Chainlink is a decentralized network that provides data from off-chain sources to smart contacts on the blockchain. It does this through the use of oracles, software that serves as an intermediary between data sources and the blockchain. Because Chainlink is comprised of a network of decentralized nodes, it eliminates reliability issues associated with using a single, centralized source. LINK is used as payment to node operators, and is also used by node operators to stake in the network.
Chainlink’s decentralized metalayer of oracle networks allows smart contracts to seamlessly use and create an array of decentralized services that accelerate dApp development, enable cross-chain functionality, and harmonize disparate technologies.
Why Donate ChainLink?
Since LINK has appreciated significantly, donating LINK and other cryptocurrencies can save you money on your taxes. Because the IRS classifies cryptocurrency as property, this means you don’t have to pay capital gains tax on your donation and can deduct the amount on your tax return. This is why financial advisors recommend you donate your most highly appreciated assets first. Users who donate and enter their email address will automatically get a compliant tax receipt.
Don’t want your LINK stack to decrease? Repurchase the same amount of LINK afterward and still get the same tax benefits to offset some (or all) of your gains.