What is Chain Link (LINK)?
LINK - a decentralized oracle service
Chainlinks creates a marketplace/registry for data, specifically data needed to trigger smart contracts. Smart contracts are being used for business-to-business (B2B) transactions and business to consumer (B2C) transactions, machine-to-business (M2B) transactions, machine-to-consumer (M2C) transactions, and machine-to-machine (M2M) transactions, which could be the biggest market of all.
Chainlink was created to address this issue by incentivizing data providers (called “oracles”) to act as a bridge between blockchain smart contracts and external data sources.
Smart contracts driven by data, which essentially means automated contracts executed by off-chain data inputs, instead of human arbitration or interference.
Chainlink offers a more reliable and secure solution to centralized oracles by allowing the requester (smart contract creator) to choose as many oracles as they want to service their contract (distributing oracles), and the ability to select what and how many data sources to use (distributing sources).