The Rising Star - It's all about Chain-link.
A flurry is happening in the crypto sphere and we have seen a new name getting popularity. There is spike in its price and looks to be a promiseing option for all crypto enthusiast. It is one of the rising star. "LINK" is one of a handful of cryptocurrencies in which value is tied to the business case for the currency.
Chainlink is a blockchain project that aims to build bridges between payment services like PayPal and Visa, banks and cryptocurrencies like Ethereum and Bitcoin.
After the market saw a drop down to about $1.50 – LINK has managed to come back steadily and strongly to reach $7(approx). With market cap of $2.5 billion, it stand 10th in the list of major crypto- currencies.
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coindesk research
Chainlink explains:
“Smart Contracts provide the ability to execute tamper-proof digital agreements, which are considered highly secure and highly reliable. In order to maintain a contract’s overall reliability, the inputs and outputs that the contract relies on also need to be secure. Chainlinks provide a reliable connection to external data that is provably secure end-to-end.”
We can easily summ up the growing popularity by looking at two aspect.
*Firstly,It is part of the growing decentralised finacing - “Defi economy.” blockchain-based financial software which relies on smart contracts and does not allow human intervention in its operations.
Secondly, the decentralized oracle network security guarantees with each smart contracts. By allowing multiple "links" to evaluate data, Chain-link proves to be highly secure, reliable, and trustworthy.
Utilizing blockchain as technological infrastructure allows relatively speedy and low-cost transactions.
As **Philip Sandner, of the Frankfurt School Blockchain Center explains: “True decentralization allows censorship resistance, worldwide participation regardless of social status and dispenses the need for trusted third parties (meaning human intervention)*.
As the demand for Defi-economy is increasing, Chainlink provides a bridge for connecting *on-chain DeFi smart contracts to off-chain data like commodities and crypto price.
The growing prices and popularity of ChainLink is showing that a valid business using crypto for functionality would lead to higher coin prices.
ChainLink does gives us a hope to end the gloomy crypto nights and everyone hope the price rise continue and we can see a better tomorrow sooner.
Peace
Namaste @steemflow
