Chainlink (LINK)

Chainlink (LINK) is a crypto and technology platform that provides price feeds and other data to blockchains. The platform enables non-blockchain businesses to connect securely with blockchain platforms.

Chainlink is a decentralized oracle network that connects blockchain-based smart contracts with external data, like baseball scores or stock prices. LINK, the utility token of Chainlink, is an ERC-20 token, which means it is compatible with different currencies as well as smart contracts supported by the Ethereum platform. LINK is used to pay Chainlink network operators and collateralizes the network’s smart contract agreements.

Since blockchains cannot access the outside data, oracles assume the role of data feeds. Oracles provide external data and trigger the execution of smart contracts upon satisfying certain pre-defined situations. Chainlink has opened up various possibilities for smart contract apps as it allows them to access data from external networks.

Sergey Nazarov and Steve Ellis developed Chainlink. Being the first oracle service on the market, it has established partnerships with tech companies like Google Cloud, Oracle, SWIFT, and Intel.

Chainlink is built on the Ethereum network, which uses the proof-of-stake operating (PoS) protocol. The enterprises using Chainlink are allowed to access any leading blockchain network, like Ethereum and Solana. Since it’s an open-source blockchain project, anyone can view the project’s code and contribute.

Two important features of Chainlink:

Two essential features of Chainlink include:

• They can be employed by applications such as games that need cryptoally secured randomness.
• Chainlink can link blockchain platforms to facilitate the exchange of messages, tokens, and specific actions.

Applications of Chainlink:

Among other applications, Chainlink has been used to reasonably distribute non-fungible tokens (NFTs), gamify personal savings, and promote recalibrations of cryptocurrency token supplies.

Chainlink node operators having the largest stakes are the best placed to earn LINK rewards.

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