Chainlink to lead Web3 development as the best platform in crypto space

• Former Google CEO and Chainlink co-founder discusses how Chainlink became the premier Web3 platform for computing and trust services.
• Chainlink jumps to a 25-day high as whale transactions soar to over $1 million over the weekend.

Chainlink co-founder, Sergey Nazarov, recently discussed with former Google CEO, Eric Schmidt. The pair discussed how Chainlink’s growing network and scalable financial system had established it as the leading Web3 computing and trust service platform.

During the interview, Schmidt said, “the work you (Chainlink) are doing is the fundamental principles of Web3. It is essentially trustless, immutable and distributed.” He added that these are the powerful principles behind the success of any computer system.

He also added;

I think in Web3 you’re going to see the same dynamic of new things coming in with Chainlink being one of the winners. That is absolutely true for Chainlink; they have better technology and scale than others.

The former Google executive said he was skeptical of the whole idea behind Web3, but was convinced by Nazarov’s “crazy idea” for the Web3 site. He added that the concept of layer 2, which involves using tokens to incentivize behavior, was a crucial development in the last three to four years.

Schmidt said Web3 firms are unlikely to overtake Amazon, Google and other tech firms. However, he explained that there would be cases where there would be no need for the lack of trust that Web3 provides. Instead, it would have been possible to get decentralization through centralization.

LINK increases to $8

Over the weekend, the native token of oracle service provider Chainlink, LINK, rose to $8. The price increase follows confirmation of enormous whale activity by the research firm Santiment in the chain. Sentiment data revealed that LINK’s whale transactions hit a 4-month high this past weekend.

“There are 33 separate LINK transactions, each valued at over $1 million. In addition, this token has recorded its highest whale activity within 24 hours since June 27.” Crypto traders and investors started paying attention to LINK in September.

The momentum of these whales increased in October. Currently, LINK’s price of $8 is its strong resistance. The sooner LINK breaks out of this strong resistance, the sooner it will embark on a strong bullish run.

Before staying at this $8 range, LINK has been trading around the $6-$8 level for a few months. Last week, the popular crypto exchange Binance launched its oracle network, becoming one of Chainlink’s new competitors. Meanwhile, Chainlink also provided an update on integrations on the platform.

According to the update on Twitter, there were 15 integrations of 3 Chainlink services across five different chains in the last week. These chains are Polygon, Ethereum, Arbitrum, Bnbchain and Avalanche. The update also reminded LINK holders of the platform’s betting offer. Interested LINK holders can check their eligibility and participate in Chainlink staking v0.1.

Altcoins had a strong bullish run in the past week. Leading meme-themed cryptos, DOGE and SHIB, saw big gains. However, DOGE’s price has since retreated by over 5.6 percent and is now trading at $0.122, according to the latest data.