ChainLink (LINK) is one of the emerging projects that is getting more and more attention. In this article, we will look at the fundamentals of Chainlink to find out what the implications and opportunities are for the cryptocurrency market.
A brief history and the technical aspects of Chainlink (LINK)
Chainlink (LINK) is a decentralized platform developed based on the Ethereum (ETH) platform. It uses Ethereum’s most popular application, the smart contract protocol ERC20. Based on this, Chainlink has created its own token called LINK. The creator of ChainLink is Sergey Nazarov, who has been active in the blockchain industry since 2011. In September 2014, he founded the company SmartContract, which became the basis for ChainLink.
The platform was created as a solution for corporate and institutional customers. It is designed to support smart contracts in acquiring external data sources. It supports connections to other blockchain networks, banking systems and web APIs. It runs on Oracles, a decentralized Oracle system that uses distributed resources and relational databases. Chainlink supports three types of contracts. These are the reputation contracts, contracts responsible for matching orders, and the aggregation contracts.
Chainlink (LINK) price development
LINK is a relatively young token. The total supply on the market is estimated at 1 billion. LINK’s first listing dates back to September 20, 2017, and began at a price of $0.15. During its peak in 2018, it reached $1.44. At the time of writing, LINK is setting its new All Time High and is trading at prices in excess of $25. Given that the bull market could still be going, there is possibly still a long way to go for ChainLink in discovering its market value.
Opportunities for Chainlink (LINK)
More and more investors see ChainLink (LINK) as a project that will settle into the top 10 most valuable cryptocurrencies for good. This is supported, for example, by LINK’s progressive adoption. This is especially evident in China, where the government has determined that ChainLink will become the leading provider of Oracle solutions for institutions and enterprises.
ChainLink also cares about marketing and communications, and we are seeing a rapidly growing community around the project. The result is growing trust from existing partners and the continuous acquisition of new partners. ChainLink is also a partner of SWIFT, the world leader in international payments, and this further defines the status of the project.
Many see ChainLink as the third step in blockchain adoption, enriching the network with real data thanks to oracles. Moreover, ChainLink is realizing goals where competing projects are only in the concept phase. This allows it to immediately become a leading player in the cryptocurrency market.
All these aspects make LINK a token with a fairly rapid increase in value. It is a token that you cannot let pass unnoticed.