- Chainlink (LINK) accomplished its objectives in the past four years, linking smart contracts with verifiable data.
- The project takes its goals to a different level, integrating Google Cloud’s weather data and creating a multi-chain bridge.
- Chainlink supports its activities via an open, fair, and decentralized system, leading to verified info.
- LINK has seen price swings this year as bullish traders target over $50 by the end of 2021.
Blockchain technology is among the best steps in the DeFi space, acting as an open ledger for transaction records. As time goes, Ethereum and other related projects have ventured into the smart contracts business. Smart contracts are blockchain programs that users can execute after they meet certain conditions. For instance, Chainlink formulated an ecosystem for rewarding, verifying, and channeling off-chain data.
LINK is Chainlink’s native crypto, used to pay node operators and participants. The platform follows a procedure to make the process accurate and easy. Firstly, Chainlink utilizes an SLA (Service Level Agreement) to match blockchain operators that need off-chain data with oracles.
The agreement will highlight the blockchain provider requirements. Moreover, the chosen oracles get results via Chainlink.
Chainlink selects the most accurate results after comparing the ones with numerous info. Finally, users can execute the ‘smart’ contracts via Chainlink.
Chainlink (LINK) has experienced wild swings exhibited by the overall cryptocurrency market. The token has lost 17% in the past three days, plunging from $29.3 on 23 Monday to $25.2 on Thursday 26.
While writing this, LINK hovers at $25, over twice its January price. For now, the asset’s closest support lies at $24.3 as the resistance locates at $27.7. If increased bearishness sends the token below $24, it will drop to hit $21.5.
With its ‘smart’ contracts capability, most blockchains will utilize LINK in the future. That had bullish investors targeting $100.
Sergey Nazarov founded Chainlink in 2017. The project managed to remain stable in the DeFi space due to its continuous improvements and service expansion. For instance, the platform now connects blockchain’s smart contracts to Google Cloud data. Keep in mind that bad weather might affect the financial space, translating to losses. That is why Chainlink wants to stay ahead by integrating Google Cloud.
Another coin known as Ethereum killer, Solana, has included Chainlink (LINK) in its network. Developers can now use the Solana price feed.
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