There are many strategies available in market to earn passive income with Blockchain like Flash Loans, Trading Bots and you can build Dapps that earn passive income.
However, this article is focussed on running a Blockchain Infrastructure. This is different from App Development or Bot Development. This is actually participating in underlying protocols that power Blockchain and Blockchain-based applications like running your own node so that you can earn cryptocurrency in the background while you sleep!
There are different ways to do this, but this article is focussed on Chainlink. There are lot of opportunities with Chainlink because its powering a lot of DeFi applications. Some of the top Chainlink nodes are earning almost 8,000 USD per day. Having said that, you will not earn that much money overnight but even if you earn a fraction of it that is a lot of money.
In this post I will walk you through the step by step process of setting up a Chainlink account.
That being said, if you would like to see how to setup your chain link node which you can run on cloud 24/7, please do follow me. I will be soon coming up with a detailed article to do the same.
What is Chainlink?
Chainlink provides real world data to smart contracts.
Okay, so let's take a step back and understand what information a Smart Contract has. So, a Smart Contract is aware about information like account balance, who owns what cryptocurrency, etc.
In short, Smart Contract is aware about data which resides on Smart Contract.
However, Smart Contracts do not have any information about the outside world like — weather, price of a cryptocurrency, etc. This is where Chainlink comes into picture.
Where is Chainlink used?
Let us try to understand Chainlink with an example.
Say, you want to trade a token like a…