Chainlink has got some of the most insane price predictions. However, there is one section of crypto fraternity which calls it a bubble. Is there going to be a boom or burst with LINK pricing? Well, we will look into it in-depth and detail. Firstly, what is Chainlink and why it matters to you? We will look into future price predications in the finishing sections.
What is Chainlink?
As per the tagline, Chainlink connects your smart contracts to data, events and payments of real world. You get reliable tamper-proof inputs and outputs for the uncertain smart contracts that operate in a blockchain. It is a two-part process that makes the entire situation possible. Firstly, it connects smart contracts to external API or data sources required for functioning. Secondly, it forwards payments from contracts to bank accounts or payment networks of the real-world banking system.
Endorsed by the biggest names in the business
The project is endorsed by people holding top positions in reputable brands. Allen Day, Science advocate of Google says smart contract DAPPs request data from Chainlink, which in turn fetches data from services operating in Google App Engine. The entire process works so smoothly and swiftly, ChangPeng Zhao, CEO of Binance claims that with the help of Chainlink, they can change the entire DeFi scene. Peter Czaban, CTO of Web3 Foundation, expressed his excitement over aligning their roadmaps with Chainlink, which builds open standards and solutions for Oracle.
Some of the other brands linking with Chainlink are Synthetix, Loopring, Off-chain Labs, Ampleforth, AAVE, Gartner, Binance, Enterprise Ethereum Alliance and more. Some of the projects that Chainlink recently has onboard are KardiaChain, Ethereum Name Service, Revolution Populi, DigiTix, Meter.io, Gelato, Huobi Wallet and Bullionix in this month alone. This is a highly sought for a tie-up for projects operating in the crypto space.
How does Chainlink work?
Understanding how Chainlink works is really simple. It connects the smart contracts to the inputs and the outputs. The inputs come from data sources and APIs. It can be stats, medical information, passwords, cloud data and more. The outputs are bank accounts operating in fiat currencies and payment methods. Payment methods include bitcoin wallet, fiat-based mobile wallets, real-world assets and more. All Chainlink does is plugs the smart contracts into both ends. It does it so seamlessly that it gets applauded by top brands and biggest names in the business.
Why Chainlink matters to you?
LINK has already rallied over 167% this year. It is already one of the top performers in the crypto market. It has reached its all-time high of $8.48 on July 13. Chainlink is definitely not a boom or fluke. The fundaments and support system is still going strong. The combined numbers of active addresses and transactions are on the rise. Additionally, the sheer number of people who are using and holding LINK is also increasing. Moreover, the number of tie-ups is increasing at a rapid phase. The foundation is going strong at a deeper level for Chainlink. It looks promising for insanely positive price predictions for 2020.