What is Chainlink (LINK)

Chainlink (LINK) is a decentralized oracle network that connects smart contracts on the blockchain with external data sources, off-chain payment methods, and other on-chain functions. In other words, it allows smart contracts to access real-world data and other information that is not natively available on the blockchain.

The purpose of Chainlink (LINK) is to provide a secure and reliable way for smart contracts to interact with external data and resources, enabling them to be triggered by external events and execute their terms automatically. This can be particularly useful in industries such as finance, supply chain management, and insurance, where smart contracts can be used to automate and streamline processes.

Chainlink’s price at the time of writing this article is $5.57.

Chainlink (LINK) is powered by a native token called LINK, which is used to incentivize the network’s oracle nodes to provide accurate and timely data to the smart contracts that rely on them. The Chainlink (LINK) network is fully decentralized, meaning that it is not controlled by any single entity and can operate…