Chainlink, a cryptocurrency and blockchain network utilized by DeFi and other initiatives to connect data sources (APIs and payment systems) has so far grown by 200 percent in 2021. Chainlink is currently trading around $25 per coin with a market cap of $11 billion at the time of writing. Chainlink hit an all-time high of $51.24 on May 10 and is now trading at around 50% of that price. Despite the fact that Chainlink has been rising up and down like other cryptos, it may soon increase again in long run due to its usage of real-world smart contracts in general
As per coinmarketcap, Chainlink enables people to become node operators and earn money by managing the vital data infrastructure essential for the operation of blockchains. Chainlink unites a large number of node operators to support a wide range of decentralized Price Feed oracle networks that are presently in operation, securing billions of dollars in value for top DeFi applications such as Synthetix, Aave, yEarn and others.
Chainlink isn’t the only network that makes use of smart contracts. However, this network aspires to take the technology to the next level. The fundamental aim is to “extend the capabilities of smart contracts by providing access to real-world data and off-chain computation,” according to the website. Companies are also employing Chainlink, a ledger system that uses “blockchain,” similar to Bitcoin, to construct new programs.
Co-founder Sergey Nazarov told Decrypt, “Hybrid smart contracts are about combining blockchain smart contract application capabilities, and the off-chain world’s proof and data and computations”. This is a big leap forward because it redefines what people can build including NFTs, stablecoins and the booming decentralized finance (DeFi) industry, which he believes could grow to $500 billion in total value this year.
Introducing #Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks, a 136-page second whitepaper, which describes how Hybrid Smart Contracts in #DeFi and beyond will reach new heights by utilizing Decentralized Oracle Networks. https://t.co/OxVkiY7jq8
— Chainlink – Official Channel (@chainlink) April 15, 2021
Chainlink stated a total and maximum quantity of 1,000,000,000 LINK tokens during the LINK initial coin offering (ICO). The current supply is around 419,009,556 LINK tokens, accounting for around 42 percent of the entire supply.
According to the ICO documents, 35% of the total token supply will go to node operators and ecosystem incentivization. An additional 35% of LINK tokens were issued during public sale events. Finally, the remaining 30% of the total token supply was allocated into the firm to support the ongoing growth of the Chainlink ecosystem and network.
Chainlink is a cryptocurrency that was founded in 2014 and only in 2017 became available in the market. Sergey Nazarov, who previously developed the Internet platform Smartcontract.com, launched the company. ChainLink Technology, Inc. is regulated by the U.S. Security and Exchange Commission and incorporated in the state of Delaware.
For more technical aspect of Chainlink (Click)
Image: Gerd Altmann
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