What is Chainlink (LINK)?

By Alex Sanchez-Axline

Chainlink is a framework on the Ethereum blockchain technology in which node operators are rewarded with LINK when they provide data for smart contracts.

Chainlink is a framework to build decentralized oracle networks that give smart contracts access to safe and reliable data inputs and outputs. In addition to sending requests to individual oracles, multiple oracles are also to use. Using multiple oracles helps guarantee that the results provided on a smart contract are accurate and correctly triggered.

Chainlink is capable of connecting to data providers, web APIs, enterprise systems cloud providers, IoT devices, payment systems. One of the fantastic capabilities of the framework is that other blockchains can connect to Chainlink.

Chainlink doesn’t rely on centralized sources; instead, it uses an open network of nodes operators. The operators receive LINK for providing external data directly to smart contracts. To run a node, the operators must be able to connect to an Ethereum client.

As of today, the Chainlink Network provides the largest collection of secure and decentralized on-chain price reference data available for fiat pairs and ETH pairs.

References:

https://docs.chain.link/docs

https://feeds.chain.link

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