Current Price of Chainlink: US$13.10
Chainlink (LINK) is yet another crypto that serves as a decentralized network of oracles that provide real data to blockchain smart contracts. It was designed to solve the ‘oracle problem’, as it aims to deliver accurate and secure data to smart contracts.
The Chainlink is a decentralized oracle service, and the native cryptocurrency of Chainlink is denoted by LINK, which is used to pay for the services offered by the network, such as data access and processing.
It runs on Ethereum and is based on the ERC-677 standard, which is the enhanced version of the well-known ERC-20. Preventing the falsification of data is also one of the major achievements of Chainlink, mainly due to the decentralized concept.
Secondary participants or node operators in the Chainlink system are rewarded with LINK tokens to supply accurate data. Many different nodes also work independently to fetch and check data, which eliminates the issue of centralization.
Some crypto tokens, known as LINK, are staked by node operators that prevent certain malicious activities in return, creating synergy of interest. They noticed today that Chainlink cannot only support DeFi, insurance, and gaming applications but also offer off-chain data feeds for them. So, Chainlink can be considered under the decent top 5 tokens to buy and hold for 2024.