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ChainLink is a decentralised oracle network designed to bridge the gap between smart contracts on blockchain technology and real-world applications, which often require off-chain data. It was created to address a key problem: smart contracts cannot natively fetch real-world data. Launched by Steve Ellis, Ari Juels, and Sergey Nazarov in 2017, ChainLink aims to provide reliable connectivity to external data. The distinct feature of ChainLink is the decentralisation of both the oracles and the data sources they rely on, ensuring that no single point of failure can compromise the integrity of the data. The network's native token, LINK, is used to pay for services on the network and motivate data providers to act truthfully.
