What is the LINK token?
The LINK token is the native cryptocurrency of the Chainlink network.
It is an ERC-20 token built on the Ethereum blockchain and is used to pay for services on the Chainlink network. The LINK token is used to incentivize node operators to provide reliable data and services to users of the Chainlink network. Node operators are rewarded with LINK tokens for providing data and services, which helps ensure that the data provided by the Chainlink network is accurate and reliable.
The LINK token also serves as a form of collateral for node operators, ensuring that they are financially incentivized to provide reliable data and services. Additionally, users of the Chainlink network can use LINK tokens to pay for oracles, which are nodes that provide external data from off-chain sources such as stock prices or weather forecasts. By using LINK tokens, users can access reliable external data without having to trust a single source.
