CHAINLINK price, news and Forecast (LINK US DOLLAR)



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Bitcoin (BTC) has been consolidating between $94,000 and $100,000 for almost two weeks. Ethereum (ETH) price follows in BTC’s footsteps and hovers around $2,680, while Ripple (XRP) shows strength and extends its gains on Monday after rallying 14% last week.

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Bitcoin: BTC consolidates before a big move

Bitcoin: BTC consolidates before a big move

Bitcoin price has been consolidating between $94,000 and $100,000 for the last ten days. US Bitcoin spot ETF data recorded a total net outflow of $650.80 million until Thursday.

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WHAT IS CHAINLINK?

Chainlink is a decentralized oracle network that greatly expands the capabilities of smart contracts by enabling access to real-world data and off-chain computation while maintaining the security and reliability guarantees inherent to blockchain technology.

LINK tokens are the digital assets used to pay for services on the network.

Characteristics of Chainlink

Chainlink main objective was creating a blockchain that allows users to connect with real world data.

  • Chainlink makes it possible for users to work with off-chain data.
  • It offers the possibility of making payments through a contract to any payment system or banking network.
  • Its users can use smart contracts which includes an oracle reputation called a service level agreement. It punishes the oracles that violate network rules or provide incorrect data.
  • Uses an aggregation contract to collect all the off-chain oracles’ data to create a weighted aggregate response.

Differences between Chainlink and Bitcoin

Which are the main differences betweeen LINK and BTC?

  • LINK demand and value of the tokens is directly correlated to the number of operators that offer off-chain services to the system.
  • The LINK token is described by developers as an ERC-20 token, with the additional ERC-223 “transfer and call” functionality.
  • The LINK token sale was capped at $32 million, with a total supply of 1 billion LINK tokens.