Released in 2017, Chainlink was one of the first and remains the most important blockchain “oracle”.
Oracles were invented to overcome a basic issue with smart contracts: how do you verify that a condition has been met if that condition is dependent on data from the real world? e.g. the price of Bitcoin on a certain date.
Chainlink creates an incentive system for ‘oracles’ to provide accurate and up-to-date information that smart contract operators can draw on when creating triggers for their transactions. As they provide more and more correct data, oracles gain ‘reputation’ and are rewarded in the form of LINK tokens.
LINK tokens can be staked to help verify transactions on the network and are also used by smart contract developers to pay for the services of the network’s oracles.
Chainlink is an ERC-20 token built and operating on the Ethereum network.
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