ChainLink was developed by a company called SmartContract in September 2014. It is a platform that bridges the gap between smart contracts, which are on the blockchain and real-world applications, which are off the blockchain. “Oracles” which is used by the cryptocurrency to solve its purpose, are data feeds from the external systems that feed vital information into blockchains that smart contracts execute under specific conditions. There is a growing need for Oracles, which shows the expansions of blockchain into real-world cases, where accurate data have become crucial.
ChainLink has two main infrastructural components – on-chain infrastructure and off-chain infrastructure. The on-chain infrastructure consists of on-chain contracts deployed on Ethereum’sblockchain. These contacts the Oracles, which then process the request of the users who wish to access the off-chain data. The off-chain infrastructure consists of Oracle nodes connected to the Euthereum network, which collect the required data from off-chain resources. The data received is then processed by the ChainLink’s core, the software that allows the interaction between the blockchain and real-world applications. In return for the contribution to network harvesting and transmissions, the off-chain operators are compensated in the form of LINK which isChainLink’s core native ERC20 token. If the users wish to access off-chain data, they submit a requesting contract to ChainLink’s network. Then the requesting contracts are matched with their oracles by the smart contract. This smart contract includes reputation contract, an order-matching contract, and an aggregating contract. Finally, the aggregating contract gathers data of the selected oracles to find the most accurate outcome.
Reports from CoinMarkCap states that LINK currently has a market cap value of 150,528,452 USD on February 19 at 23:24 UTC, which is based on the circulating supply of 350,000,000 LINK out of a total supply of 1,000,000,000 LINK and at an exchange rate of $0.430081. Its peak price went so far as 0.563566USD on January 22. Analysis revealed that the digital currency had better prospects in 2018, but the values currently are wavering. The current market cap value has experienced a dip in value by 27.86 percentage relative to its level on January 22. The stats confirm that LINK’s market has been going downtrend and hence, enters the bearish market.
Current price value of USD and BTC are $0.430081 and 0.00011847 with the 24h volume of4,765,915 USD on February 14 at 23:24 UTC. Both the prices of USD and BTC are on a dangle. The MCap/USD pair had been overlapping each other but continued to move up in price until November 14, after which the pair’s value toppled drastically. After the fall, the pair has been downtrend continually with a minor rise in values. Unlike the pair, BTC had been downtrodden completely until November 15, the tables turned, and price of BTC overtook MCap/USD pair and has been on the lead ever since. The 20-day EMA shows a downtrend in the values by 11.63 percentage. The cryptocurrency reached its milestone between January 28 and February 10 with 25.69 percentage increase in a span of 13 days.
As per reports, the current values offer a tremendous opportunity to invest, for investors with long term perspective. However, for traders and the others involved in trading activities, they are advised to be on the sidelines, for now, until the market goes uptrend for this cryptocurrency.