In June came the announcement of China’s Impressive blockchain infrastructure project ‘Blockchain-Based Service Network (BSN)’ and with it, a partnership with Chainlink.
BSN comprises of an alliance that connects Chinese government departments with banks and technology companies. It will be the world’s first blockchain network to be built and maintained by a government.
Chainlinks decentralized Oracle Network
Currently, Chainlink has over 50 partnerships, including Google Cloud, Oracle and Binance. It will assist BSN by locating reliable material information. The Chainlink’s decentralised oracle network provides security guarantees by allowing multiple Chainlinks to appraise the same data before it becomes a trigger. Consequently, it will reject any one point of failure to maintain the overall value of an exceptionally secure, dependable and trustworthy smart contract.
The surge of Link to $8.53
The week ending the 5th July saw the launch of BSN and subsequently a 15% surge in the price of Link raising its value to $5.60.
During the next seven days Link experienced further success, it ascended to the ATH (all-time high) $6.5 by closed on Sunday 12th July.
Monday morning traders woke up to yet another tremendous upswing to $8.53. The question now must be, how long can this last?
What’s next for Chainlink?
One of many projects involving Chainlink is DigiTix Event Ticketing platform powered by Ethereum that aims to help reduce scalping and scamming by offering valid tickets on-chain as NFT’s. It is using Chainlink’s ETH/USD Price Reference Data for stable ticket pricing.
As Chainlink marches forward, what is in store for its cryptocurrency Link? Smart Contracts are becoming more and more popular, and this creative company is riding high. Such a beneficial commodity in blockchain technology will not stand still for long.
This company is making news in the blockchain world, almost daily. As confidence grows amongst traders and investors alike, will Link experience a fall or find a new median.
Traders would no doubt like this coin to drop back to a more affordable level. However, this cryptocurrency is experiencing elevated success and may not fall far but establish a new norm.
Disclaimer: Opinions expressed at Bitcoin News Agency are not investment advice. Investors should do thorough research before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. Bitcoin News Agency does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Bitcoin News Agency, an investment advisor. Please note that Bitcoin News Agency participates in affiliate marketing.
Be the first to leave a review.