Chainlink Hits $50 as Other Altcoins Face Major Correction

Chainlink is making slow but sure steps to yet another ATH on the charts despite many altcoins seeing corrections over the past couple of trading sessions. The crypto market is highly bullish, with Ethereum, the world’s largest altcoin, hitting an ATH of over $3,519 less than 24 hours ago. Chainlink is only taking advantage of this sentiment and thriving off of it.

LINK has crossed the much-anticipated $50 mark at the time of publication, which is a 40% surge in the past seven days.

Chainlink Developments are Pushing the Price 

Because of a relatively strong connection with Bitcoin and Ethereum, LINK has often ridden the bull wave of the broader market to ascend the charts. It was also the case last week but Chainlink cannot reduce local innovations centered around the environment and its contributions to the price increase in alt by any means. Each of the updates enables the alt to move independently, contrary to the general market sentiment.

One such improvement is the introduction of Chainlink 2.0. The whitepaper in question suggested a roadmap for Chainlink’s future to overcome the shortcomings of the initial whitepaper. 

The Course to Interoperability

The Chainlink 2.0 whitepaper provides a structure for several interoperating Decentralized Oracle Networks(DONs), each consisting of a set of nodes capable of bidirectionally transferring data and performance of decentralized off-chain computing through several consensus protocols. 

That is however not the only development on the platform. Also officially launched on mainnet is Chainlink Off-Chain Reporting, which is an important step in the scalability of the decentralized oracle networks of Chainlink. 

OCR greatly improves the efficiency of the data calculation over Chainlink oracles and lowers operating costs by 90% hence accelerating the network’s development. What’s more, SmartZip, a company that deals with predictive analysis in the real estate industry, has also revealed that it will soon launch a Chainlink node. 

These are all bullish developments that have enabled LINK to register additional ATHs in price charts since mid-April.

Where is Chainlink Headed

The price forecast of Chainlink is bullish mainly because its price feeds play a decisive role in the decentralized financial space – a sector that has been growing strongly since early 2020. Without the use of oracles, Blockchains themselves cannot access external market data. Experts also agree that broader use of this technology will reduce the number of hacking activities that have lost millions of dollars to exploits that companies could have avoided.

Much like Bitcoin was the first cryptocurrency to exist, giving it an added advantage over the multiple coins that followed, Chainlink is the first project to provide oracles. As new applications begin to arise for blockchain technology, opportunities to use the features of this project will only grow further. These new applications and Chainlink’s unique features are likely to drive its price even higher.

Related posts:

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / / / /

Chainlink and Several Low Cap Projects Poised To Go Parabolic, Says Crypto Trader Elliot Wainman

Popular crypto trader Elliot Wainman thinks Chainlink (LINK) and other, smaller-cap decentralized oracles are primed to explode in value.

Wainman tells his 299,000 YouTube subscribers and 142,000 Twitter followers that LINK’s Bitcoin chart looks quite promising for the oracle network. He thinks a “full send” is coming to all low cap oracle projects.


“If you look at the Bitcoin vs. LINK chart… you can see that [LINK] is setting up here and it’s really bounced off the lows, reaccumulated and is getting ready for another bullish movement up towards its prior highs. And if it does this, this is going to be a huge growth in the LINK value. And whenever that happens, whenever LINK expands dramatically, it paves the way for an explosion of the oracle coins. It just so happens that LINK tends to be a tip of the spear for DeFi in general.”

In his new video, Wainman points to one low cap low-cap oracle coin, Tellor (TRB), that had already exploded in value. TRB has since lost a lot of its progress by time of writing, however.

Wainman also predicts potential gains for two other small-cap oracles.

“I do believe that as Chainlink (LINK) picks up and up that this will lead to a huge swell. And some of these oracle coins, especially some of these lower-cap ones, will do incredibly well… I am looking at Oraichain and OptionRoom as two of the lower-cap options here that might do some great gains, though to be honest, I believe all of the oracles will stand to be very bullish once LINK picks up and to the right.”

Oraichain Token (ORAI), the 676th-ranked crypto asset by market cap, is trading at $31.30 at time of writing and is down 28% in the past two weeks, according to CoinGecko. OptionRoom, the 746th-ranked crypto asset by market cap, is trading at $1.83 at time of writing and is up 4% in the past 14 days.

Wainman notes that like Bitcoin for the broader crypto market, Chainlink serves as something of a bellwether for other decentralized oracles.


“Just like Bitcoin is almost like a health reading for the altcoins sometimes, as Bitcoin is falling sometimes the rest of the altcoin markets get hit really hard, as we saw this week.

And as Bitcoin rises the alts go parabolically to the upside. This is very much true of Chainlink and the lower-cap oracles.” 


Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Inked Pixels


Tagged : / / / /

Chainlink releases new whitepaper in a shift toward smart contract computations

Chainlink (LINK) has unveiled its new whitepaper on Thursday, which details a planned expansion and pivot into creating oracle networks for computation. The proposal would see Chainlink generalize its oracle network into a “meta layer” of Decentralized Oracle Networks, or DONs.

The new architecture supports a larger selection of use cases, expanding its suite of services to off-chain computation of data. In Chainlink’s vision, these computational oracles would create a class of “hybrid smart contracts” where part of the logic could be offloaded to the oracles.

The new oracle networks would continue to focus on functions that blockchains or even layer-two networks are unable to perform, as Sergey Nazarov, co-founder of Chainlink, explained to Cointelegraph. An existing example of this framework is the Chainlink Verifiable Randomness Function, offering a crucial component for any on-chain lottery that needs a trusted source of randomness. In Chainlink’s view, this reliance makes these apps an existing example of hybrid smart contracts. “The DeFi contracts, 95% of them — everything except the DEXs — are hybrid smart contracts already,” Nazarov added, referring to their use of external price feeds.

In the vision outlined in the whitepaper, Chainlink would generalize and extend its existing computational capabilities:

“The extension here is really in the fact that you can put an arbitrary executable in an oracle network for it to run that. And this greatly expands what an Oracle network can do.”

Nazarov disclaimed that Chainlink is not attempting to replace existing blockchains or layer-two solutions. Its aim is to be a flexible and customizable solution to compute data, which could be used to scale existing DApps or even just run rollup schemes and other layer-two solutions. Chainlink would offer the choice of consensus mechanisms and nodes to each individual user, who will choose the trust guarantees they need.

“The Chainlink network is a configurable set of validators that can be configured to do whatever the hell you want them to. […] It’s not a blockchain. They [the validators] don’t give you the state and all the guarantees of a blockchain, but they can give you every other type of computation that you want to configure them into doing.”

The practical uses of such a network will largely depend on what the users wish to do, but Chainlink expects a number of services to take priority. One of these is the Fair Sequencing Service, a solution against miner extractable value, or MEV. The idea behind the platform is to let the oracles compute a “fair” sequence of transactions that would minimize value extraction generated from front-running trades and other techniques. As Nazarov explained, blockchains don’t have a conception of time, which is part of the reason why ordering transactions fairly is difficult, and why oracle networks can help.

Oracle-based computation to assist certain blockchain transactions are not entirely new, with Chainlink being the most notable provider of specialized data. Recently, the Maker team also proposed using its oracle for a similar purpose by instantly verifying the validity of an optimistic rollup and facilitating instant withdrawals from layer-two through Dai.

The new Chainlink whitepaper introduces a host of other features as well, notably offering a more robust incentive to report fraudulent transactions called super-linear staking. In this mechanism, bribing a Chainlink node to provide false data becomes quadratically more expensive as more stake is committed to the network. The system relies on mathematical fraud proofs that entitle watchers to the combined stake of all nodes if they correctly report an instance of fraud. A potential attacker would need to bribe all watchers for the full amount that they’d stand to gain, an amount greatly exceeding the total stake.

The new conception for the Chainlink network aims to vastly simplify the deployment of smart contracts. According to Nazarov, too many teams are forced to build core infrastructure just to support their DApp:

“I want them to just pop in and kind of build this hybrid smart contract really quickly, just the way they build it in the web world — you know, in a weekend. And they don’t have to figure all this shit out! That’s what I think the future is.”