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Price (USD)$ 19.89
Circulating SupplyLINK 587.09997M
Volume (24h)$ 682.15174M
Market Cap$ 11.73591B
Low/High 24h$ 18.88 - $ 20.37
Change (24h)-$ 0.139054
One of the largest decentralized networks in the crypto industry is Chainlink. Its product offerings include tamper-resistant off-chain services that expand the use cases of smart contract technology. The network of decentralized oracles supports sectors such as DeFi and on-chain gaming, among others. Let’s find out a bit more about this top blockchain, its functionality, and its associated token – LINK.
In September 2017, the Chainlink whitepaper introduced a solution that expands smart contracts’ use cases while addressing their limitations and providing tamper-resistant infrastructure. Native smart contracts lack the ability to communicate with resources external to their host blockchain (off-chain computation), limiting the functionality and programmability of decentralized applications to on-chain data. Chainlink, a network of oracles, acts as a bridge between smart contracts and off-chain computation.
To power the bridge between on-chain applications and off-chain computation, Chainlink introduced a network of hundreds of decentralized oracles (DONs) that enable smart contracts to expand their possible use cases. These DONs can be classified as input oracles, output oracles, cross-chain oracles, and compute-enabled oracles. Input oracles connect off-chain data with smart contracts. Chainlink Data Feeds, the first input service to launch, is Chainlink’s leading product, supplying blockchains with external data resources such as financial markets information, outcome of sporting events, and identity verification among others. In order to maintain a contract’s overall reliability, the inputs and outputs which the contract relies on also need to be secure. Chainlinks provide a reliable connection to external data, that is provably secure end-to-end. Additionally, oracles can receive on-chain data to distribute to external applications like banking apps. According to the latest Forbes article, approximately $487 trillion of value could be brought onto blockchains, and crypto oracles are the key to unlocking the full potential of crypto.
The Chainlink ecosystem is a key building block in expanding blockchain utility. In the spring of 2021, the Chainlink 2.0 whitepaper introduced a roadmap for driving greater value to the LINK token. With its wider adoption, Chainlink is one of the top blockchains at the forefront of the Web3 infrastructure layer. Where exactly can we use Chainlink?
Here are the two most popular Chainlink solutions:
In addition, Chainlink has over 77 smart contract use cases that are featured in many impactful blockchain applications.
Powering the entire ecosystem, the LINK crypto token fuels network activity and sits at the core of Chainlink’s economic model. Chainlink is positioned to be a key project in the infrastructure that scales the growth and adoption of smart contract use cases.
The LINK token is built out of Ethereum-compatible standards, which makes it a composable asset within the entire ecosystem. Maximum total supply is set at 1,000,000,000 LINK, with roughly 35% distributed to investors through an initial funding round, 30% distributed to project members and founders, and 35% reserved for gradual distributions that support network incentives, service promotions, and node operator staking rewards.
Every service request requires a fee to be paid in the form of LINK tokens. The prices paid by smart contracts depend on market demand for the requested service. To incentivize network security, node operators must stake LINK as collateral in a smart contract. Should a node provide inaccurate services or fraudulent data, the collateral can be taxed. Honest participants are rewarded with the LINK fees received from requesting smart contracts as well as potential LINK distributions from the 35% node operator reward allotment initially allocated to the protocol. Importantly, as network demand grows and the protocol’s reserve is reduced due to initial incentive distributions, the expectation is that request LINK fees alone can support the operating costs and sustainability of network security.
Participants who are unable to run oracle nodes but want to contribute to network security can also stake LINK. Through staking, LINK token holders can benefit from the rewards of securing the network while further enhancing the validity of high-quality oracle nodes. This is because LINK stakers can alert the system if certain performance guarantees have not been met.
Considering the LINK token powers the whole Chainlink ecosystem, it may contain the potential to grow in price over time. Actually, it could easily reach $100 by the end of 2025. According to popular analysts like Altcoin Sherpa, the token can gain as much as 207%.
You can read StealthEX’s detailed analysis for Chainlink crypto and find out more about Chainlink price predictions for 2023-2032 and beyond in one of our latest articles: Chainlink Price Prediction: Is LINK Crypto a Good Investment?
Today LINK coin price is $ 19.89.
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