Chainlink is the leading decentralized oracle network, used by leading blockchain networks and dApps to access real-world, off-chain data in a tamper-proof and secure manner on-chain. The Chainlink network leverages a proof of stake consensus mechanism, with validators required to stake LINK - the native digital asset of the ecosystem, to participate in the activities within the ecosystem.
LINK is an ERC-20 token built on the Ethereum blockchain and functions as the utility token within Chainlink. Validator nodes stake LINK and earn rewards for providing accurate data in LINK.
Chainlink’s decentralized oracles are the force behind leading dApps in the blockchain industry, from DeFi and gaming to enterprise and NFTs. The Chainlink DON (decentralized oracle network) uses smart contracts to pull reliable, timely, accurate, and tamper-proof real-world data and process it for access to resources on a blockchain ecosystem.
The meteoric rise of decentralized finance can be attributed as one of the key drivers of growth in Chainlink’s popularity and usage. Leading DeFi apps use its DON to gain access to accurate, real-world data, especially related to pricing.- essential to their functioning and success.
As more innovation takes place in dApps and blockchain-based applications, the need for decentralized oracle technology such as Chainlink is expected to take off higher, making LINK a formidable cryptocurrency investment. As of May 2022, Chainlink ranks among the top 30 cryptocurrencies by market cap.
You can learn more about ChainLink(LINK) at our KuCoin Blog.