Chainlink emerges as a promising cryptocurrency

Bitcoin faces competition as a new cryptocurrency enters the scene, Chainlink, and is gaining fast popularity due to it’s mass technological advances.



Chainlink was created by Sergey Nazarov, a 32-year-old tech entrepreneur.

Connor McNeely, Opinion Editor

For many, investing in cryptocurrency is nothing more than a gamble. Decades of development have led to a market that is driven mostly by speculation and bursts of legitimization rather than widespread acceptance from financial institutions, tech firms and other mainstream outlets. Billionaires like Mark Cuban deny the value of cryptocurrency. The popular economist and Nobel Laureate, Robert Merton, disagrees with the value of Bitcoin and has insisted that it “Isn’t a real currency!” A majority of celebrity or established superhero investors don’t understand cryptocurrency and a substantial number don’t want to try to learn anything about it.

Yet even with heavyweight names like Cuban — who was once quoted as saying he would prefer “bananas over Bitcoin” — refusing to take any actual stake in cryptocurrency, interest in cryptocurrency soared throughout the course of the pandemic. Bitcoin continues to jump to record high price points as more  American investors and companies accumulate vast portfolios and invest in cryptocurrencies in steadily increasing amounts. The crucial catalysts in Bitcoin’s mainstream turn have been the financial tech giants Paypal, and the decision of their rival, Square to allow users to transact cryptocurrencies.

Disregarding the reactionary knee-jolts caused by Elon Musk’s Twitter account and massive movements conducted by Redditors, there seems to be a tangible shift towards the authenticity of cryptocurrency. This is because of the necessity for digital currency during the pandemic, rather than material, in-person fiat money. The sudden market obligation for an alternative money has generated massive business attraction for the leading cryptocurrency Bitcoin. In addition to the expansion of Bitcoin onto recognized exchange platforms like Paypal and Square, Visa has allowed Coinbase to offer a Visa card when exchanging and making transactions in cryptocurrencies. With credit card companies like Visa adopting ways for cryptocurrency exchange, there is likely to be more wide-scale development for customer accessibility and ease of transaction in the financial sector.

    This kind of headway into the marketplace of the average American is a huge sign of promise for the potential ceiling of cryptocurrency, whether the emerging currency is Bitcoin or an Altcoin. If you ask any major player in cryptocurrency why they made a long term investment, they will tell you that they believe that cryptocurrencies will be a successful alternative to fiat money as traditional currencies continue their downward trends. Conversely, they might highlight the advantages of a decentralized financial network that is beyond the reach of government and bank authorities.

    Though this can be a limitless benefit, there are also high risks that accompany this separation from the standardized financial system. There is evidence of a significant number of crimes that rely on cryptocurrency to avoid national sanctions and regulations. Without banks or government-enforced security, there is an increased risk of a breach into enormous stores of financial data — a problem that has always plagued the legitimacy of cryptocurrency.

But the technology of Bitcoin and the large array of Altcoins is rapidly improving and beginning to challenge big-time trusts, investors and government regulators. If you are particularly drawn to trading cryptocurrency, you might be aware of the emergence of Chainlink, a company that is leading DeFi applications and is projected by many experts to double in value within the next few years. Chainlink boasts many healthy accolades that could comfort average investors into a long term commitment. Swirling rumors of a Grayscale trust, a partnership with Google and a sizable market cap have boosted confidence in the company and their vision.

However, the main reason behind confidence in Chainlink is their technological advances in protocol. Chainlink is the only solid company that has achieved a technological innovation that will revolutionize the efficiency of cryptocurrency. With this development, cryptocurrency will have the capability to access real-world data. Before this protocol was optimized for widespread use, cryptocurrency couldn’t evaluate or verify extraneous data that it based contracts upon.

    For those who are unfamiliar with cryptocurrency, a blockchain is a digital ledger of transaction history that is open to the public. A smart contract is a computer program and an inflexible agreement on a blockchain that checks relevant information to the terms of the contract. Chainlink makes it possible for data outside the realm of the blockchain to be verified by smart contracts, thus significantly improving the accessibility of cryptocurrency and their progress towards becoming more fully implemented within major tech firms, financial institutions and the general marketplace.

    Right now, Chainlink is racking up partnerships with DeFi and Crypto projects as well as other main-line corporations and tech firms that support cryptocurrency developments. The current performance of Bitcoin and the lack of a turnaround could spell out great news for Chainlink. Right now, Chainlink is trading in the low 20s and is looking to consolidate at around $22 dollars at the time of writing.

This is not financial advice. Before anyone makes a long-term investment in Chainlink or any other cryptocurrency they should consider all the upsides and downsides that I’ve listed alongside every single non-issue that could possibly be connected to the infrastructure of Crypto projects. In spite of every single flashy nugget of business credit and technology that I’ve mentioned, cryptocurrency remains a bet with long odds against the government and the existing powers of the financial market. Everyone who trades Bitcoin or any Altcoin has money to lose in an extremely volatile market.

    There is no ceiling for Chainlink if things turn out as leading players expect them to. They’re gunning for cryptocurrencies to replace and remodel our way of life. While it may benefit them, there will almost certainly be a major economic crisis if their bet pays off. The existing middlemen — banking institutions and the federal government — would likely never let themselves be replaced by a decentralized, universal cryptocurrency. But if they did, there’s no telling what damage that could cause to society.