As a decentralized oracle service, Chainlink was made to link smart contracts with real-world data. Oracles are required to serve as data feeds for smart contracts, as blockchains are unable to access external data, and so oracles deliver this (such as information on weather) to trigger execution of smart contracts. Predetermined conditions must be met for this to occur, though. The network’s token is LINK.
Chainlink incentivizes users to give access to data feeds from outside of the network with rewards. If any user wants to access off-chain data, they’re invited to submit a requesting contract, and they will be matched to suitable oracles. Contracts include order-matching contracts, aggregating contracts (which gather data on oracles to find the best match), and reputation contracts.
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