Chainlink Survey Participants Believe Its Technology Is Vital For Future Smart Contracts Reliability

Chainlink Survey Participants Believe Its Technology Is Vital For Future Smart Contracts Reliability

By Insights Network | Insights Network | 25 Sep 2019


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Chainlink (LINK), an oracle-like platform, is making headlines for its proprietary technology. The platform, which acts as an intermediate stage between smart contracts and external data, is proving its usefulness in the blockchain ecosystem.

Insecurities existing between smart contracts and external data inspired the development of the Chainlink platform.

Unbeknownst to many before Chainlink, the potential for smart contract exploitation by third parties was enormous. With Chainlink in the picture, this was set to change.

The project was launched in 2014, and on June 2019, its mainnet was officially launched on the Ethereum protocol.

Following its launch and the attention surrounding the Chainlink platform, the Insights Network sought to determine its actual impact in the blockchain ecosystem. Despite there being several reviews, only user responses could give the general thinking of the market towards the Chainlink platform.

A survey was therefore carried out by the Insights Network team. This article sheds light on the findings of the survey.

Key Metrics and Demographics

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As aforementioned, the Chainlink survey was conducted on the Insights Network platform.

It attracted over 1,700 KYC verified participants from the platform who answered over 10,000 questions.

The following are the demographic statistics:

  • Total number of participants: 1,746
  • Total questions questions answered: 10,476
  • Total questions asked: 6
  • Total number of participating countries: 124

Questions Surveyed

The questions asked in the survey were based on the following objectives:

  1. To determine the impact of Chainlink’s proprietary technology in the blockchain ecosystem.
  2. Analyse the relationship between Chainlink and its intended market.

Key Insights — Chainlink on Course for Increased Investment

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Based on the results above, it can be concluded that those who hold Chainlink are positive about the company’s future.

The results also suggest that the Chainlink support base is closely monitoring the movements of the platform. Token holders would also want to know whether the company has a future.

It is likely, from the participants, that the Chainlink support base sees more partnerships and adoptions as a way of increasing institutional investments into the company.

Many blockchain platforms are now focusing on Institutional investment as they are likely more stable with flexible long-term options.

The drawbacks of dependence on personal investments have been made clear in the past hence the move towards institutional investment.

Further, institutional investment may likely lead to higher rates of adoption, even amongst individuals.

Chainlink provides services that may be crucial, especially to enterprises and institutions. The extra layer of security added between smart contracts and external data dramatically improves the overall security of any institution.

It could be that Link holders share the same sentiments based on the results obtained from the survey.

Key Insights — Chainlink’s Technology Is Crucial for Future Smart Contracts

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From history, human beings always find a way to by-pass various security systems.

Blockchain is currently immune to most cyber-attacks due to its decentralized nature; however, there are blockchain platforms that have already been compromised.

The distributed ledger technology requires constant updates to its security systems to keep up with the ever-evolving cyber threat.

One of the areas where hackers may exploit in a blockchain system is the smart contract. Smart contracts mostly hold every piece of information about a particular transaction. Proper functioning of smart contracts is therefore necessary for most blockchain systems.

When exploited, smart contracts can prove to be the weakest link in a blockchain system because of the crucial transactional data they hold.

Because of this, various security measures are taken to ensure that smart contracts remain safe within the blockchain.

Chainlink’s proprietary technology is arguably a complementary technology to blockchain. It strengthens blockchain services by improving the security between smart contracts and external data.

If blockchain is to be the technology of the future, it will need to reinforce its areas of weakness. Smart contracts are essential to blockchain services; thus, Chainlink’s technology may be crucial in the success of blockchain in the future.

Key Insights — The Projects Ecosystem Continues To Grow

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Chainlink’s performance is 2019 is commendable. The platform is currently on the right path.

Recently, Chainlink was listed on Kraken which resulted in a 10% increase in the value of their token, Link.

Despite the rise, Chainlink still has a long way to go before it can fully achieve its set objectives.

Delivering tamper-proof smart contracts is no easy feat. Chainlink must prove that it can keep up with a rapidly evolving cybercrime industry.

Its previous successes mean that its user base can trust the platform to deliver as we can see from the results.

The 10% price jump as a result of the listing is also evidence that Chainlink is growing in numbers and value.

With a few more moves in the right direction, Chainlink has the potential to attract both the crowd and the money.

Conclusion of Survey Results

The blockchain ecosystem is still developing. Positive strides have been made since the inception of the technology. However, some potentially weak areas must be addressed before the technology is fully adopted.

Chainlink addresses the issue of smart contract security. The respondents have a favourable view of the direction Chainlink is taking in terms of smart contract security. Further, there is also increasing confidence in the future success of the platform.

It is also evident that Chainlink must outperform itself in the coming years as it is held in high regard by its user base and target market.

Lastly, the future of blockchain technology is being created by platforms such as Chainlink.

We’re excited to share more research results, and upcoming product releases with our community as well as a growing audience of early cryptocurrency adopters across the globe. Thanks for reading and your constant support of our journey!

Onwards and more insights,

Team INSTAR

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Insights Network
Insights Network

Insights Network is a privacy-preserving, global market research network powered by blockchain technology. Earn cryptocurrency on www.instarwallet.com for participating in daily surveys and more! Explore our research at https://medium.com/insightsnetwork


Insights Network
Insights Network

Insights Network is a privacy-preserving, global market research network powered by blockchain technology. Earn cryptocurrency on www.instarwallet.com for participating in daily surveys and more! Explore our research at https://medium.com/insightsnetwork

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