by Rushali 
This pandemic has taught us many things and one of the most important among them is the importance of investment. In almost every country inflation is increasing which automatically decreases the value of our normal currency. And one of the prominent investment options which have seen a significant rise in this situation is cryptocurrency. With economic recessions covering the whole world, there is a sudden rise in the demand for digital currency which is a reliable source of transaction.
The cryptocurrency was a constant attraction among the traders for the past few years and it increased in this pandemic situation. Cryptocurrency has given great returns on a long-term basis and that’s the reason that people are interested in this field. And it is not only about investing in bitcoin or ethereum, now people have started exploring other cryptocurrencies as well. One of those cryptocurrencies is Chainlink.
This article will give you all the details about this cryptocurrency Chainlink.
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Overview of Chainlink
Chainlink is a cryptocurrency that is based on blockchain technology and its main aim is to give the users the advantage of doing transactions securely and at lightning speed. It is an oracle network that is fully decentralized. Its name is LINK because its objective is to link smart contracts with data from the real world.
It was founded by Sergey Nazarov, and Steve Ellis its ICO was launched in the year 2017. And was a huge success, supplied 1 billion LINK tokens, and raised $32 million.
Chainlink is used for a special purpose and that is it is used to pay node operators as a prime cryptocurrency. LINK is also described as an ERC-20 token, that serves an additional purpose of transferring and calling under ERC 223. Because of this functionality, the receipt and process of tokens are all within one individual transaction. After 2017, the $32 million LINK ICO, 32 percent of LINK tokens were sent to node operators to incentivize the ecosystem, and 30 percent stayed within Chainlink for development. The cryptocurrency creates an impeccable opportunistic framework wherein other virtual tokens can also be traded.
Advantages of Chainlink
* The ecosystem of chainlink ensures that the users can be benefitted from blockchain technology.
* It also provides the facility of also being available on alternate platforms for digital media sharing.
* It directly strikes a chord with the customers as there are no middlemen.
* Privacy is the biggest plus point of this cryptocurrency.
* Transaction cost is the least and speed is the highest.
* You will get around-the-clock assistance at the backend.
Partnerships of Chainlink
Chainlink is a part of many projects among which 74 is in blockchain, 98 is in DeFi, 23 is in data providers, and 44 is in nodes. It is also in a partnership with the States of Colorado to make a new lottery game for a hackathon. Chainlink also recently tied up with Agoric for developing smart contracts with Javascript.
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Historical rice movements
In the year 2017, all the cryptocurrencies were enjoying a bull run, unfortunately except Chainlink. Instead, its prices were falling drastically. But in the year 2020, it fought back, and finally, the prices were started rising making that year its best year. In August 2020, Chainlink has recorded the price of $19 which was 700% more. And it reached $20 in November 2020, then it never looked back.
Chainlink is very much famous in the decentralized finance (DeFi) sector due to its oracle. And that helped it in maintaining its uptrend till now.
Let’s see what will happen in the future.
Future Prediction
Chainlink is also volatile as other cryptocurrencies but it has shown steady growth.
The oracle services of chainlink have helped blockchains to interact with each other and that makes its functionality better and it’s future strong.
Today Chainlink is trading at $28.52 that is around 4% up.
- Price prediction for the year 2021
With all the above factors looking favorable we can say that the cryptocurrency will continue its upward movement. And hopefully, it will touch $40 by the year-end.
- Price prediction for the year 2022
If the year 2021 will be bullish for the cryptocurrency then the price can reach $50. But it is hard to predict that it will break the $50 mark or not.
- Price prediction for the year 2023
By this year we can accept that people should have accepted chainlink as a mainstream currency and that would definitely take the price above the $50 mark.
- Price prediction for the year 2024
This year crypto market can see a marginal correction but that doesn’t mean that the bull run has ended, it will just be for the short term. The chainlink’s price could be corrected to $30 levels.
- Price prediction for the year 2025
Then this year the bullish form will return in the market and we can hope that the price of chainlink would be trading at $65 levels.
At last, we just want to say that Chainlink is a great investment option in terms of cryptocurrencies as its market is still growing and new investors are investing in the future it will show amazing results.
Note – All these predictions are from a personal point of view. A difference of opinion is bound to happen. This article doesn’t guarantee any price movement. We don’t take any responsibility for any kind of profit or loss and don’t give any kind of investment tips. Invest at your own risk.
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