During the period when the currency market at large was struggling for things to fall into place due to the huge pressure that was faced by the sector, the LINK currency became very popular all through the year 2019 among crypto fanatics worldwide. Hence it continues to grow fast and wide.
Sergey Nazarov developed Chainlink, with his co-founder, Steve Ellis. With the sum of 1 billion tokens of LINK, Chainlink was able to raise $32 when an ICO was held in September 2017.
In the real sense, LINK may be regarded as an Ethereum token that is being used to drive the native decentralized oracle network. It is also used to pay node operators.
However, as a result of the usage of its original framework, Chainlink can deploy ETH smart contracts, to aid the connection of data with many external APIs as well as payment systems.
Moreover, Chainlink also possesses a special feature of being able to transfer details inside and outside of the original blockchain in a highly secured, decentralized, and trustworthy manner.
Because of the reputable system of Chainlink native decentralized oracle network, all node providers can be awarded bigger contracts if they have a huge amount of LINK. But tokens will be deducted if failure in the delivery of accurate information.
Besides, LINK was described by developers as an ERC20 token. There is also an additional ERC223, which serves an additional function for transfer and call. Therefore, for a single transaction, tokens can be received and processed by contracts.
