If you want to learn about a cryptocurrency that is reaching new all-time highs, we present you with LINK from ChainLink, which today reached US $ 8.33 in a new record. We tell you the details here.
What is ChainLink?
For those who don’t know, ChainLink is a decentralized network that aims to connect smart contracts with real-world data. LINK, meanwhile, is the native cryptocurrency of the decentralized ChainLink network, and is used to pay node operators.
Likewise, ChainLink is a platform that aims to bridge the gap between Blockchain technology-based smart contracts (broadcast by Ethereum) and real-world applications.
Since blockchains cannot access data outside their network, oracles (a DeFi instrument) are required to function as data feed in smart contracts. In the case of ChainLink, the oracles are connected to the Ethereum network.
Since the ChainLink network has a reputation system, node providers that have a lot of LINK can be rewarded with bigger contracts. While if accurate information is not delivered it results in a token deduction.
LINK’s rise and its new record
If we look at the ChainLink price chart, we will see how it has evolved over the years, but especially in recent days. At the time of writing, LINK is changing hands for a value of $ 8.33, which translates into a growth of 13.81%.
With all this good news, ChainLink is also positioned as part of the top 10 cryptocurrencies today. Also, it is now available on Coinbase, making it more popular and accessible to more people. Impressive, isn’t it?
Some factors may have influenced this event throughout 2020. For example, this year several companies and projects have confirmed that they will integrate ChainLink oracles into their products and services. That list includes impressive names, like Kadena, China’s Blockchain service network, and Ethereum Classic, to name a few.
With so many third parties acknowledging the hard work of the ChainLink team, there is great positive momentum for the cryptocurrency. In this way we can know that ChainLink has a good future ahead if it continues as before.
After all, and despite the amount of competition that exists in the cryptocurrency industry, ChainLink is positioning itself as a widely used Blockchain solution.
The latter is difficult to achieve at present considering the conditions. Therefore, If you had the opportunity to invest in ChainLink would you do it?