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Chainlink is a cryptocurrency that has been created to encourage a global network of computers to provide real, reliable and validated data. This data is then used to power smart contracts that operate in blockchain technology. One of the biggest problems with smart contract programming is that most of them require an external data source to then be able to execute programmed actions. A good example to illustrate this state of affairs are smart contracts, which were created to look for bond replication, as well as insurance contracts, because to function properly they usually require access to various APIs that report market prices.

The idea behind Chainlink is to deal with this problem effectively by encouraging data providers (called "oracles") to act as a bridge between blockchain smart contracts and external data sources. Chainlink's operating model is based on encouraging oracles to provide accurate and reliable data, because in return individual oracles receive reputation assessments. Additionally, when nodes adhere to predetermined software rules and consequently provide useful data, they are rewarded in the LINK cryptocurrency.

In 2020, Chainlink has expanded its scope of operation and is currently making efforts to support all smart contract networks that are based on blockchain technology.


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