Chainlink (LINK) is a cryptocurrency that aims to bridge the information gap between blockchain and external data by tying smart contracts to real-world data. Chainlink has become a significant player in the blockchain ecosystem as a result of its widespread industry adoption, offering decentralised solutions for obtaining trustworthy data for smart contracts.
Chainlink was developed by Steve Ellis and Sergey Nazarov, and it was released in 2017. The initial objective of the project was to offer a decentralised method of obtaining outside data for smart contracts. Using its own cryptocurrency called LINK, the Chainlink network uses the Ethereum blockchain to conduct its operations. The network's node operators, also referred to as "oracles," are rewarded with LINK tokens in exchange for providing trustworthy data to smart contracts.
Chainlink is frequently used in the DeFi industry to retrieve price feeds, lending and borrowing rates, and other pertinent information for a variety of protocols, including decentralised exchanges (DEXs), lending platforms, and stablecoins. Real-world data is used by Chainlink to enable features like provably fair gaming, in-game asset valuation, and dynamic NFT (Non-Fungible Token) pricing in blockchain-based games. Chainlink can be used to confirm and validate actual supply chain management data, including product veracity, shipping details, and inventory control. By providing real-time data on events like weather, flight delays, and other triggers that determine the payout of insurance policies, Chainlink can assist in the creation of decentralised insurance products.
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