Chainlink is a decentralized oracle network that focuses on providing real-world data to smart contracts on the blockchain. Chainlink has its native token (LINK), widely used for payment for services on the network.
Only the Chainlink cryptocurrency operates within the model as it functions as an intermediary unit in a decentralized environment. Unlike many other blockchain projects, the focus of the Chainlink cryptocurrency model is to create smart contracts for the public beyond the cryptocurrency bubble.
Fundamentally, Chainlink is a network comprising decentralized nodes that provide data and information from external sources to smart contracts on and through the Oracle. To achieve this, requests are registered as an ‘event,’ and a corresponding smart contract is created through the Chainlink protocol.
To stake in the network, all Chainlink node operators use LINK, and they need to deposit LINK with Chainlink to demonstrate commitment to the network and incentivize good services. This creates a closed-loop economy and ensures liquidity for the Chainlink cryptocurrency.
Information: Growth and Forecast for Chainlink
The year 2017 marked a robust development in the cryptocurrency market, with many altcoins experiencing tremendous price surges. LINK was no exception.
