One star, Chainlink, stands out in the vast universe of cryptocurrencies and blockchain technology with a distinctive glow. Chainlink is a blockchain abstraction layer that was created in 2017 that enables globally connected smart contracts. It serves as evidence of the creative application of technology to close the distance between the blockchain and the outside world.
A Further Examination of Chainlink
In the beginning, Chainlink’s main job was to gather and give Decentralized Finance (DeFi) protocols like Aave coin pricing data. But since then, it has seen a substantial change in function. Over a billion data points are currently accessed by Chainlink’s ecosystem, which also secures over $75 billion in value and has merged with over a thousand projects spanning 700 oracle networks.
Blockchains may safely communicate with external data feeds, events, and payment methods thanks to Chainlink, which runs on a decentralized oracle network. Complex smart contracts require significant off-chain information, which is provided by this feature, enabling smart contracts to take over as the main type of digital contract.
Furthermore, Chainlink is not just applicable to the world of cryptocurrencies. It has worked with well-known businesses that use its data verification services, including AccuWeather, FedEx, FlightStats, and the Associated Press.
A Group of Honorable Advisors
One of Chainlink’s notable accomplishments is luring a distinguished set of advisors. Eric Schmidt, the former CEO and chairman of Google, has notably become a technical advisor for Chainlink. Chainlink has been hailed by Schmidt as the “secret ingredient to unlocking the potential of smart contract platforms and revolutionizing business and society.” He shares the objectives of other well-known advisors, such as former LinkedIn CEO Jeff Weiner and DocuSign co-founder Tom Gonser, in helping Chainlink create a world powered by truth.
Focusing on the Future
Chainlink started to allow users of LINK the opportunity to stake in late 2022. This new function will improve network security and provide incentives for involvement. Sergey Nazarov, a co-founder of Chainlink, clarified that, unlike blockchains, Chainlink doesn’t create blocks. Instead, it secures agreement on price data across many oracle networks. The team has spent years getting ready, and they are confident in the strength of its security and scalability controls as they prepare to deploy this new staking functionality.
Financial Stability
Chainlink has proven to be resilient despite the crypto market’s inherent volatility. Chainlink’s increase from an all-time low of $0.1263 on Sep 23, 2017 (+5072.97%) highlights its sturdiness, even with a collapse from its all-time high of $52.88 on May 9, 2021, to a reduction of -87.64%.
With a market value of $3,375,892,885, Chainlink is now ranked 19th out of thousands of projects. The total value of its 24-hour trading is $146,595,687. 517,099,970.45 LINK tokens are in circulation, which is 51.71 percent of the 1,000,000,000 LINK total and maximum supply. Chainlink’s market capitalization is $6,533,306,986 when fully diluted.
Looking Forward
Chainlink shines as a light of potential in the blockchain industry with its attractive blend of real-world applicability, notable collaborations, and intriguing future advancements like staking. As Chainlink continues to pioneer the transformation of digital agreements and influence the future of blockchain technology, the world waits with anticipation.
