What is Chainlink (LINK)
Chainlink is the pillar of the interconnection between the real world, decentralised finance (DeFi) and dapps: an oracle network that allows blockchains to interact with external data and information. Using this data, Chainlink powers a chain of smart contracts, creating a decentralised and self-sufficient operational infrastructure.
LINK is the network’s crypto-asset: it is the incentive distributed to the oracle nodes for the work they carry out, a function reminiscent of the rewards distributed to miners on other networks. LINK has long been among the most capitalised crypto-assets on the market.
How it began and how it has evolved
Chainlink was created in 2017 from the ideas of Sergey Nazarov and Steve Ellis, with the aim of making interactions between blockchain and non-blockchain systems more secure. Thanks to decentralisation, its oracles do not have single points of vulnerability that are easy to attack.
Over time the protocol has continued to evolve: among the most significant developments is the Cross-Chain Interoperability Protocol (CCIP), which facilitates interoperability between different blockchains, extending their ability to communicate with one another.
The utility of the LINK token
LINK is used to pay the node operators that provide and verify the data required by smart contracts. Demand for the token is therefore linked to the actual use of the oracle network by the applications that rely on it. Holding LINK does not entitle the holder to any guaranteed return.
Price trends and what to consider
Like all crypto-assets, LINK has shown a highly volatile price trend. Its quotations can be influenced by the general trend of the crypto market, by the growth of the decentralised finance sector and by the adoption of Chainlink services.
Past performance is not a guarantee of future results.
Chainlink Market Data
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