As the native cryptocurrency of the Ethereum network, ETH is also used to pay for transaction fees and computational services on the Ethereum network.
While ETH is the currency of the Ethereum network, there are other tokens that exist on Ethereum and are used for a variety of purposes. One such token is Chainlink (LINK), which is used to power the Chainlink decentralized oracle network.
So, what exactly is an oracle? An oracle is a service that provides data to smart contracts. This data can be anything from prices of assets to weather conditions. Since smart contracts are self-executing and self-enforcing, they need to have access to data from the real world in order to function properly.
This is where oracles come in. Oracles act as a bridge between the world of smart contracts and the real world, providing data that can be used by smart contracts to trigger certain events or execute certain actions.
NOTE: WARNING: Chainlink is not an Ethereum token. It is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. Chainlink does interact with Ethereum but it is not an Ethereum token, and therefore investors should be aware of the differences between the two technologies before investing.
Chainlink is a decentralized oracle network that provides data to smart contracts on the Ethereum network. The Chainlink network is made up of nodes, which are run by node operators.
These node operators stake LINK tokens in order to secure the network and earn rewards for their participation.
LINK tokens are also used to pay node operators for their services. When a user wants to use the Chainlink network, they first need to create a smart contract that specifies the data they need and how much they are willing to pay for it.
This smart contract is then sent to a node operator, who will execute it and provide the requested data to the user. The user will then pay the node operator in LINK tokens for their services.
So, while ETH is the currency of the Ethereum network, LINK is the currency of the Chainlink decentralized oracle network. Both ETH and LINK are necessary for their respective networks to function properly.
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Ethereum has been touted as a governance token, but is it really? Let’s take a look at the pros and cons. On the plus side, Ethereum does have a governance model in place.
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