Chainlink explains: Connecting blockchains with real data! $LINK

? What is Chainlink? Chainlink, also known by the market ticker LINK, aims to provide the connection between data providers outside of the blockchain and the blockchains themselves. Chainlink is a crypto oracle hub on the Ethereum network and can be viewed as the connection that connects blockchain-based smart contracts to data not naturally found on the blockchain. The data obtained and provided by Chainlink is often required for the execution and completion of smart contracts on the network. ⚙️ How does Chainlink work? Chainlink exists on the Ethereum network, meaning it uses a proof-of-stake consensus mechanism and also uses a token standard to ensure compatibility with the Ethereum network at all times. Typically this is an ERC-20 token, which we talked about before, however Chainlink is actually an ERC-677 token. ? What makes Chainlink unique? What makes Chainlink unique is not that Chainlink is an oracle, of which there are others. What makes Chainlink unique is that it acts as a hub for other oracles rather than directly being the oracle itself. This means that it is through Chainlink that many other oracles are connected to individuals or organizations that want to purchase off-chain data. ? $LINK Tokenomics There will only be 1 billion LINK tokens, all of which have been pre-mined before launch, as is common practice for most proof-of-stake projects. LINK can be used for all classic applications such as staking, governance and rewarding node operators for their services. However, its main purpose is to pay data providers for their services. ? Learn more about Chainlink: https://www.iexplaincrypto.com/chainlink-explained-bridging-blockchains-with-real-world-data/ Timestamps ⏳ 00:00 Intro 1:32 What is Chainlink? 2:54 How does Chainlink work? 4:40 What makes Chainlink unique? 5:56 $LINK Tokenomics