This is ChainLink, the only cryptocurrency that is growing (well) above Bitcoin

Bitcoin is not the only cryptocurrency that is growing considerably in recent weeks. Above $ 10,000 again, it appears that the digital currency is making a comeback again. Although there is another that is growing well above Bitcoin. With approximately a 400% increase in the last month, ChainLink (LINK) es one of the most interesting cryptocurrencies already to consider right now.


The value of ChainLink against the dollar in the last 12 months.

ChainLink’s value against the US dollar has gone through different stages. Since the end of 2017 when the cryptocurrency was launched until practically April of this year it has been moving in values ​​around 0.5 dollars, with a peak of 1 dollar. But in the last two months everything has changed. From having a value of 0.4 dollars on May 1 to ending the month of June above 4 dollars. A spectacular rise in just eight weeks which is obviously due to a number of factors.

Bitcoin, blockchain and cryptocurrencies, explained in a simple way (and on video)

The intermediary between the real world and cryptocurrencies

To understand ChainLink we must first understand smart contracts in technology blockchain. A smart contract is basically a programmed digital contract. The conditions of this contract are set on the blockchain and the contract is automatically activated without the need for intermediaries. By operating on a decentralized network (blockchain) The contract cannot be modified and everything it contains is public and cannot be altered.

What causes a strict contract without the possibility of alteration? That all the parties involved are also strict in their conditions. That certain “distrust” is generated from the beginning due to the fixed agreement to be reached. Because a smart contract is unalterable, they cannot interact with external data sources, APIs or, in general, factors external to the blockchain. This is where ChainLink comes into play.

ChainLink Esq

ChainLink is the intermediary between external agents such as a bank or PayPal and the blockchain and its cryptocurrencies.

ChainLink works by decentralized oracles. An oracle on the blockchain is used to retrieve data from external sources (traditional payment platform, banks, apps …). Through this ChainLink can obtain external data to incorporate it directly into the chain of blocks. It is a link between blockhain and the existing infrastructure on which the blockchain operates.

ChainLink’s job is ultimately that of verify real-world occurrences to incorporate them into the blockchain and that activate or modify smart contracts when the conditions established in them are reached. The oracles of ChainLink, like everything that happens in the world of blockchain, they operate in a decentralized manner and must extract the information from various external sources and verify it to avoid fraud and modifications by third parties.

Why has it grown so much?

The technology behind ChainLink and its use as we have seen has significant potential to improve smart contracts. Currently ChainLink operates with smart contracts issued on the Ethereum network, although they indicate that in the future they hope to incorporate their technology into more cryptocurrencies. But is this the main reason you have grown so much in the last month? The truth is that there is an extra factor that must be taken into account: Coinbase.

The cryptocurrency and currency exchange service Coinabse has included ChainLink in its service during these last days. Previous rumors have already increased the value of the cryptocurrency in recent weeks, the final insertion has triggered it.

ChainLink

The blue arrow indicates the arrival of ChainLink to Coinbase Pro, the red arrow its arrival to Coinabse.

If we look, Coinbase announced the integration on June 26 on its Coinbase Pro platform for professionals. The increase was slight one day and the next, but when it arrived at Coinbase on June 28 the value increased in an incredible way. From around $ 2.4 to a high of $ 4.5 in a matter of 24 hours. Right now that everything has calmed down a bit, the currency is moving around 3.5 dollars.

More information | ChainLink Y Coinbase

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This is ChainLink, the only cryptocurrency that is growing (well) above Bitcoin

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