What is chain link?
This is how Binance Info describes Chainlink:
“Chainlink (LINK) is a decentralized network that provides information (oracles) for smart contracts.
“Chainlink was founded in 2017 by Sergey Nazarov and Steve Ellis and aims to solve the problem of obtaining information outside the chain through smart contracts for their execution parameters. Smart contracts are designed to be executed automatically when certain parameters are met. However, when these parameters exist out of the chain, one has to rely on sources of information (known as oracles) to provide the necessary information. Off-chain oracles are usually centralized and thus one is dependent on third parties to provide critical information in a trustworthy and time-critical manner.
“Chainlink aims to break this dependency by feeding information through a network of decentralized oracles into smart contracts that work together on the link blockchain to review and feed critical information to those contracts. The ChainLink network enables users who have either a data feed or information-bearing APIs to easily provide information to smart contracts in exchange for the LINK token. “
Price promotion from LINK
According to data from CryptoCompare, the Chainlink (LINK) price rose to over $ 3.20 on Friday (February 7th), which is its highest value since last July, as you can see from the one-year LINK USDT price chart shown below:
At time of publication (11:56 UTC on February 7th), LINK-USD is trading at $ 3.20, up 9.29% over the past 24 hours:
Popular crypto analyst / trader “Ledger Status” (@ledgerstatus on Twitter) said the following about LINK’s price action:
ChainLink is one of the most bullish lifetime alt charts I’ve ever seen. Not even cyclically. Acts like a stock. Impressive that it hasn’t been seriously dumped against btc yet. pic.twitter.com/1OwH0PPi0g
– General ledger status (@ledgerstatus) February 7, 2020
And fwiw this weekly could explode into an ETH-style breakout in late 2017. Massive ascending triangle. I don’t know about this coin and don’t want to know, please don’t @ me Marines.
– General ledger status (@ledgerstatus) February 7, 2020
It’s worth noting that in 2020, LINK has not only been a great performer so far (+ 79.92% versus USD), but also one of the top performing crypto assets of the past year. In fact, LINK’s return on investment (ROI) for the past 1 year period is + 711.46%.
One of the keys to Chainlink’s success is the speed with which the blockchain startup signs new partnerships, the last of which was announced yesterday evening:
Together with @etherisc we are happy to announce that we have a functioning decentralized flight insurance POC live on the Ethereum testnet. The design includes reliable flight status data (delayed or on time) supplied by Chainlink’s decentralized Oracle network. https://t.co/saU3smevkn
– Chainlink – Official Channel (@chainlink) February 6, 2020
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