With the arrival of Bitcoin and the hundreds of cryptocurrencies that have followed it, a new world of possibilities has been born. And with the birth over time of increasingly innovative crypto projects, this world of options is expanding again and again, pushing back the boundaries. Chainlink can clearly be seen as one of the cryptos that exemplifies this continuous innovation to perfection. One of the ways this crypto achieves this is by revolving around oracle nodes. What is this particular type of node? How this crypto works, what is Chainlink price to USD, and is it worth investing in in 2024? Get all the answers in this Chainlink review, which we’ve made as comprehensive as possible!
Binance
Binance
Chainlink (LINK) is a crypto-currency associated with a decentralized platform primarily built on Ethereum (ERC-20). This character, appreciated by investors and partners alike, has undoubtedly contributed to increasing the reputation of the Chainlink crypto since its creation in 2017. If we had to make a strict analysis, Chainlink is, first and foremost, a services platform before being crypto. The LINK token associated with this platform, which enables reimbursed transactions, constitutes the project’s native crypto.
The Chainlink platform is primarily defined as a Blockchain overlay designed to simplify data transfer between Blockchains and third-party data sources. This external data passes through oracles, which integrate it into the smart contracts characteristic of Blockchains.
Nodes are relay points within Blockchains, acting as control points. On Chainlink’s side, some of these nodes take the form of components called oracles, which are able to link with sources outside the Blockchain. These oracles, therefore, represent the elements guaranteeing the authenticity, reliability, and security of data acquired for smart contracts. Chainlink LINK tokens are used to pay for Chainlink network services.
The creation of the Chainlink (LINK) blockchain dates back to 2017. In the period of its creation, this ERC-20 token achieved a real coup, logically attracting the eyes of investors, analysts, and the curious. In September 2017, for its initial token issue (ICO), Chainlink Labs, the company that created the LINK crypto, raised $32 million! Its project is both exciting and innovative. It provides access to a wide range of practical uses for smart contracts. Unsurprisingly, Sergey Nazarov and Steve Ellis, the two co-founders of Chainlink Labs, quickly landed multiple partnerships. Google Cloud, Polkadot, and many other companies in the DeFi and digital sectors are all seeking Chainlink’s services.
Despite the competition that soon followed, Chainlink blockchain managed to maintain its status as the number 1 decentralized oracle platform year after year. DeFi procoles such as AAVE and COTI and leading institutions such as Associated Press, FedEx, and AccuWeather use Chainlink (LINK) solutions to verify their data. By the end of 2022, Chainlink had collected over 1 billion data points. Operating via more than 700 oracle networks, the value of Chainlink secures more than $70 billion. Logically, this success has continued to attract more and more investors who have no hesitation in buying LINK. The recruitment of Eric Schmidt (former CEO of Google) as technical advisor to Chainlink’s oracle network protocol and the launch of LINK staking have also helped strengthen the reputation of the Chainlink platform and crypto.
Smart contracts are protocols containing a series of commands for the secure execution of a negotiated transaction. They were introduced into the economic ecosystem by the arrival of the Blockchain, which serves as their medium. However, there is a problem: originally, smart contracts only exploit the elements of a Blockchain. If they are to be used for real-world elements, then these must be converted so that the Blockchain can support them. Chainlink’s network of oracles solves this problem by proposing a particular node (oracle) form.
Chainlink corrects the isolated nature of Blockchains by facilitating their connection with information, statistics, price measurements, and other data from external sources. Chainlink (LINK) aims as a crypto to feed this platform to make it run more smoothly.
Originally, the Bitcoin and Ethereum blockchains could not obtain and exploit data from third-party systems. As a result, their use as transaction control and security technologies was limited. This barrier has now been overcome, thanks to Chainlink’s contribution. Without being a Blockchain in itself, the LINK network has deployed all the functionalities required for this Blockchain-real-world link via an Ethereum overlay. Climate data, asset prices, survey results, or sports statistics can now be easily integrated into smart contracts. The possible applications of Blockchain are thus multiplied.
The functioning of the Chainlink crypto cannot be detached from that of the Oracle network from which it originates since it is this network that underpins its existence. Chainlink’s functionalities are designed to provide users with access to computing infrastructures featuring the smallest units of trusted proof. These infrastructures are characterized simply by minimizing the risk of data corruption and thus reducing the need for trust proofs.
Chainlink functionalities are operated autonomously by the user, who is responsible for verifying the accuracy of the programming technologies they inject. Via the Chainlink network, a smart contract transmits the user code to a network of decentralized oracles. Each oracle executes the same code before the network aggregates the results and returns them to the smart contract. Thanks to this operating principle, Chainlink enables institutions to perform intra-blockchain calculations with off-blockchain data. This process can be triggered without users having to configure their own nodes. This is where crypto LINK comes in!
To pay for requests to launch smart contracts with real-world data, users of Chainlink’s platform need to pay a fee. These are calculated in LINK tokens. The Chainlink crypto tokens (LINK) thus acquired are effectively consumed only after the request has been fully executed.
Chainlink’s operation, as described above, opens up a wide range of use cases. For example, Chainlink’s functionalities can be used to connect a blockchain to public data (weather statistics, real-time sports data, etc.). They also make retrieving and transforming this data possible before exploiting it. Users can also use them to establish a connection channel between a piece of equipment and a password-protected source. Chainlink also simplifies connections to decentralized databases, web2 applications, cloud servers, and more.
Once Chainlink Labs launched its ecosystem, buying Chainlink (LINK) crypto could be considered quickly outside it. The many applications and uses associated with the Chainlink network have helped increase LINK crypto’s value. Above all, LINK tokens enjoy a certain level of market confidence. Therefore, the most popular platforms enable LINK to be purchased for exchange against other cryptos, storage, etc.
Coinbase is among the most popular crypto-buying platforms, not least because of its rigorous selection of cryptos to list. Therefore, listing the Chainlink (LINK) crypto on Coinbase further proves its a priori reliability. After launching exclusively in the USA, the company gradually expands to other continents.
LINK Coinbase’s buying platform is renowned for accepting the purchase of cryptos in fiat currencies. So you can buy your LINK by bank transfer, credit card, etc.
Coinbase
Coinbase
Kraken is also one of those platforms that most crypto experts would almost spontaneously recommend for buying Chainlink. The platform has built up an excellent reputation by focusing primarily on the security of its tools.
You can buy LINK on Kraken, trade LINK, and more. The site is known for its effective resistance to hacking attempts and provides multiple functionalities for these various operations.
Kraken
Kraken
Binance is the latest, and by no means the least, of our platforms. The popularity of this exchange speaks for itself, with intensive communication and advertising in many countries. Among the hundreds of cryptos you can buy on the Binance platform, which is accessible on both PC and mobile, is Chainlink. If you’d like to buy Chainlink (LINK), Binance provides you with the online space and tools to do so. In addition to buying LINK by credit card, bank transfer, or P2P, you can trade Chainlink (LINK) via market orders, limit orders, margin options, and more.
Binance
Binance
Many arguments favor Binance as the recommendation platform for buying Chainlink (LINK). Popularity and representativeness are, of course, the basic arguments. The Binance platform is very well known and is present in many countries. It also offers a wide range of cryptos, from Shiba Inu (SHIB) to Tron (TRX), Polygon (MATIC), and Solana (SOL), not forgetting of course Chainlink (LINK).
The wide range of investment options and functionalities also bolsters Binance’s position.
Binance
Binance
Now: 42 Fear
Now: 42 Fear
Yesterday: 41 Fear
Last Week: 38 Fear
Although crypto trading is difficult, you can make the practice simpler by using tools like the Fear and Greed Index. It is used to show what the prevailing market sentiment is, helping you decide how you should be trading the crypto market.
For instance, when the index shows that the market is fearful, it is a sign that investors are unlikely to buy cryptos. This means that it could be a sign to buy crypto because prices are low and the market is undervalued.
As Warren Buffett said, you should buy the market when the market is fearful and vice versa. So, the Fear and Greed Index can be used as a tool to tell how investors are leaning and to decide when you should buy or sell the market.
Using the Fear and Greed Index should help you decide when to buy or sell LINK tokens depending on the market status. When the index is geared to Fear, it’s usually the best moment to buy. And when it indicates Greed, it’s usually the best time to sell your LINK tokens.
What about the future of Chainlink? Will Chainlink go up? A wise investor knows that before making any investment decision, they must take the time to analyze the situation. The information we provide here is not intended as investment advice. It is simply intended to help you think through your investment in Chainlink.
Assess its real utility before investing in LINK or any other crypto. By creating the conditions to establish a secure connection between smart contracts on the Blockchain and external data, Chainlink has clearly demonstrated its propensity to secure real-world applications. Although it contributes to increasing market confidence, more than this factor is needed. Historical data also serves as an analytical element to decide whether the purchase of Chainlink (LINK) in 2024 is a good investment.
In September 2017, the LINK token debuted in the crypto sphere at $0.19. The Chainlink crypto has pursued a certain consolidation between rises and corrections, notably seeing its capitalization rise steadily. The result: in May 2021, Chainlink’s price reached its ATH (all-time high) with a peak of $49.55.. Despite brief rallies later that same year, the crypto gradually regressed, trading at less than $10 in 2023 (1 LINK was worth around $7 in April 2023). But make sure you decide to invest in LINK after careful market analysis according to your investor profile.
For other cryptocurrencies, doubts immediately arise as soon as we explore information about their history, how they work, etc. But in the case of the Chainlink (LINK) crypto, the trend seems to be more towards spontaneous trust. In many respects, Chainlink scores highly. The LINK crypto, via the founding network, displays a certain usefulness for the real world. Its simplified operation, the availability of tokens on several exchanges and the moderate evolution of its value are also noteworthy. So, what is the Chainlink prediction? Based on all these aspects, we can give Chainlink (LINK) a positive rating, and we expect a prosperous future for this cryptocurrency.
However, we must recognize the fact that, in its very essence, LINK tokens primarily serve Blockchain-real-world connection functions. Will Chainlink recover? Its financial asset dimension could find itself overshadowed. That’s why it is important to assess its robustness and interactions with other cryptos before buying it.
