Chainlink is a decentralized network that operates on the Ethereum blockchain. It is powered by a network of nodes, called oracles, that provide real-world data to smart contracts on the blockchain.
The network’s native token, LINK, is used to incentivize oracles to provide accurate data to reward node operators. In addition, LINK is also used to govern the network and finance its growth.
The value of LINK is largely determined by the use cases of the decentralized oracle network. The more nodes that secure the network, the higher the demand for LINK tokens.
With a maximum supply of 1 billion tokens, the token has shown tremendous growth since its launch in 2017. It has risen from an average of $0.50 to its all-time high of $52.88 on May 10, 2021.Read Price Prediction for Chainlink [LINK] for 2023-24 The value of LINK is largely determined by the use cases of the decentralized oracle network.Read more on ambcrypto.com