ChainLink, The First Decentralized Oracle Network

Recently, Datadash, the most authoritative cryptocurrency analysis program on Youtube, released a video that pointed out “the most three undervalued cryptocurrencies” in the video, which caught my attention. One of them is ChainLink coin that I have been paying attention to for a while and want to talk to you today.

 

1. What is ChainLink?

Launched in June 2017 by San Francisco financial technology company SmartContract, Chainlink (link) is a secure blockchain middleware designed to allow access to critical extra-chain resources (eg data streams (databases), websites (WeChat, Taobao, etc.), and traditional bank (Alipay, WeChat payment, etc.) account payment by allowing smart contracts API.

 

2.Application Scenario of ChainLink

For example, if an airline begins to offer a smart contract, the flight will be delayed by more than one hour on a certain day, and the airline will refund you 20% of the fare. Or, in the process of transporting the drug to the pharmacy, once the transport temperature exceeds the agreed range, the car will immediately stop and return to the pharmaceutical factory.

 

However, the application scenarios of these blockchains are still too far away, and the blockchain has not been able to do this step because the blockchain has no way to stably obtain a large range of external data. Fortunatley, ChainLink is ready to change the status quo. It wants to provide contract developers with a network-wide database, or a reliable external database. Chainlink intends to securely interact with resources outside the blockchain by creating a Decentralized Oracle Network for smart contracts.

 

3.Performance of ChainLink

Although ChainLink’s release time is not long, we can see from the link coin price chart that since the release, ChainLink Price has soared, reaching the historical high at 1.44 USD on Jan 8, 2018.

 

Although after that, it gradually declined, in the case of the global cryptocurrency market is generally in a downward trend recently, it performs outstandingly. chainlink price has grown steadily, and it has led the gains in the rising tokens. It rose 13.63% in a short period of time around 16:24 on July 29, and the highest price reached 0.346 US dollars. The trading volume in the 24 hours increased more than three times.

 

In summary, the application scenario shows the great market of ChainLink, and the performance which based on the analysis of chainlink crypto historical data indicates that it is a valuable and powerful crypto with great pottential in the future.