About Chainlink (LINK)
Chainlink (LINK) is an interoperability-focused blockchain network that aims to connect off-chain resources, applications, and data to blockchain ecosystems. Designed to facilitate interoperability between smart contract and real-world data, Chainlink makes it possible to authenticate and verify data for on-chain use.
Chainlink bridges the gap between on-chain and off-chain systems by establishing an ecosystem in which data providers (called “oracles”) are incentivized to provide accurate, reliable data. Oracles are rated with a data score and rewarded with LINK tokens when they participate in the Chainlink ecosystem.
When participants require data from off-chain sources, they submir a request through the Chainlink protocol, which functions as a service-level agreement comprised of three contracts, each performing a specific function.
A reputation contract assesses the reputation scores of potential oracles, while an order-matching contract directs the request to oracles and takes bids for it. Lastly, an aggregating contract receives the data from the successful oracle and verifies it.
As a blockchain-agnostic platform, Chainlink functions as a global open-source standard for cross-blockchain and blockchain-to-off-chain messaging and data transfer. LINK price is updated and available in real time on Binance.