- The Chainlink Oracle network remains significant in bridging the gap between centralized and decentralized systems in the finance industry.
- As the crypto market looks forward to the start of “Altcoin Season,” Chainlink (LINK) outperforms its long-standing competitors. 7-days consecutive gains have surged past 11 percent.
Chainlink is positioned to solve a major problem in the blockchain industry, one that could rake in trillions of dollars for the entire crypto and blockchain industry. As Forbes highlighted in one of its most 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 is unsurprising that Chainlink is up there with a handful of other leading networks, when its 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 remain essential for the conveying of information in the real world to smart contracts on a blockchain. However, a centralized Oracle network could create a major vulnerability point for blockchains.
This is where Chainlink comes in. 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, however, according to McKinsey, the global financial system transacted over $5.76 trillion in a single year and is worth upwards of $487 trillion. The US residential real estate industry is estimated to be worth $43.4 trillion according to Zillow, and the U.S. healthcare system is estimated to be worth $4.1 trillion according to the Center for Medicare and Medicaid.
Oracle networks like Chainlink are important for blockchains because the metrics above give a glimpse into a large number of values available of-chain, hence why a bridge between centralized and decentralized systems is needed.
Chainlink (LINK) is amongst the few altcoins building momentum in the green zone, as the market enters Altcoin Season
Meanwhile, Link, the native cryptocurrency for Chainlink could also benefit from Chainlink’s mass adoption. If Chainlink continues to dominate the blockchain industry, LINK could record a significant level of adoption, as investment interest from market players is likely to increase.
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In terms of market value, Chainlink is the 19th most valued asset by market cap. The altcoin has outperformed, since its inception into the market, thanks to Chainlink’s dominance in the market. This week, Chainlink (LINK) appears to be one of the strongest standing altcoins in the market.
As key players welcome “Altcoin season,” Link stays ahead of many of its rivals with gains trumping its competitors. 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 consecutive gains have surged past 11 percent.
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