Which decentralized oracle network uses the LINK token?

Chainlink is the decentralized oracle network that uses the LINK token. It connects blockchain-based smart contracts with off-chain data and services, such as market prices, weather information, sports results, and other real-world inputs.

Blockchains cannot normally retrieve outside information on their own. Chainlink addresses this oracle problem through networks of independent node operators that obtain, aggregate, and deliver data to smart contracts. The LINK token is used to pay node operators and can support deposits or staking mechanisms tied to the network’s security.

Chainlink was introduced in 2017 by Sergey Nazarov and Steve Ellis, with Cornell professor Ari Juels co-authoring its white paper. Its network formally launched in 2019 and initially became closely associated with Ethereum-based decentralized finance applications.

The main mix-up is confusing Chainlink with an oracle data product or with competing networks such as DIA, API3, or Band Protocol. LINK is Chainlink’s native utility token; it is not the name of the oracle category itself. Chainlink has also expanded into cross-chain messaging and proof-of-reserve services.