LINK is a Cryptocurrency in ChainLink, a decentralized oracle service, the first of its kind that allows businesses to create a smart contract easier by retrieving the data from the existing Oracle Database via API or other off-chain sources then integrate into the Blockchain (Put it on-chain).
The problem of smart contract is, per their design, smart contracts can only manage data on the blockchain. Their potential, the ability to provide tamperproof decentralized applications for uses the world over, is still largely untapped. Many smart contract programs are built on Ethereum but it still lack a bridge to the real world industries.This is where ChainLink comes in.
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