Chainlink has seen a significant change since its inception in September 2017. For the first time ever, the top 10 whale addresses holding links have less control of the total supply of LINK. According to reports, the popularity of the token made it possible to spread out the supply among individual investors.
The Chainlink network is an oracle network that allows smart contracts to use real-world data on the blockchain. A smart contract is a predetermined agreement written into the blockchain that evaluates the available information and then executes the commands. In order to pay for network services, LINK tokens are utilized.
Chainlink was developed in 2014, but it didn’t become publicly available until 2017. Its CEO is 32-year-old Sergey Nazarov, who is heavily involved in the crypto industry. When the network was first conceived, it was intended to be a centralized oracle network that can validate incoming information. It began as a centralized system that connects to smart contracts, but over time, it transformed into a decentralized one that uses external data sources and APIs to provide safe transactions.
Chainlink is an open network. Anyone may participate in the network by either supplying data to it or completing Chainlink’s “jobs,” which assist in running its nodes and oracles. LINK tokens are the main tokens of the Chainlink network, and these operators are rewarded using these tokens. LINK may also be staked by users who maintain or run smart contracts in order to get additional compensation.