Hello guys and welcome to my contest entry to leofinance contest title The Biggest Upside For The Next Bull Run, in this article i will provide basic and tecnical inofrmation on why i believe that ChainLink(Link) will have a massive rally during the bull run. In this artcile i will explain the following -
- What is ChainLink(Link)
- Price Actions and My Projections for the future
- Real life applications of chainlink
The features which the polkadot network offers seems to interest most crypto enthusiasts . Polkadot a match from ICO which is initial coin offering. Most blockchain are associated with polkadot because it is belt using and composed of several other elements. The relay chain is the heart of the ecosystem since it is mainly in charge of the network compatibility and the security across a lot of other networks it makes use of the hub and spoke mechanism to keep the para chains and the parathreads secure.
CHAIN LINK
The blockchain technology has been on the rise since the invention of Bitcoin. Decentralization and security are just two out of the myriads of the advantages the technology can provide. However, it is not all rosy, there are limitations to what the technology can offer and that is where CHAINLINK comes in.
It is a Decentralized oracle network that has applications in the real world. The network’s goal is to bring back information on a wide range of external data sources. Consequently, blockchain is exceptional-it provides a decentralized and very secure database for transactions digitally but, it is exceptional at receiving input for things that happen outside the boundary of the blockchain. The live markets are influenced by a variety of off-chain forces, for example, fiat currencies and so on. The good news is that Chainlink can provide input to smart contracts, why? This is because it is a decentralized oracle.
Chain link is a decentralized blockchain based on the ethereum network system. This network is spelled in a way that movement of Tampa proof data from off-chem places to smart contract locations on the blockchain.The founders of the network claim that through the act of linking the data directly to real-world happenings, it can be used to verify if the requirements of a smart contract have been met in such a way that it is not dependent on any of the deal’s stakeholders. As at the time of writing this posy the chain link's market capitalization was 11.44 billon dollars.The LINK token from the CHAINLINK is an ERC677. This is an extension of the ERC20 standard. Tokens serve as data payload, they help in delivering important data from off-chain sources to smart contracts.
The native token of this network is LINK. This token is designed to assist the growth of the project and it is quite similar to BTC, ETHC, etc. Furthermore, BTC serves as an incentive for its users to mine, the native token of the CHAINLINK network. The token debuted in the year 2017, with a price less than 20 cents, and was below $1 until the year 2019. Furthermore, it gradually began to rise in the year 2020. It has since been on the rise and fall. This network alongside other hardware helps to minimize the reliability issue that might arise if using only a single centralized source.
| Metrics | Data |
|---|---|
| Coin Ranking | No. 12 |
| MarketCap | $11,587,062,293 |
| Volume (24H) | $837,498,805 |
| Circulating Supply | $587,099,970 |
| Total Supply | $1,000,000,000 |
| All Time High | $52.88 |
| All Time Low | $0.1263 |
As a decentralized network, it allows people to become node operators and earn incentives by championing key data infrastructure which is required for blockchains operation.
The ChainLink protocol has important innovations that are very important to its core running and application to the real world. Chainlink was among the pioneering networks that permit off-chain data to be used in smart contracts. The network is a major participant in the data processing arena, having a number of reliable partners. The Chainlink network has attracted the attention of several reputable data providers, such as Brave New Coin, Alpha Vantag, etc, due to its integration of off-chain data.
REPORTING DATA
Chainlink Data Feeds are the quickest way to connect your smart contracts to the real-world data such as asset prices, reserve balances, NFT floor prices, and L2 sequencer health.
Once there is a request for data from the real world, the oracle then connects the external data. Hence, when they are obtained the oracles process the data, and to come the operation, it pushes them back to the on-chain contracts which need them.Making the data reporting system seemingly easy and better than most other networks.
PROCESSING RESULTS
This is the last phase of the innovation brought by the ChainLink protocol in its attempt to return to the Aggregation Contract, because of the data which was obtained which must have been dunes together by the oracles. As soon as the Aggregation Contract receives a data point, the next step is that it assesses how valid each of the data points is.
Furthermore, it makes use of the tallied data, to produce a heavier score which is taken back to the smart contract or user.
The chart above provides a clear overview of the price history of chainlink since 2018 till date. We can see that the bull have been fighting back over the last couple of months, since August of 2023, price has remain bullish consistently from then till then.
The higher timeframes has a way of spelling out the overall trend of a project, and link has showed that its ready to push and soar to higer highs over the next couple of months, especially during the bull run.
The trends line is also a strong indicator showing where price is pulling towards, and for the coming bull run i projet prices to be as high as $38, and evenetully push towards its all time high of $52, surpassing and hitting $100 in the next 12 months.
On the lower timeframe we are also seeing an upward trend, through the lower timeframes are a reflectiosn of the lower timeframes, it also helps us to understand the trends better. It orovides a close up view of what is really happening.
From all indications in the daily timeframe we can see that price is very bullish and has remained so for many weeks. Infact on 29th DFebuary 2024, chainlink gained 5% over USDT. I remian super bullish on link and believe that in this bull run, we shall see link prices as high as its all time high and muchh higer before the end of trhen bull run.
REAL WORLD APPLICATION OF CHAIN LINK
Chainlink finds applications in various use cases, in thi section i will discuss some of these useases and why they are so important to its overall develoment.
PoolTogether
This is a platform that permits users to create, run and manage games that are prize-saving. It operates in a way that you make a deposit in exchange for a chance to win incentives. The interesting part is that even if you don’t get to win incentives, you still get the chance to keep your initial deposit. pool together is a protocol that just newly got established and it is centered on saving money through no-loss reward pools that cumulatively accrue interest and are awarded to a fortunate winner at the end of the game, while everyone else can withdraw their first payments. Sourcing for randomness to select winners, winners that other users would concur to and agree to the decision as just becoming a challenge to the network, this is where Chainlink came into the picture. It delivered a fair and tamper-proof RNG system that was publicly auditable, resulting in fair and impartial wins or losses in gaming outcomes.
pancake swap
Having access to a manipulation-resistant source of randomness on-chain is not as easy as it may appear. Miners can manipulate On-chain RNG solutions whereas, off-chain RNG methods are not as easily manipulated because of the opaque nature and lack of proof of fidelity. This is where Chainlink VRF comes into the picture for the PancakeSwap Lottery V2. This is because of the ability of the network to overcome these obstacles.
Every day, two draws take place in the PancakeSwap Lottery. Participants can take part by purchasing six-digit tickets. The number of digits on the user's ticket that match the numbers created by Chainlink VRF, starting with the first one on the left, determines the prize. This is how it's broken down:
CONCLUSION
ChainLink is an unusual network. Its ecosystem creates room for various types of systems to find expression, its unique characteristics make it stand out. The help of chain links dynamic and easy to use features makes it one of the best out there for any crypto enthuasist.More updates about the chainlink system would be coming in future pots.
Posted Using InLeo Alpha
Posted Using InLeo Alpha
Congratulations @bummblebee! You received a personal badge!
You can view your badges on your board and compare yourself to others in the Ranking
Check out our last posts: