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Chainlink is a software platform that seeks to bridge the gap between the traditional internet and the decentralized world of blockchain. It does this by introducing an element of real-world data into the otherwise self-contained universe of blockchain. The cryptocurrency that powers the platform, called Link, serves as the native currency of the Chainlink network.
Link is an essential component of the platform, serving as the medium of exchange between data providers, data consumers, and node operators. As an “oracle”, Chainlink is able to provide much-needed data to blockchain applications and smart contracts. This information is crucial in enabling decentralized systems to interact with the real world, and by using Link, the platform is able to ensure trust, security, and efficiency in the data transfer process.
Link is the native cryptocurrency of Chainlink, a decentralized network that connects blockchains with real-world data. As an ERC-20 token based on the Ethereum blockchain, Link serves as the main incentive mechanism for participants to provide data services in the network. Link uses a proof-of-stake consensus protocol, where node operators are required to run their own nodes and provide data to smart contracts to receive Link tokens as a reward. This dual purpose of Link, as both a means of payment and a work token, is made possible by its hard cap of 1 billion tokens, which were distributed during the token’s launch in September 2017.
During its initial public sale, 35% of the Link tokens were allocated, raising $32 million at a price of $0.09 to $0.11. Despite this success, the price of Link remained below $1.30 for nearly two years. However, the launch of new partnerships, such as with Google Cloud, Polygon Network and Reserve, resulted in a 489% increase in price to $5. In August 2020, Link’s price saw another boost with the announcement of a partnership with Provide, reaching over $20 for the first time.
Between December 2020 and May 2021, Link’s price rose more than sixfold, reaching its all-time high of $52.88. The success of Link can be attributed to its role as a key component in Chainlink’s decentralized network, providing a secure and efficient way to access real-world data within blockchains.
Chainlink is a decentralized oracle network that provides a secure and reliable way for blockchains to access and interact with real-world data. Launched in 2017 with a vision of a centralized oracle system, the platform has evolved into a blockchain agnostic network that operates on many different blockchains simultaneously.
Blockchains are efficient in storing and recording data, but they are limited in their ability to interact with external sources. This is where Chainlink comes in, serving as an “internet for blockchains” by allowing the communication between blockchains and off-chain systems such as APIs, IoT devices, and data providers. The token protocol incentivizes participants to provide and use Chainlink data within their blockchain smart contracts, enabling the use of the oracle network for a variety of applications, including weather forecasts and election results.
