Why 2021 is the best time to invest in ChainLink?
Is ChainLink a good investment?
Cryptocurrencies provide an option to store digital assets and currency in a reliable, secured, and profitable network. Moreover, there is no Government regulation as of now, so, completely democratic and free of taxation or confiscation. You, as an investor are the owner of the digital asset without any intervention.
If you want to invest in crypto and want proven stable coins, to begin with, stay through the passage to know about one of the lading crypto of the contemporary times, ChainLink, its features, benefits, trends, updates, and more.
What is ChainLink? Brief Summary
ChainLink is an advanced cryptocurrency with a wide range of decentralized services and works towards incentivizing a global network of digital devices to offer trustworthy, real-world data to smart contracts operating on top of blockchain technology.
Smart contracts are digital agreements on the network. They are designed for execution when certain requirements are fulfilled. Crypto networks are using smart contracts for creating crypto-financial products to making digital assets as well as currencies.
The team at ChainLink has made smart contracts more efficient with incentivizing data providers known as oracles. These oracles work as a connecting link between external data sources and smart contracts. Oracle needs to provide accurate data and in return, they get a reputation score.
There are nodes in ChainLink, and when they adhere to the network’s rules and bring out relevant data, they get LINK. LINK is ChainLink’s cryptocurrency.
How did ChainLink Start?
Chainlink was created in 2014, though it didn’t launch until 2017. Its founder is Sergey Nazarov, a 32-year-old entrepreneur who has a major presence in the crypto market. Originally, the Chainlink network was designed to be a centralized oracle system that can verify incoming information.
The Chainlink network was launched in June 2017 by the for-profit company SmartContract, and the first version was launched the same month. Company co-founders, Steve Ellis and Sergey Nazarov, later published Chainlink’s white paper in September 2017 with Ari Juels, an advisor to the company.
How does ChainLink work?
The execution mechanism of ChainLink has divided into three parts. ChainLink connects users and eternal data sources efficiently in an organized manner with three steps.
Users include developers and investors draft an SLA including their required data details. The software of the ChainLink platform uses the service-level agreement and matches with oracles that can provide relevant data.
Investors submit the SLA after match and store their LINK tokens with an Order-Matching Contract, that accepts bids from oracles.
In the second stage, oracles connect with external sources of data. They receive and verify the data, thereafter send the data to smart contracts running on the ChainLink blockchain.
The last step of the ChainLink structure is where the system compares the data and sends it to an Aggregation contract. This Aggregation contract receives the responses, evaluates the validity of the data, and sends it further to the user.
Best time to invest in ChainLink?
ChainLink as an investment option seems lucrative because of its impressive rally and great projects by industry experts. The market is bullish on the trends. You can certainly invest in LINK tokens with consideration of all pros and cons.
TraderMade has introduced its Chain Link node for on-chain access of DApps to financial index data. The FID includes CFDs, tracking commodities futures, etc. This node will help in advanced products for futures markets, DeFi use cases, and portfolio management.
In other news, ChainLink has announced Cross-Chain Interoperability Protocol CCIP). CCIP will help in establishing a connection between hundreds of blockchain networks, both public and private. Through this isolated digital token will be unlocked and boosts cross-chain applications for all on-chain ecosystems.
Start Investing in ChainLink
To start investing in Chainlink and other cryptocurrencies, you must first create an account with a cryptocurrency exchange that allows you to buy ChainLink in India, sell, trade, and store. A cryptocurrency exchange broker is a website that allows you to trade THETA in India and other cryptocurrencies. If you want to buy ChainLink in India and get the best ChainLink price in India quickly and effortlessly BuyUcoin Exchange! is one for you. You can even invest in ChainLink using your MasterCard, Credit Card, UPI, or NEFT.
Is ChainLink a good investment in 2021?
The cryptocurrency network solves the key issues of obtaining off-blockchain information as it has been plaguing the Smart Contract system since its inception. The gap that exists between Smart Contracts and information that does not exist on the blockchain can be bridged using the Chainlink network and its unique decentralized oracle network.
By bringing access to off-chain data to Smart Contract, it would open new avenues and would bring forth a wave of upgraded Smart Contracts and efficient decentralized applications. Since all the operation that is needed to be integrated with the network exists in external APIs and data feeds, Chainlink token provides a means to integrate this information into Smart Contracts.
Besides bridging a gap between information sources, the platform also eliminated the need to rely on a centralized source of information on real-world events. Smart Contracts essentially changed the tide in its favor by kicking off a new era of decentralized and tamper-proof agreements that execute by itself and aims to deliver to all parties that are bound by it.
This is quite a drastic change from traditional blockchain networks that utilize data that is already imputed into the blockchain during its creation. However, in order to maintain the level of trust that Smart Contracts hold, it should not acquire its data from a centralized source of information, such as an oracle, since each oracle service is centralized in nature. so that investment in Chainlink token is good for crypto traders.
Why invest in ChainLink?
There are multiple benefits and reasons to invest in ChainLink.
- ChainLink is based on the Ethereum blockchain. The crypto moved into partnership with the SWIFT transfer system, and the IC3 consortium. The International Economic Forum has lauded the project and termed it promising.
- Users can use smart contracts and make transactions to any payment system and financial network. Smart contracts of ChainLink perform three major functions: reputation evaluation, connecting with external sources of data, and aggregation contract.
- Chain Link is a decentralized system of oracles providing external data.
- Oracles at ChainLink can utilize APIs, databases, etc., as external sources of information for the users. The network serves as a connecting link between the traditional system and blockchain technology.
- The decentralization of smart contracts enhances the security and correctness of the information.
- The ChainLink works as a bridge among Bitcoin, Ethereum, Financial institutions, and payment services. It works as a comprehensive platform including all stakeholders.
- Tie-ups with Oracle, Google Cloud, SWIFT build trust among investors. LINK tokens are in high demand because of the tech-savvy platform and excellent performance on exchanges.
Worth buying ChainLink in India?
Since its inception in 2017, the cryptocurrency had a stagnant growth rate and did not have a significant amount of market cap or price of LINK coin in USD. By the end of 2017, when almost every other cryptocurrency was seeing a massive rise in its valuation, Chainlink only saw slight growth in its market cap when it was $400 million USD while the price of LINK coin in USD was at $1.06 USD per token.
The cryptocurrency market crash that brought down the valuation of almost every cryptocurrency ever listed before the calamity also affected Chainlink but not that significantly. While other cryptocurrencies were still coping with their losses after the crash, Chainlink’s valuation started growing and by June 2019, the market cap had increased to more than $1.5 billion USD while the price of LINK coin in USD increased to $4.33 USD per token.
In the subsequent months, the valuation kept growing and by July 2020, the market cap reached almost $3 billion USD. As of 19th August 2020, the Chainlink market cap is at $5,902,853,494 USD while the price of LINK coin in USD stands at $16.87 USD per token.
The Chainlink network addresses the major problems with collecting off-blockchain data that have plagued the Smart Contract system since its creation.
It would open up new pathways and usher in a wave of updated Smart Contracts by allowing Smart Contracts access to off-chain data.