Although Bitcoin continues to be the most popular cryptocurrency, a new offering dubbed Chainlink is acquiring traction. Having entered the top five tokens in terms of market capitalization and attracting a lot of internet attention.
Chainlink’s value is currently at approximately $6 billion, according to CoinMarketCap. Hence, it is a platform where the crypto-coins and global exchanges’ ups and downs record. A Link, a single token, is now worth around $17.
A bitcoin is currently worth roughly $11,500, and the cryptocurrency altogether is worth more than $210 billion.
The value of Bitcoin skyrocketed in 2017 as the exposure and speculation surrounding its potential went into overuse. Pushing the coin’s value to nearly $20,000 before collapsing. Ethereum, Ripple (XRP), and Tether are among its main competitors in 2020.
People are looking for news about Chainlink, according to Google Trends. Over 20,000 people joined a Reddit group, and its highlights frequently on 4Chan’s /biz/ financial board, for better or worse.
Chainlink describes on its website as a framework for creating non-centralized oracle networks that provide secure and trustworthy data inputs and outputs for your smart contract. That’s a lot of information to absorb. As a result, we sought the advice of a crypto expert.
Chainlink
According to CryptoCompare’s CEO and co-founder of tracking site, Charles Hayter, Chainlink is a way of linking the gap between the realm of blockchains and the rest of the world. Emphasizing its goal to Newsweek through email.
He reiterated that Chainlink is a decentralized oracle network framework. Oracle networks serve as a source of data that connects the physical world with the blockchain realm.
In general, Chainlink uses to improve smart contracts. Which are online agreements involving a buyer and seller that records on a blockchain. The Ethereum blockchain, which dedicates to those transactions, forms the foundation for Link.
According to CryptoCompare, Chainlink functions as a bridge between cryptocurrency smart contracts and off-chain resources such as data feeds, various online APIs. As well as traditional bank account payments, indicating that Chainlink has had a significant upward trend in the previous month.
Chainlink has been there since 2017, but it releases officially in 2019 as a mechanism to connect external data to smart contracts on any blockchain, according to one of its explainers.
A link sees its price soar considerably in recent months with the ascent of DeFi [Decentralised Finance]—where oracles are most useful—and in line with a wave of remarkable collaboration announcements, including Google Cloud and Oracle, according to CryptoCompare’s Hayter.
He claims that Link sparks a lot of speculation. With a year-to-date ROI of 668.65 percent, it has been among the best-performing crypto assets in 2019 and 2020.
