Chainlink (LINK)

Chainlink is a decentralized oracle network that enables smart contracts on blockchain platforms to securely interact with external data sources, APIs, and payment systems. In simpler terms, Chainlink serves as a bridge between blockchain applications and real-world data.

The native cryptocurrency of the Chainlink network is LINK, which is used to pay node operators for retrieving and validating data from external sources. These node operators are incentivized to provide accurate and timely information to ensure the reliability of smart contracts that rely on external data.

By using Chainlink, developers can create smart contracts that are capable of executing a wide range of functions beyond the blockchain itself. This functionality allows for the automation of processes that require access to real-world data, such as weather updates, market prices, and sports scores.

Overall, Chainlink enhances the functionality and utility of blockchain technology by enabling smart contracts to interact with external data sources in a secure and decentralized manner.