Coinbase’s Layer 2 Network Base Now Supports Chainlink Test Network Token

03/20/2023 15:33 • Daily Digest • 86 views

According to reports, the Layer 2 Network Base launched by Coinbase announced on social media that the Chainlink test network token LINK is currently supported on Base Goerli. Users can obtain the test network LINK for their accounts on the supported Base blockchain test network, so that you can create and test your own oracle and Chainlink smart contract.

Base Goerli already supports LINK

As the blockchain industry is growing and expanding rapidly, the need for reliable and efficient oracle services has increased. An oracle service acts as a bridge between the off-chain world and the blockchain, enabling the blockchain to access information or data from other sources outside its network. One of the most trusted oracle services in the market today is Chainlink. In order to offer its users the best possible experience, Coinbase’s Layer 2 Network Base has announced on social media that it now supports the Chainlink test network token, LINK, on Base Goerli.

The Significance of Oracle Services

Blockchain technology, by design, is extremely secure and transparent, but it is also limited in one sense – it cannot access data outside its own network. In order to fix this, oracle services are employed to fetch data from various sources and supply this data to the blockchain so that it can execute its smart contracts. This way, external data sources can be incorporated into the blockchain and it can function more effectively.

Coinbase’s Layer 2 Network Base

Coinbase’s Layer 2 Network Base is a Layer 2 scalability solution designed to enhance the performance of the Ethereum blockchain while also reducing the fees associated with transaction and contract execution. It is built on top of the technology of the popular Plasma chain, which is efficient and secure.

Chainlink Test Network Token

Chainlink is a decentralized oracle network that connects smart contracts to real-world applications and data securely. It uses nodes scattered across the world to collect and verify external data, which can then be fed back into the blockchain. The Chainlink test network token, LINK, is used by developers to start creating and testing their own smart contracts and oracles on the Chainlink network.

Base Goerli

Base Goerli is a test network that is supported by the Layer 2 Network Base. It is designed to allow developers to test their smart contracts effectively before they are deployed on the main net. By using the LINK test network token on Base Goerli, developers can use Chainlink’s oracle services to fetch data from external sources and test their smart contracts before running them on the main network.

How to Obtain Test Network LINK

Users can easily obtain the test network LINK for their accounts on the supported Base blockchain test network by following these simple steps:
1. Create a wallet on Base Goerli by following the instructions on the platform.
2. Follow the guidelines provided on the Coinbase blog to obtain testnet LINK.
3. Transfer the testnet LINK to your Base Goerli wallet and begin testing your smart contracts.

Conclusion

The support of Chainlink test network token, LINK, by Coinbase’s Layer 2 Network Base is a major step towards the overall improvement of the blockchain industry. Developers can now have easier access to reliable oracle services and Chainlink’s network, which can help them build and test effective smart contracts on this powerful and secure blockchain network.

FAQs

Q1. What is the Chainlink test network token, LINK?

The Chainlink test network token, LINK, is used by developers to start creating and testing their own smart contracts and oracles on the Chainlink network.

Q2. Why is oracle service so important for blockchain technology?

Oracle service is important because blockchain technology, by design, cannot access data outside its own network. Oracle services bridge this gap by fetching data from various sources and supplying it to the blockchain to execute smart contracts.

Q3. What is the Layer 2 Network Base?

The Layer 2 Network Base is a Layer 2 scalability solution designed to enhance the performance of the Ethereum blockchain and reduce the fees associated with transaction and contract execution.

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