Overview of Chainlink
- Chainlink is also expanding to other chains such as Polkadot and Tezos. Results have exceeded expectations and the company has also been recognized, among 6 other blockchain companies (Lightning Labs, MakerDAO, Elliptic, Bitmark, Ripio, Veridium Labs) by the World Economic Forum among the 100 most promising Technology Pioneers of 2020.
- Chainlink makes it possible for data outside the realm of the blockchain to be verified by smart contracts, thus significantly improving the accessibility of cryptocurrency and their progress towards becoming more fully implemented within major tech firms, financial institutions and the general marketplace.
- Chainlink investors may be “becoming increasingly uncertain in its prolonged rally,” according to on-chain analytics resource Santiment, which reported that though there weren’t “many bearish indicators or signs of an impending top” for LINK as of last week, that may no longer be the case.
- Chainlink then uses these contracts to select oracles based upon parameters set by the user, reports the requested data back to the blockchain once found by the off-chain oracles, and then aggregates the data submitted by all the oracles in order to provide an accurate, weighted answer.
- Chainlink is open source under the MIT License, so if you’re developing a product that could benefit from Chainlink decentralized oracles or would like to assist in developing the Chainlink Network, visit the developer documentation or join the technical discussion on Discord.
- Chainlink partners with projects small, medium, and large, but a lot of the fresh excitement around the oracle network is a result of how the project has aptly positioned itself to serve the ongoing DeFi surge we’re seeing in the cryptoeconomy.
- Chainlink price today is $32.51 USD with a 24-hour trading volume of $1,781,889,669 USD. Chainlink is up 1.94% in the last 24 hours.
- ChainLink demonstrated the PoC at the SWIFT Sibos Conference in October 2017, where it pulled off-chain interest rate data from five different banks – Fidelity, BNP Paribas, Barclays, Santander, and Societe Generale.
- Chainlink’s design, incorporating direct calls to any API through default adapters and extensible external adapters, gives developers a flexible platform to create as they see fit, with any data they might need.
- Chainlink Co-founder Sergey Nazarov said, “The existing systems powering global finance, global trade, and existing government systems do have a place in a blockchain-based future.
Transactions
This integration not only provides value to RSK, but also benefits Chainlink node operators by giving them access to an additional blockchain environment to provide oracle services too. This results in a higher volume of transactions and additional revenues, further consolidating Chainlink’s position as the most relevant and widely used data oracle protocol in the blockchain ecosystem.
Network
Remember, the more value the Chainlink token helps secure in applications like DeFi, the more network effects and use cases it is involved with, and the more collateral that will be needed in the future for smart contracts, will all lead to an increase in Chainlink’s price going up.
Mine
For a comprehensive Chainlink price analysis, let’s take a look at the price action on the monthly chart first to determine the key levels of support and resistance that the price is going to interact with on its presumed path to the all-time high.
Support
Chainlink supports governments and organizations around the world involved in the UNESCO Global Education Coalition by providing easily accessible education around smart contract development and by simplifying the integration of existing systems with blockchain networks.
History of Chainlink
- In 2014, Nazarov created the Secure Asset Exchange (SAE) project, which was engaged in the decentralized clearing.
- In 2017, Chainlink hosted an ICO that was, at the time, one of the largest events to take place.
- In 2017, CZ noticed the sudden rise in coin offerings and decided to make a coin of his own.
- In 2017, when Chainlink (LINK) was listed on exchanges, its price was $0.126297.
- In 2018, the project bought Town Cryer, which developed oracle technology, from Cornell Tech.
- In 2019, company announced Binance Jersey, an independent entity from its parent Binance.com exchange, with the aim to expand its European influence.
- In 2019, Chainlink made one of its most significant partnerships to date.
- In 2021, altcoins posted strong gains amid growing retail demand.
- On 3 January, LINK broke through the resistance at $0.38 and reached $0.55 a week later.