LINK is a token of the cryptocurrency project Chainlink, which serves as a service coin and is used to pay providers for nodes in the network of decentralized oracles. LINK combines two Ethereum network token standards - ERC-20 and ERC-223.
The innovative project Chainlink seeks to merge the real world with the virtual world by creating a network of decentralized oracles that validate data from the real world and guarantee its validity.
According to the idea of the Chainlink developers, oracles, on request, collect and input into the blockchain data from the real world (product quality, whether delivery deadlines are met, etc.); in turn, this data, pre-programmed in smart contracts, triggers their further execution.
The provision of reliable data by oracles is governed by crypto-economic incentives in the form of rewards or penalties.
The LINK coin is traded and bought on most cryptocurrency exchanges.