Chainlink (LINK) is a cryptocurrency as well as a technological platform that allows non-blockchain companies to safely connect to blockchain platforms. It works as a component of middleware that links blockchain-based smart contracts to external data sources.
Chainlink’s LINK currency is used to pay Chainlink network operators and collateralize smart contract agreements on the network.
Chainlink is also a blockchain abstraction layer or a decentralised oracle network that uses blockchain technology to securely allow computations both on and off the blockchain. The main aspect is to enable hybrid smart contracts. It makes it easy for users to connect to any of the main blockchain networks, including Ethereum, Solana, and Terra.
The Chainlink oracle network has various use cases as it enables blockchains to exchange data with off-chain systems in a decentralised and tamper-resistant way. Chainlink has been used to fairly distribute non-fungible tokens (NFTs), gamify personal savings, and simplify cryptocurrency token supply recalibrations, among other applications.
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