Chainlink (LINK) suffers from lack of communication but still enjoys the first mover advantage in their niche

ChainLink has been one of better performers in the last couple of weeks. We saw the coin remain relatively stable throughout July, as it reached monthly lows of $0,189 USD/3012 satoshi after a period of hovering above the $0,2 mark. Soon after ChainLink’s price started picking up and after two decent break-outs we saw it reach a monthly high of $0,358 USD/4384 satoshi on July 30th. Since then, it has been a slow consolidation for the coin. One LINK is currently valued at $0.259462 USD (a 0.55% drop in the last 24 hours)/3791 satoshi (0.96 % drop in that same timeframe). With a market cap of $87,311,781 USD, ChainLink is currently the 76th most valuable cryptocurrency in the world.

 

ChainLink platform acts as a decentralized Oracle network which allows anyone to become an Oracle, aka a provider of a data feed in exchange for LINK tokens. The ChainLink platform includes certification, validation and reputation services that enforce the integrity of the network’s Oracles.

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ChainLink community has recently seen a couple of interesting developments around their coin. The project that is basically looking to bring the decentralized oracle technology to the forefront of crypto was recently mentioned in a REQ community update. As things stand, REQ project is looking to establish a decentralized oracle connection with ChainLink; however, the issue here is that ChainLink’s mainnet is still not live, meaning that the oracle technology still isn’t ready.


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While the mainnet isn’t ready just yet, they are running a test ChainLink network in Ethereum’s Ropsten. Developers are able to go and start creating ChainLink related smart contracts for the Ethereum blockchain as of July 24th. Check out their website here and learn more about creation and execution of smart contracts that run on decentralized data sources.

And REQ isn’t the only project interested in Link’s technology. SWIFT, IC3, Gartner are just some of the already confirmed partners and those numbers are growing. Just recently we saw Accord acknowledge that they will be using ChainLink to develop oracle support for their project. Clintex Clinical Trials Intelligence, a data management software solution for the clinical trials industry also decided to partner up with ChainLink. Some sources claim that Salesforce, CRM software and cloud computing solutions provider, is also looking to make ChainLink its designated oracle provider.

ChainLink is known in crypto circles as a project that keeps things hush until they have something real to offer. They are notorious for their weak communication with the public (their 4 year old Twitter account has only 25 posts on it!). However, they have seemingly decided to let their tech do the talking and as a result, ChainLink has recently experienced a slight resurgence. By entering the top 100 just a couple of weeks ago and continuing to climb, it awoken the old “1000$ EOY” crowd that intensively shilled and believed in it at the turn of the year. The dreams of seeing your “stinky linkies” reach this coveted number in the next couple of months can be safely forgotten; still, Link remains a solid project that boasts a first mover advantage in one of potentially most important elements of any future blockchain. The community is currently patiently awaiting the launch of the ChainLink mainnet, which will definitely give us a better insight in real world capabilities of the oracle technology.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

1 Comment
  1. Nice write up, I pretty much agree with everything you’ve said about Chainlink. Strong team, bad communication but solid work going on behind the scenes.

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