Chainlink is a blockchain network that is built initially over Ethereum’s blockchain and it is designed to host any type of program, project, or even some decentralised application. Basically, it is a service-based model and rents out the blockchain space to any potential buyers or interested parties out there. The main objective of Chainlink is to be able to provide its input on a variety of external data sources.
Being a decentralised oracle Chainlink is able to provide insights and input to smart contracts. These smart contracts in turn allow the system to be able to respond to a wide array of inputs, so in a way, Chainlink acts as the computing intelligence behind all sorts of programs and projects that are being run on its blockchain.
Initially, Chainlink was invented back in 2014 but it was not until 2017 that it first made it out to the crypto market. It was invented by Sergey Nazarov who definitely holds a potential position within the crypto market. The main objective of the oracle network is to be able to verify the incoming information for its authenticity and then making entries onto the blockchain about it in real-time. Chainlink being a decentralised blockchain is not only efficient but is extremely scalable too.
Unique aspects of Chainlink
Blockchains have different uses and as a currency to keep them running have different coins for the process, as Chainlink is a unique blockchain operating on Ethereum’s network and has a primary feature of validating the information that is sent to it after cross-checking it. It can be said that Chainlink is like an information validator and can analyse data in a matter of minutes, a point worth noting here is that the validation of the transactions also take place on the network but the primary objective that it has is to be able to validate the information that is reaching to it.
Chainlink has seen immense gains since the beginning of 2020 and therefore is among the most favourite crypto of the investors and traders alike as more and more companies and projects relying on the authenticity of data continue to explore Chainlink, its use case only continue to increase over time.
Why should you invest in Chainlink?
Despite all the positivity and scalability that Chainlink brings forward, it is still a cryptocurrency and for that matter volatile. The best use case scenario Chainlink might have for an investor is if they are willing to invest in it to see the technology grow and reach new heights in the future. Otherwise, the volatility might catch up with the investors and this joy ride will then be over for them.
It is important to have a look at what you are investing and studying them thoroughly to be able to find more about it, that is always a smart move, crypto market or not. But given the fact that the crypto market continues to evolve, it feels like there might be some hope after all. But on the other hand, if you are wishing to invest in it to be able to see some ceaseless returns overnight then it is definitely not for you.
Please note that the “Get Free Bitcoin” and “Buy Altcoins” buttons above will take you to third party websites that we have no control over. We are affiliates for various other services and earn commission when you visit and signup to these websites.