Member-only story
Why You Should Be Paying Attention to Chainlink (LINK)
A mid-cap token that is set to shine in the coming years.
Non-members can read the full story here.
Whilst certain altcoins and tokens in this space generate plenty of attention across social media and crypto news outlets, Chainlink has lacked the recognition it deserves (although this is improving), particularly when you consider the real-world problems the protocol is aiming to solve.
What does it involve? Chainlink is a decentralised oracle network (DON) that allows smart contracts across several blockchains to connect with on- and off-chain data and readily connect to a range of distributed networks.
DON is a network maintained by a committee of Chainlink nodes. Rooted in a consensus protocol, it supports any of an unlimited range of oracle functions chosen for deployment by the committee.
Chainlink 2.0 whitepaper, April 2021
It can facilitate connections to multiple APIs and various services through different blockchains — Bitcoin, Ethereum, Cardano and Polygon, to name a few.
Additionally, Chainlink is further enhancing the overall interoperability experience as it continues to improve one of its key products, the Cross-Chain Interoperability Platform (CCIP).
Products and use cases
Chainlink provides autonomous and distributed data feed for weather, sports, a vast swathe of crypto trading data, etc.
This distributed setup avoids a centralised point of failure with many conventional systems. Moreover, as Chainlink operates on Ethereum’s blockchain, it can depend on the security and reliability of the world’s leading smart contracts platform.
Regarding crypto, there are over 720 data feeds covering crypto trading pairs, stablecoin, forex and exchange reserves, to name a few.
Incorporating a reliable, secure and cost-efficient automated system, in addition to the…
