What do you think, is an investment in Chainlink a good thing for you? This article will only deal with this question and will apply all its resources to answer your doubt.
As the demand for decentralized services and products continues to increase, Chainlink has kept itself as the go to DON (Decentralized Oracle Network) for assembling real world information into smart contracts securely and efficiently.
Presently Chainlink is among the hottest cryptos in the market, with a market cap of more than $8.5 billion as of 2021 July. But is Chainlink a good investment in 2021? Let us find that out in this article.
DON (Decentralized Oracle Network) enables smart contracts on the blockchain of Ethereum to enact on real world data. Because the transactions in blockchain cannot be reversed, they need to be sure that they are acting on exact data. This is where we require oracles. It is used in the sourcing of reliable data.
The decentralized oracle network offers the solution by providing a complete network of decentralized parties that are paid for their services. The real fact gets evaluated by the consensus on the network of the Chainlink. Should parties attempt to offer fraudulent data, they risk losing their control on the network and also on their channel of revenue. Decentralized networks that are properly incentivized individuals can offer effectively trustless oracles.
Smart contract options trading, sports betting, supply chain management, shipping confirmation, and many other endless applications lie ahead. The core product of Chainlink involves combining real world information within smart contracts through DONs. So if you wonder if Chainlink is a good long term investment, then here is your answer.
The ICO (Initial Coin Offering) of Chainlink at the ending of 2017 was for $0.11. In the next year, Chainlink briefly crossed $1 before it fell back in 2019. During 2020, Chainlink witnessed an early bull run and it attained $17 at the time when the rest of the digital currency space was just starting to wake up from a deeper sleep. At the time of writing this the price of Chainlink is $23.31.
Before you invest in Chainlink, you should know how high its value can rise. The promise of Chainlink to combine real world data onto Ethereum opens up a new ambiance of applications that are possible for the smart contract of Ethereum. As these networks continue to rise and make accessible more easy to use, more and more such applications will be economically viable.
DeFi (Decentralized Finance) is even new compared to the prevailing blockchain technologies. There is no preset limit on the value that Chainlink is eligible to offer that world in the upcoming days. As long as the wish to grow in technology and new data prevails, Chainlink will continue its operation of adding value.
Why is Chainlink a bad investment? As of now, there is no such reason. Now once you purchase it is essential that you ensure to store it properly. The value of chainlink has increased in the recent times and it has a good future as per the Chainlink price predictions that have been made. So it is definitely worth it if you invest in Chainlink now.