What is Lynk & Crypto?

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Adem Karagöz

Last Update 2 jaar geleden

Lynk is a Blockchain project that aims to decentralize the web and payments using innovative technologies. Lynk has it's own Token, also called Lynk, which has been issued on the Polygon Blockchain. Lynk has multiple products, such as the Lynk Protocol and LynkPay.

What is Blockchain?

A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.

What is Polygon?

Polygon is an answer to some of the major challenges that face Ethereum today — such as high fees, poor user experience, and low transaction throughput.

The platform aims to create "Ethereum's internet of blockchains" — that is, the multi-chain ecosystem of Ethereum-compatible blockchains. It looks to achieve this by providing a simple-to-use framework that allows developers to each launch their own custom Ethereum-compatible blockchain in a single click.

Polygon envisions a world in which distinct blockchains are able to freely and easily exchange value and information — doing away with the technological and ideological divides that separate most blockchains of today.

The project was originally known as Matic Network, but was later rebranded to Polygon as the scope of the project expanded. While Matic was a simple layer-2 scaling solution for Ethereum, Polygon is the infrastructure for a network of massively scaling, collaborative blockchains that retain their self-sovereignty. 

What is a Token?

The term crypto token refers to a special virtual currency token or how cryptocurrencies are denominated. These tokens represent fungible and tradable assets or utilities that reside on their own blockchains. Crypto tokens are often used to fundraise for crowd sales, but they can also serve as a substitute for other things. These tokens are usually created, distributed, sold, and circulated through the standard initial coin offering (ICO) process, which involves a crowdfunding exercise to fund project development.

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