In this week’s Wealth Mastery Altcoin Review, we’ll discuss the following topics and discover exactly “What is Special About Chainlink.”
- What is special about Chainlink?
- What is the future of Chainlink?
- What is a LINK token?
- How do you buy Chainlink?
- Is Chainlink a good investment?
What is Special About Chainlink?
For starters, Chainlink has integrated itself with almost every functional blockchain on the market. This has helped Chainlink create a rather interesting monopoly regarding reliable real-time on-chain data.
Chainlink is also one of the few projects that left the 2018-2019 bear market alive. At the same time, Chainlink lost considerable value this year, along with many other projects. LINK held above its prior lows and has already begun its recovery. Chainlink also has one of the largest development teams in blockchain, second only to Ethereum. This has allowed Chainlink to become one of, if not the first protocol a new blockchain integrates with at launch. Without reliable data feeds, a new chain is dead in the water.
At one point, Chainlink had the largest community presence in the space. You couldn’t enter a chatroom without running into a LINK marine preaching from their pulpit. This is no longer the case for Chainlink, as I imagine many of those marines took their profits and retired. Nothing wrong with that.
As one of the few helpful blockchain products, Chainlink is unique, managing to put itself in a position that will be hard to unseat. This is because every exchange you’re familiar with uses Chainlink to gather reliable price information. The same goes for DeFi protocols that hold over $50 Million Total Value Locked.
You could say that Chainlink is the backbone of blockchain. But, Chainlink has also shined throughout the past few years with its integration into legacy finance. In 2020 the World Economic Forum discussed the usefulness of Chainlink with its co-founder Sergey Nazarov. These discussions centered around how Oracles allow existing data systems to layer blockchain technology on top. Specifically, how legacy financial systems can utilize Smart Contracts without needing to change any existing IT infrastructure. This is one of the strongest arguments in favor of Chainlink. Without Oracles, smart contracts have significantly reduced real-world value.
Known only as “SmartContract,” Chainlink won Innotribe’s Industry award from Swift, the Society for Worldwide Interbank Financial Telecommunication, in 2016. Changing its name to Chainlink the following year, it began testing smart payment oracles with Swift. This allowed Swift partners like Barclays, Fidelity, and Santander to accept payments via smart contracts for the first time. Chainlink has worked very closely with Swift ever since, continuing to upgrade and support Swift’s blockchain initiatives.
It’s also widely believed that Swift is utilizing Chainlink in a greater capacity than what the community has been led to believe. In 2018 Chainlink joined the Accord Project. An open-source technology collaboration championed by IBM to create a legally binding smart contract template for real-world applications. Allowing for enforceable legal documents to be executed on any distributed ledger system.
What is the Future of…
Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin.
As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom.
“The swarm is headed towards us” -Satoshi Nakamoto
