Chainlink (LINK)

Chainlink (LINK) is a decentralized oracle network designed to bridge the gap between smart contracts on blockchain platforms and real-world data. Launched in 2017 by Sergey Nazarov and Steve Ellis, Chainlink aims to provide a reliable solution to the “oracle problem,” which is the challenge of safely bringing external data onto a blockchain in a trustless manner. Smart contracts are self-executing contracts with the terms of the agreement directly written into code. However, by their nature, they cannot access or interact with data outside their network. Chainlink's oracles serve as data feeds that can read and verify external information and bring it on-chain, enabling smart contracts to execute based on real-world events and data. This functionality opens up a wide range of possibilities for smart contracts, significantly expanding their potential use cases.