Why is chainlink different?

Guy Taublee asked, updated on December 17th, 2020; Topic: chainlink
👁 373 👍 12 ★★★★☆4.8

Many factors make ChainLink unique. It is a concept dedicated entirely to making smart contracts more connected to the outside world. The smart contract concept was first introduced by Ethereum; however, their smart contracts can only manage data on the blockchain. They miss a bridge to real-world businesses.

Follow this link for full answer

Whatever the case, what are Blockchain oracles?

Blockchain oracles are third-party services that provide smart contracts with external information. They serve as bridges between blockchains and the outside world. ... Some oracles also have the ability to not only relay information to smart contracts but to send it back to external sources.

Brief, is chainlink a good buy? Chainlink, however has so much in the pipeline that at the current price and MC, it is not only a safe investment, but is almost guaranteed to bring strong returns.

Either way, why is chainlink so good?

The data source aside, Chainlink has created a way to reliably, and efficiently, provide accurate data to smart contracts on smart-contract enabled blockchains. ... Prices are set by the Chainlink node operator based on demand for the data they can provide and the current market for that data.

Why chain link is rising?

One of the factors that made it rise is the number of products offered. People can get crypto loans, make savings, and even earn interest on their chainlink coin, just to mention a few. The decline of the value of other digital currencies like Bitcoin has made investors look for other better options.

5 Related Questions Answered

How do Oracles work?

“Oracle” has long described a person through whom a deity speaks, or a person known for giving wise or authoritative decisions or opinions. In the cryptoverse, oracles are code connecting a blockchain with the real world. They provide the data that smart contracts need in order to execute successfully.

Are oracles real?

An oracle is a person or agency considered to provide wise and insightful counsel or prophetic predictions, most notably including precognition of the future, inspired by deities. As such, it is a form of divination.

Is Google investing in Blockchain?

Google's investment in blockchain spans a varied spectrum. It has invested in Storj-io, a decentralized cloud storage company, as well as payments network Ripple, which has rapidly gained traction in recent times. ... To be sure, these companies are also exploring the uses of blockchain in internal projects.

Is chainlink partnered with Google?

Google has tapped a startup token project, Chainlink, as an official Cloud Partner and the relationship suggests a deep and detailed interest in blockchain technology by the Mountain View giant.

Is chainlink a good long term investment?

While LINK has since fallen on the charts, the project continues to maintain its charm, with Chainlink still attracting long-term investors. ... However, as the price of LINK reached a peak, many investors started selling the digital asset to reap profits of their own.