Chainlink was launched in 2017 by Sergey Nazarov and Steve Ellis, who co-authored the white paper introducing the Chainlink protocol and network with Ari Juels. The Chainlink network aims to acts as a bridge between a blockchain and off-chain components. Chainlink operates as a decentralized blockchain oracle network built on the Ethereum blockchain. Chainlink does not operate its own blockchain instead, it is interoperable and running on many different blockchains simultaneously. Data providers called oracles act as a bridge between blockchain smart contracts and external data sources (for example: real-world market prices of assets). Each oracle within the Chainlink network is incentivized to provide accurate data since a reputation score is assigned to each. When nodes follow the protocol rules and provide useful data, they are rewarded in Chainlink’s cryptocurrency, LINK. Hence LINK is used for key network operations by facilitating interactions between Chainlink users.
Chainlink LINK
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