Chainlink is a decentralized Oracle network that uses real-world information for blockchains and decentralized applications (dApp) to operate more efficiently and effectively. Recently, this digital currency has grown significantly among the top 10 projects in terms of market value. Over the past few years, the emergence of the link chain has been one of the most interesting and significant topics in the digital currency space, and in 2020 it has continued to make extraordinary progress. To better understand the reasons for investors’ recent optimism about China, use the link an essay Published on the blockchain site, we review the important developments that this project has experienced in recent months.
Astronomical Growth Link
LINK (LINK), China’s native token, started trading in July 2020 at $ 4.70 and reached a record high of $ 8.66 on July 15 (July 25). The token started the next month (August) with a slight drop in the range of $ 7.80 and by the time of writing this article on August 10 (August 20), it has reached a staggering new record of $ 13.46. In other words, Link Token has grown by more than 186 percent in the last 40 days, by more than 472 percent in the past year, and by more than 4,600 percent in the last two years.
The record price of most digital currencies in the market occurred in January 2018 (December 1996), but when we look at the Chinese price chart, the growth of this digital currency has been so strange that January 2018 is not visible at all.
From a long-term perspective, the key role of Chainlink’s network in the future of decentralization, strong team, large partners and scheduling roadmap to provide the reason for Link’s astronomical growth. But from a medium-term perspective, why has Chainlink reached such a peak in the last two months?
One of the most important factors has been the increase in the price of coins in recent weeks, especially projects active in the field of decentralized finance (DeFi).
Interested traders who are just entering this space are looking to invest in promising projects. The status of the Link Token as the largest Ethereum-based token in terms of market value, in addition to Chainlink’s technical and social advances in the Ethereum community and other smart contract platforms, seems to have made it a major target for energetic digital currency investors in recent weeks. Is.
Prosperity in the form of cooperation with Defy projects
ChinaLink works with small, medium and large projects, but much of the newfound excitement surrounding the Oracle network owes much to how the network works effectively in the growth of the digital currency defense and economy.
China, for example, has been Oracle’s link to emerging but lucrative projects in the defy industry, such as Synthetix and Aave. In the DeFi Pulse statistical website rankings, Avi ranked third and Synthetics ranked fourth largest in terms of total value locked in the project (TVL).
In other words, the success of these and other similar projects is the success of Chainlink. In fact, they confirm ChinaLink’s hypothesis that many projects are reluctant to start their own oracles, and that there is a real and growing demand for ChinaLink services in the field of defenses.
Chainlink cooperation with BSN
One of the most important headlines in China’s technology over the past few days has been the launch of the Blockchain Services (BSN) network. The network is supposed to be a kind of “Internet” blockchain and decentralized applications in China.
The BSN, which will be available to the public later this month, will support several public blockchains, such as Ethereum, Thezos and IAS. China currently has the link to provide Oracle services for this wide area network.
The BSN team announced in June:
This integration is very important [با چین لینک] Allows governments and businesses to deploy authentic real-world data in their BSN applications using Oracle Chainlink via IRITA Interchange Services.
New and unique collaborations
Chainlink is unmatched in terms of the ability to build new partnerships across the digital currency economy. You may not be familiar with smaller projects, but ChinaLink has also partnered with some of the most exciting projects in the digital currency ecosystem.
The Ethereum Registration Service (ENS) has become the standard for addressing addresses in the Ethereum ecosystem. In July 2020, the Ethereum Signature Service Project used the China Dollar Ether Reference Price Feed as its Oracle Dollar in a stunning collaboration.
In addition, the case of Reflexer Labs can be mentioned. The Label Reflexer is creating bonds with reflex bonds on Ethereum-based networks, called RAIs. Collateral bonds are collateral-backed bonds that are less affected by fluctuations in collateral or their back-up assets. The RAI network was created to build a new type of very stable collateral in the field of decentralized finance (DIFA). Reflexer Labs also uses the ether price feed in ChinaLink dollars. Overall, Chainlink has been associated with some of the largest and most prominent Difai space projects from the beginning.
Help with projects NFT
Defy is currently the most important part of the Ethereum network, but the irreplaceable tokens (NFT) ecosystem is also a promising area. In the meantime, China Links helps projects based on irreplaceable tokens to become more flexible.
Chainlink does this through the “Verifiable Random Function” (VRF) solution, which is, in fact, a tool for real-time randomization instead of pseudo-randomization methods. To that end, ChinaLink recently partnered with NFT projects, or irreplaceable tokens, to give them access to truly random assets. Many projects in this field cooperate with Chainlink; These projects include Tinyboxes, Cargo, Bullionix, Polyient Games, CurioInvest, Wildcards, FaceGolf, and Texel.
In addition, the Chinese team Link has come up with a way to create a whole new instance of irreplaceable tokens, called dynamic dynamic NFTs. This technology will definitely be further explored in the future. At the moment, this is just the beginning, but we can expect ChinaLink to play an important role in the development and accessibility of many NFT projects.
Increase credit score in the field of defense
Another advantage of Chainlink is in providing credit points to Difai projects. Last month, Chainlink announced that it had partnered with FinScore to help the company develop an alternative credit rating system. At the time, FinScore said:
merge [با چین لینک] Allows lenders to access real-world data with the FinScore Social Presence Score, one of our anti-fraud products. Finscore Social Presence Score provides brief information about the identity, existence and credibility of the borrower and allows the lender to make better decisions. The index also potentially reduces the need for mandatory collateral or interest rates to exchange loans backed by digital currencies. The FinScore Social Presence Score is a powerful anti-fraud feature that allows the lender to get to know the borrower better.
Determination of gas
To use the Ethereum Blockchain, one must pay an amount of ether called Gas to complete the transaction.
Recently, gas has become a very important issue in the Ethereum community. A few weeks ago, China released the Fast Gas / Gwei price reference reference link. Gwei is the smallest unit of ether, equal to one billionth of ether, and is often used to express the amount of gas. Chainlink stated in an explanation for the Fast Gas / Wei feature:
This feed is a good reference to quickly find the price of gas during the transaction and helps users not to pay extra for gas.
This feature can be quite interesting and practical, considering that many Ethereum projects need to determine the amount of gas required in the shortest time.
Chainlink is not just for professionals in the field of digital currency economics. This project has also attracted the attention of important companies.
For example, earlier this month, T-Systems, a subsidiary of Deutsche Telekom, Germany’s largest telecommunications company, announced that it had begun implementing one of China’s node links to a feed provider. Convert decentralized data. The company explained:
By providing real-world data to the Chainlink network, TT System’s MMS service actually enters into an activity called “generalized mining” in which it provides information technology (IT) service to the Blockchain network. In return for performing this activity correctly and validly, it receives digital assets. Because significant value is locked in Diffie projects, such IT services play a key role throughout the Ethereum ecosystem.
Chainlink, one of the most exciting projects in the field of digital currency economics today, has achieved remarkable success in several ways.
The future of the project cannot be determined with certainty, but there is no doubt that traders have recently considered link tokens as one of their most popular investment options and are very hopeful about its future. Investor enthusiasm for the token has made Link one of the most powerful digital currencies today.
This article was edited by Mohammad Azarnivar.