The ChainLink Network developed software that can allow a smart contract creator a way to interact with different data providers, payment solutions, and the traditional banking system.
In addition, companies utilizing smart contracts on the Ethereum Network can chose to be paid in Bitcoin, FIAT, or other cryptocurriences. Imagine a contract made between a record label and a musician. Real-time data can be gathered about YouTube views, album sales, concert revenue, travel schedules, social media, and other expenses. This data from various APIs is pulled into ChainLink Network where it provides the smart contract the information it needs to execute on the Ethereum Network. Now the artist can get paid in USD, the social media company can receive the Bitcoin it requested, the Youtube director can receive his payment based on unique views, and the band’s bus driver can get paid in the Euros he requested. All of this done in real-time, around the world, in a way that can be verified by each party.
So why do you need a token on the ChainLink Network? The LINK token will be used to compensate the data providers, ChainLink node operators, payment providers, and other online service providers. This compensation will both help guarantee accurate data, in addition to increasing decentralization across the network.