Chainlink opens $487T to blockchain industry with innovative technology
- The Chainlink Oracle network remains important in bridging the gap between centralized and decentralized systems in the financial industry.
- As the crypto market looks forward to the start of the “Altcoin Season”, Chainlink (LINK) is outperforming its long-time competitors. 7-day trailing gains have risen over 11 percent.
Chainlink is positioned to solve a major problem in the blockchain industry, one that could raise trillions of dollars for the entire crypto and blockchain industry. As Forbes highlighted in one of its recent publications, Chainlink is the bridge between blockchain technologies and the real world.
Chainlink is a decentralized oracle network that was built on Ethereum. Chainlink has gained traction in terms of adoption since its inception. It’s not surprising that Chainlink is up there with a handful of other leading networks when the use cases are considered. The network was designed to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts.
Oracles are still essential for conveying real-world information to smart contracts on a blockchain. However, a centralized Oracle network could create a major point of vulnerability for blockchains.
This is where Chainlink comes in. By using multiple data providers, Chainlink provides information to blockchains without “creating a centralized access point” as Forbes noted.
As Forbes further details in its publication;
Cryptocurrency’s total market capitalization hovers around $1 trillion, but according to McKinsey, the global financial system traded over $5.76 trillion in a single year and is worth over $487 trillion. The US housing industry is estimated to be worth $43.4 trillion according to Zillow, and the US health care industry is estimated to be worth $4.1 trillion according to the Center for Medicare and Medicaid.
Oracle networks such as Chainlink are important for blockchains because the above calculations provide an insight into a large number of values available in the chain, and therefore a bridge between centralized and decentralized systems is needed.
Chainlink (LINK) is among the few altcoins building momentum in the green zone as the market enters Altcoin season
Meanwhile, Link, the original cryptocurrency of Chainlink, can also benefit from Chainlink’s mass adoption. If Chainlink continues to dominate the blockchain industry, LINK may register a significant level of adoption as investment interest from market players is likely to increase.
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In terms of market cap, Chainlink is the 19th most valued asset by market cap. The altcoin has performed better since its inception on the market, thanks to Chainlink’s dominance in the market. This week, Chainlink (LINK) appears to be one of the strongest standing altcoins on the market.
As key players welcome the “Altcoin Season”, Link is ahead of many of its rivals with gains that trump the competition. At the time of this report, LINK is trading at a price of $7.98. Although Link is down more than 7% in the last 24 hours, our data shows that 7-day trailing gains have risen over 11 percent.
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