Blockchain has seen a staggering rise in popularity
since Bitcoin, the first Cryptocurrency, launched in 2010. The Blockchain has a number of advantages,
including decentralization and security and let's not forget the demand for a decentralized
currency has catapulted Bitcoin and other Cryptocurrencies to worldwide popularity.
But when you dive deeper into the world of the more than 5,000 Cryptocurrencies in existence,
things get even more speculative with traders often jumping on fast-moving and thinly traded
tokens for a quick profit and then quickly moving on to the next hot trade. Hey guys! Welcome back to Altcoin Paradise,
Today we'll be talking about the Chainlink Cryptocurrency about what it is, how it works,
could price payment whether you should hold Chainlink or not, price prediction, Chainlink's
future in the crypto market and all the details you need to know.
But before we begin, be sure to like, comment and subscribe to our channel so that you never
miss out on the latest Cryptocurrency news! Anyone who has been watching the crypto charts
recently can speak on the popularity of Chainlink (LINK).

Chainlink is one of the hottest cryptos
on the market right now, with a market cap over $14 billion as of April 2021. What Is Chainlink?
Chainlink is a decentralized oracle network that is poised to play a vital role in the
real-world implementation of blockchain technologies. The purpose of this network is simply to provide
input on a variety of external sources of data into the blockchain technology.
Chainlink can also be referred to as an open-source technology that is collectively developed
by a large community of users and researchers as well as developers who share a common goal
of building this Oracle network into a public good for the benefit of the entire blockchain
ecosystem in the world of decentralized finance.

Extensive reliability, tamper-proof inputs
and outputs for complex smart contracts on any blockchain are advantages provided by
the Oracle network. While providing a decentralized, secure ledger
for digital transactions, it isn't so efficient at taking input for things happening outside
the blockchain. There are many "off-chain" forces that influence markets, including fiat
currencies, credit cards and even the weather and sports scores. However, as a decentralized
oracle, Chainlink can provide input to what's known as "smart contracts'' where these smart
contracts help the system respond to a wide range of input. How Chainlink works
Chainlink claims that they want to create the world's first blockchain Oracle network.
But what good would it do? An oracle blockchain network would be able to leverage the same
technologies found in traditional blockchains to ensure that the nodes in operations are
functioning properly and that the data being input is accurate.
This process usually starts when a user puts out a request for the information.

This notification
will be listed as a blockchain event within the network. This listing will then create
a Chainlink Service Level Agreement (SLA) Contract. This contract also launches three
other contracts in the system. Chainlink's ability to deliver real-world
pricing data to smart contracts can be really useful especially for lending and borrowing
platforms, it enables interest payments to be calculated speedily, and the correct amounts
of collateral that is acquired by the system. The project has said that it can also be used
to create stablecoins that are pegged to the value of another asset, like for example,
a dollar. The Chainlink platform has also claimed that
data is going to be verified from a multitude of Oracles for one piece of information. Let's
say that a smart contract requires to know the price that Bitcoin closed at yesterday.
If Chainlink's Oracles come back by offering five potential answers, each dollar will be
aggregating the contract that can later average them out.

What Is Chainlink Used For?
LINK allows people to buy services on the Chainlink network, where it rewards the node
operators who provide real-world data to it's users. It can also be used for staking. LINK
tokens have also proven popular as a tool for speculation. Prices started 2020 at just
$1.80, but increased by a staggering 543 per cent over the course of the year, ending December
at $11.58. In the first two months of 2021, Chainlink has managed to double in value once
again, reaching $25 as of March 1 before that, it also hit a record high of $36.83 on February

Using Chainlink brings some major benefits
to the network. Oracles are important to network expansion. They are at the core of some of
the most exciting developments in the sector. Say, For example, DEXs utilize oracles to
determine the price of Cryptocurrencies without offering an order book.
Another benefit of Chainlink is that it allows many firms to continue to leverage this powerful
technology in a trusty manner.

Users can rest assured are guarateed that the data they receive
is not corrupt, incorrect, and timely. In the event of a single node failure, the system
automatically replaces it with a higher ranking alternative. Price Prediction
At the end of 2017, Chainlink had it's initial coin offering for about $0.11. In 2018, it
briefly surged to $1 before falling back down as 2019 came around. During the summer of
2020, Chainlink got an early start to the bull run. It reached $17 at a time when the
rest of the crypto market was just beginning to wake up.

On April 15, Chainlink set an
all-time high of $44.40 as the crypto bull run continues to gain momentum.
Moving forward, Chainlink continued to trade at $11.45 during January. Surprisingly, the
price spiked to $51.17 to hit a new high on May 2nd. However, when the crypto market collapsed
on May 19, LINK's price wiped down from $36.8 to $21. But luckily after that, the price
has been gradually rising. Just like that, today, LINK has drawn a lot
of attention and attracted new users and investors to their project. The fundamentals look healthy
and fresh for many analysts. The altcoin has been pretty active in launching it's products
and developments with time, growing consistently. When LINK partnered with prominent companies
like Google Cloud, the LINK prices surged significantly to blow at $37.008 by the year
end. On the other hand, considering all market
sentiments and news playing hide and seek, major setbacks can however arise.

If any other
unseen circumstances or competitor coins give a tough road to LINK ahead, the altcoin price
might fall to support levels at around $15.988. Is It A Good Investment?
Just like all the other altcoins can be profitable someday depending on the number of tokens
you are holding on to at a price milestone which meets your investment goals. LINK could
also be a profitable investment and it is an asset any investor can consider having
on their portfolio as it promises unique features which will lead to several adoptions and integrations
in the future. No one can argue that the crypto space has
a lot of projects that are all hype but are with no substance, but Chainlink is not one
of them. This particular platform provides a necessary resource to the market. The value
of LINK remains volatile despite it's huge gains since early 2020.

Chainlink also expands
their functionality from the world's blockchains and provides developers with a newly improved
level of flexibility. For these reasons, Chainlink continues to be one of the hottest coins in
the market in 2021. Therefore, it may be the best decision to
invest in LINK as a way to support the underlying technology. Otherwise, the high degree of
volatility may be too much to bear for most investors.
Put simply, Chainlink is a low-risk investment with lots of potential rewards. It's something
you should definitely do some research on before considering adding it to your portfolio. Now the only question that's left to answer
is…. Does Chainlink Have A Future?
Yes, Chainlink has a future. According to analyst Shawn DuMmett of Cryptopolitan, LINK
will rise above $60 in the next 5 years. Even though founders of the crypto technology decided
to develop their crypto project on Ethereum, it has not stopped Chainlink from being employed
by other users on other blockchains.

Chainlink's promise to integrate real world
data onto Ethereum opens up a new world of possible applications for Ethereum's smart
contracts. As these networks continue to scale and make access more affordable, more and
more potential applications will become economically viable.
Decentralized finance is even younger than ever when compared to the still-young blockchain
technologies. There is no inherent limit on the value that Chainlink could provide the
world in the future. As long as new data and a desire for growth in technology exists,
Chainlink will continue to add value. In the last two years, the price of LINK has
been relatively stable when compared to the volatility in other Cryptocurrencies such
as Bitcoin which can potentially leave investors with huge gains in the future. What are your thoughts on Chainlink Cryptocurrency?
Would you invest in it? Let us know in the comments section down below.
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We hope that you have a great day today, be kind to each other
and we'll see you in the next video!.

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