Chainlink (LINK) is one of the top-20 cryptocurrencies, in terms of market cap. There are many reasons for the popularity of Chainlink. It has a unique business model, which is one of the main reasons for its increasing popularity. One of the main aspects of these blockchain projects is that it doesn’t compete against other cryptocurrencies in the crypto market. This platform wants to use its unique protocols for advancing the entire sector.
Chainlink Labs was founded in 2017 by Sergey Nazarov. It is a blockchain abstraction layer, which helps universally connected smart contracts. This blockchain abstraction layer uses decentralized oracle networks and external adapters for allowing blockchains to interact with external payment methods, events, and realworld data feed in a secure manner. It helps a Distributed Ledger Technology (DLT) to provide critical off-chain information required by complex smart contracts for becoming the digital agreement’s dominant form. He had teamed up with Steve Ellis in 2014 for launching a platform called SmartContract.
Chainlink is one of the first major players in the field of blockchains that allowed off-chain data integration into smart contracts. It has become one of the major companies in the field of data processing. Many trusted data providers (such as Huobi, Alpha Vantage, and Brave New Coin) have put their faith in Chainlink. They provide data directly to Chainlink and in this way they have helped to monetize the information they have. This helps these data-providing companies to monetize the information.
Chainlink’s decentralized oracle network is driven by the developers of smart contracts, Chainlink nodes operators, providers of data, security auditors, researchers, and more. As a user, you can become a node operator by running critical data infrastructure and in return earn revenue. This helps the Chainlink network to run properly, leading to the success of this blockchain. In this way, Chainlink provides offchain computational flexibility to smart contract developers.
A wide array of node operators are used by Chainlink collectively to power decentralized Price Feed blockchain oracles networks live in-production, thereby securing billions of US Dollars in value for leading DeFi apps such as Aave, Synthetix, yEarn, etc.
Both total and max supply of LINK are 1,000,000,000 LINK tokens. The circulating supply is 443,009,553.92, which is 44% of the total supply. As of August 4, 2021, the Chainlink price is US$23.51 and the market capitalization is US$10,391,026,577.
LINK price has increased from US$1.8066 on January 1, 2020, to US$11.27 on December 2020, which is an 11-times increase in price, giving investors a return of 524% in 2020. Chainlink price reached an all-time high (ATH) price at US$$52.88 on May 10, 2021. Since ATH, the price has corrected by over 55% to the current level around US$23.51.
The 24h high, 7d high, 30d high, 90d high, and 52 week high levels are US$24.25, US$24.25, US$24.36, US$52.88, and US$52.88 respectively. The 24h low, 7d low, 30d low, 90d low, and 52 week low levels are US$22.16, US$18.64, US$13.47, US$13.42, and US$7.50 respectively.
Chainlink tries to solve one of the major problems of the blockchain sector, which is to solve the problem of communicating information to and from the blockchain. Sensors known as oracles accomplish this task traditionally.
Oracles can be used to monitor almost anything including the value of stocks, sports scores, weather, and many more. The usability of blockchains can be increased significantly by using oracles. This is done by providing a reliable way of initiating smart contracts when the outside parameters are fulfilled.
However, oracles also have a downside, which stems from being centralized. If an oracle gets compromised or corrupted, the entire network is put at risk because of the centralized oracles.
In blockchain creation, one of the most important steps is data entry. If any information during the data entry process is incorrect, it is extremely difficult to rectify/erase the incorrect data because of the immutable and censorship-resistant features of the blockchains. It is impossible to rectify or erase the incorrect data on some blockchains. The development community calls it the “Oracle Problem”. By integrating various next-gen protocols, this problem is tackled by the Chainlink network.
The network is benefitted majorly by Chainlink. For expanding the network, oracles are important. In the sector, they have brought some major developments. One such benefit is utilized by decentralized exchanges or DEXs. These exchanges use oracles for determining the price of digital assets without providing an order book.
The firms are enabled by Chainlink in leveraging their powerful technology in a trustless manner. This enables the users to receive non-corrupt, correct, and timely data. Even if a single node fails, it is replaced automatically by the system with a higher ranking alternative.
Chainlink has some major use-value in the real world, unlike many other hype-based and no-substance cryptocurrencies. A necessary resource is provided by this platform to the market. A new level of flexibility is provided by Chainlink to the developers by expanding the functionality of the world’s blockchains. This makes Chainlink one of the hottest crypto coins in the market. That is the reason why there has been a significant increase in the price of LINK.
As of mid-July 2021, the price of LINK is hovering around US$15.51. It reached an all-time high (ATH) price at US$52.88 on May 10, 2021. In the last 2-months, the price of LINK has corrected by over 70% from its ATH. In 2020, the price of LINK against the US Dollar increased from US$1.8066 on January 1, 2020, to US$11.87 on December 31, 2020. This means, the price of Chainlink increased by 557% in 2020. If you invested US$10,000 on January 1, 2020, the value of your investment would have been US$55,700 by the end of 2020.
The major reasons for Chainlink’s rise in price are:
All these factors make the Chainlink platform well-prepared for handling all kinds of challenges that may crop up in time. There will be some major updates of the APIs in the near future, which could push the price of LINK multiple times.
Yes, Chainlink is worth investing in, especially in the coming 5-years. You can invest in it through any leading and reliable cryptocurrency exchanges or crypto APIs such as Coinbase, Kraken, Coinmama, Binance, and many more. You can also invest in LINK on iTrust Capital if you like to invest through an IRA.
If you want to trade Chainlink frequently or want to hold a small amount of it, you can keep it in your cryptocurrency exchange wallet. In case, you are a hodler and want to hold for over 1-year and long-term, you should use more secure storage space. One such reliable mobile Dapp is JAXX, where you can save LINK safely. However, the best way to store LINK is in a hardware wallet such as Ledger Nano X or Ledger Nano S.
You can buy and sell LINK against various fiat currencies (US Dollar USD, British Pound, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of cryptocurrency exchanges or crypto APIs (such as cryptocom app).
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