An Analysis of ChainLink: what are its Achievements and what are its Goals for 2024 and beyond? Should you own it?


What are ChainLinks' historical Milestones achieved?

  1. Token Sale Success (2017): In September 2017, Chainlink achieved a successful initial coin offering (ICO), securing $32 million in funding.

  2. Mainnet Debut (2019): Chainlink marked a significant milestone with the launch of its mainnet on the Ethereum network in May 2019.

  3. Google Cloud Collaboration (2019): In June 2019, Google Cloud revealed its integration with Chainlink, enabling Ethereum app developers using Google software to seamlessly incorporate data from external sources into the blockchain.

  4. Expansive Network Growth (2020-2021): Chainlink experienced substantial expansion by significantly increasing the number of its data providers, known as oracles.

  5. Collaboration with Prominent Blockchain Platforms (2020-2022): Chainlink forged partnerships with esteemed companies and blockchain projects within the cryptocurrency realm, including Polkadot, Avalanche, and others.

  6. Cross-Chain Advancements (2021-2022): In a move to enhance its oracle network capabilities, Chainlink introduced the Cross-Chain Interoperability Protocol (CCIP) in 2021-2022, further broadening the scope of its capabilities in cross-chain interoperability.

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What is ChainLink planning for 2024 and beyond?

In 2024 and beyond, Chainlink is working on building a global standard for the industry. Their outlook includes empowering developers with tools to take control of their economic future. This involves leveraging high-frequency market data to power next-generation DeFi markets, integration of ultra-secure on-chain data to trigger smart contracts in DeFi, and more. Also, focusing on connecting smart contracts to any API and running custom Web3 computation in minutes.

Furthermore, Chainlink is also planning on enhancing Blockchain interconnectivity with CCIP (Cross-Chain Interoperability Protocol). This would allow for value and data to move between existing systems and any public or private blockchain. It is progressing towards the automation of smart contracts and providing verifiably random numbers for fair outcomes in games, NFTs, etc.

Price Projections.

Changelly, a cryptocurrency exchange platform, anticipated that ChainLink's value would climb to $16.49 by February 1, 2024, and further increase to $20.35 by June 2024. The platform's projections also suggest a potential surge to $106.34 for ChainLink by the year 2028.

ChainLink's price is $18,91 today. It seems that Changelly's forecasts aren't that far off from current valuations.

Can Blockchains survive without ChainLink or other Oracles?

Blockchains can survive without ChainLink or other Oracles. However, ChainLink provides a critical service by securely connecting blockchains with off-chain data and systems. This allows smart contracts (digital contracts on the blockchain) to interact with data from the outside world, something they can't do on their own due to blockchain's inherent design.

While it's theoretically possible for blockchains to operate without this, it would severely limit their functionality. ChainLink enables many advanced features and applications on blockchain networks, including DeFi (Decentralized Finance), NFTs (Non-Fungible Tokens), and others that rely on real-world data. Without ChainLink, these applications would have limited capacity or might not even be possible.

Including ChainLink in a blockchain-related portfolio can be considered a smart investment! You can also buy another Orcale like Pyth Network, the number 2 by market capitalization.

 

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