Potentially smart contracts are the most innovative approach in the crypto game after Bitcoin. It was initially proposed by the brilliant mind of Vitalik Buterin, who is also the chief programmer and founder of Ethereum. Smart contracts is simply a set of codes that enables two parties or organizations to carry out an agreement without needing intervention from a third party.
Many smart contract platforms are remote on separate blockchains and can't associate with outside information feeds. This limits smart contracts from reacting to events outside their network. Chainlink provides a solution to the problem by using its decentralized network of data providers called oracles.
Oracles continue the live data feed by connecting to multiple nodes (computers) that are dispersed worldwide, making it more dependable. For people to partake in this network, data providers must place stakes in the platform's digital token called LINK.
From this point, data providers can receive rewards on the condition that they provide valid information, and if the information is false, their stakes are slashed. This is Chainlink's way of incentivizing cooperation and discouraging untrustworthy data providers. Chainlink has managed to amass big corporations and independent users in its blockchain network.
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BingX has the lowest Chainlink (LINK) transaction fee among all major exchanges
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