to be very successful and has received financial backing from major venture capitalists.
Start your cryptocurrency investing with Luno, the leading and regulated digital asset platform in Malaysia
So, are you the LINK or UNI team? Consider your options carefully before proceeding.
Regardless of the type of cryptocurrency investment you choose to trade, starting to invest in cryptocurrency 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 log on to by Luna website and create an account today.
By the way, for those of you who have friends or family who haven’t opened an account with Luno in Singapore, you can refer them to Luno and enjoy 30 SGD (~97 MYR) in Bitcoin! Here are the steps to invite your friends:
- Share your unique invite code with your friend from the rewards page
- Your friend signs up, deposits, and buys 200 SGD (~RM644) worth of crypto
- You both get 30 SGD (~97 MYR) free Bitcoin
This item is brought to you by Luno.
This article is for educational purposes only and you should not construe this information as investment or financial advice. Investing in cryptocurrency is high risk and may result in loss of capital as the value may fluctuate. We recommend individuals consult with a Certified Financial Planner for detailed financial advice on whether cryptocurrency is a good investment option.
Learn more about the Luno Referral Program Terms and Conditions here: www.luno.com/en/legal/rewards-and-promotions
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LINK & UNI: Key Things To Know About These Malaysian Cryptocurrency Coins
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