Chainlink is a Layer-2 blockchain protocol that sits on top of the Ethereum blockchain. LINK is an ERC-20 token that powers the Chainlink protocol. The Chainlink protocol is an oracle network which is used to provide tamper-proof data and secure computation from external sources to any blockchain. This data can then be used by self-executing smart contracts to perform actions based on data outside of the blockchain.
What is Chainlink?
LINK is used for payments on the Chainlink protocol. Users consuming information from Chainlink oracles pay the oracle operator in LINK. In addition to payments, Oracle operators can stake their LINK tokens as collateral for providing oracle services.
What is Chainlink used for?
LINK was created to incentivize the creation and maintenance of decentralized oracles that can provide immutable data and secure computation to any blockchain. Providing this information to blockchains, such as Ethereum, allows for smart contracts that use agreed upon data sources and auto-execute actions based on that data source.
Further details on trading LINK on TradeStation Crypto
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