What is Chainlink (LINK)?
Since Chainlink's launch on the cryptocurrency radar, the technology company and token keep making waves on crypto charts. Interestingly, Chainlink keeps attracting the attention of crypto investors, blockchains, and DeFi companies yearly. More importantly, it's a wonder how Chainlink has caught the attention of founding tech establishments like SWIFT and Google. Let's get you up to speed on all you need to know about Chainlink (LINK).
Definition of Chainlink (LINK)
The Chainlink technology is designed using upgradable and interwoven on-chain and off-chain sources for the advancement of smart contracts and digital technology. Chainlink operates on the fundamentals of decentralized finance by sourcing data from multiple sources. The technology then processes these streams of data with multiple nodes following its schematics. Oracles on the LINK network are managed by a channel of nodes that are scrutinized and monitored continuously.
It's interesting how the designs of Chainlink's oracles are architecturally structured to remain upgradable by tweaking the chain pattern. The build-up of each oracle makes it palatable for the connection of an external API or data feed with a blockchain. Only a few Decentralized Finance companies or platforms have innovative technologies in place to match up the diversification of Chainlink into the crypto world. It's no surprise that Chainlink ICO makes major commitments to crypto.
LINK, Chainlink's native token was launched in 2017 and remains very much active in the cryptocurrency trading market today. In the second and third quarter of 2020, LINK demonstrated major highs leading to most tokens released in 2017. Chainlink technology provides the system with reliable and affordable oracles to ensure stability. The LINK token is backed up with series of protocols assigned to continually monitor the value of the asset in real-time.
The Early Beginnings of LINK
Like most cryptocurrencies in the digital financial world today, LINK's outburst started with the launch of its whitepaper in 2017. The tech trio consisting of Sergey Nazarov, Steve Ellis, and Ari Juels where they shared their idea of a decentralized oracle network. Before the launch of Chainlink, the blockchain couldn't acquire reliable data from the real world. These three tech-savvy shared their vision to create a digital asset with a direct "link" to a real-world asset like Gold.
Since Chainlink became fully operational, it's been managed by SmartContract Chainlink Ltd. The fintech company records outstanding research in digital technology under the management of Sergey Nazarov as CEO. Following the $32m revenue of Chainlink ICO in 2017, the technology keeps crossing several milestones including the launch of Chainlink mainnet on Ethereum in 2019. Being "Blockchain Agnostic" as Chainlink technology is often called, it's partnered with leading brands like Oasis Network, Tezos, and Google.
Uses of Chainlink
Chainlink oracles are chains of decentralized networks commonly used by smart contracts for various reasons. Depending on the end game of the smart contracts, LINK can be used to actualize digital security, asset management, and the creation of a secured supply chain network. Meanwhile, Chainlink has always been utilized primarily to supply reliable information from on-chain and on-chain sources. To secure these data to the fast-growing dApps market, Chainlink continues to expand its uses to connect payment systems like PayPal to its blockchain technology.
Today, one of the outstanding results of LINK includes the aggregate and up-to-date price feeds on both fiat currency and cryptocurrency. To stay as one of the leading aggregate prices feeds providers - Chainlink partners with decentralized and centralized exchange platforms for coordinated and updated data extraction. With this accessible technology, data consumers and providers like DeFi companies can access the Chainlink technology using smart contracts.
Aside from constantly supplying data to the ever-increasing DeFi market, Chainlink continues to partner with leading tech players on becoming active participants in the crypto market. For example, LINK's partnership with SWIFT in 2019 is a brilliant innovation looking to connect smart contracts with banking systems. Alongside this, Chainlink somehow convinced Google in using LINK's nodes in blockchain application designs with Google Cloud or Ethereum networks.
Chainlink's rapid growth in Decentralized Finance (DeFi) has made the company focus the majority of its resources on DeFi. Today, a significant number of DeFi companies depend solely on Chainlink technology for their operations. Sergey Nazarov recently confirmed that other optimistic DeFi companies seem poised in adopting the Chainlink technology. Even when Chainlink has managed to stay afloat as the leading player in the space, new projects appear to be a threat to its position.
As a result of this potential competition, Chainlink looks to extend its partnership beyond DeFi reaching the loins of traditional financial markets. Aside from looking into the insurance and gaming industries, Chainlink partners with data-providing companies like Tokenview, Binance, and CoinGecko for a broad diversification into the crypto markets. Over the last few years, Chainlink continues to scout for small and medium enterprises with a promising future in blockchain technology.
Of course, Chainlink isn't just interested in expanding its functionalities, the technology company also differentiate into geographical markets. In 2019 alone, Chainlink's presence in Asia tripled its growth and investment commitments since the whitepaper launch in 2017. Those with doubts about the future of Chainlink would need to rethink following the recent ongoing events from 2019. Sometimes in late February 2019, the leading technology giant Polkadot welcomed Chainlink to its substrate network.
In the first quarter of 2020, Tezos granted Chainlink access to its protocols to expand the provision of price feeds to its developers. Surprisingly, RZK, one of Bitcoin's top sidechains integrated Chainlink to its data providing arm. Of course, the recent achievements would be incomplete without the mention of the acquisition of DECO. As stated by Sergey Nazarov, DECO's acquisition is considered a huge step towards sole proprietorship in blockchain technology.
Chainlink solves one of the major setbacks faced by smart contracts. For the last few years, smart contracts have has major challenges in implementing a connection between data feeds and blockchain networks. As seen thus far, Chainlink's ability to provide a lasting solution to these challenges makes it viable in DeFi. With LINK, DeFi companies can access delivery confirmations and up-to-date price feeds using Oracle Connectivity.
BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.
BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts, derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.