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LINK, the network's native cryptocurrency token, is used to pay for oracle services, incentivize accurate data provision, and reward node operators.
Founded by Sergey Nazarov and Steve Ellis in 2017, Chainlink enhances the functionality of decentralized applications (DApps) by ensuring secure and reliable data connection.
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Link is an ERC-20 token based on the Ethereum blockchain.
Unlike ether (the native cryptocurrency of Ethereum), link uses a type of proof-of-stake (PoS) consensus protocol where participants have to run their own nodes and are required to provide data tosmart contractsin order to receive link tokens as a reward.
It’s not a case of simply depositing tokens and earning interest.Because link is used both for the exchange of data services and for node validator staking, it is used both as a means of payment and as a work token.
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