Chainlink Is The Best Performing Cryptocurrency Of 2019- But What Exactly Is The Project?
Chainlink (LINK) is the best performing cryptocurrency of the year so far. The year-to-date (YTD) analysis of the top-performing cryptocurrencies of 2019 shows Chainlink miles ahead of its other cryptocurrencies.
It becomes even more shocking considering this is the year that Bitcoin got back to the $10,000 range.
So what makes Chainlink the best crypto performer? What makes it better than the $10,000 per coin Bitcoin?
This article explores Chainlink as a service provider to determine the possible factors for its success in the cryptocurrency market.
The Chainlink Platform
The advent of decentralization started with blockchain technology being introduced into bitcoin. The success of the platform created an avalanche of blockchain protocols and applications. Chainlink is one of the resultant blockchain platforms that saw an opportunity to change the blockchain world and took it.
Chainlink occupies an interesting niche in the blockchain industry. The platform offers a service that links smart contract to external, real-world data.
All blockchain protocols and applications require real-world data for them to perform effectively. Some of the methods of data collection available to blockchains are a security risk; some defy the whole point of decentralization.
For example, using centralized oracles creates a point of weakness in a network. Further, the fact that it is a centralized point of data is against the whole point of blockchain technology.
The service, therefore, puts Chainlink at an attractive position.
Smart contracts require end-to-end reliability for them to execute their services efficiently. Chainlink provides this service as the intermediary. By connecting to Chainlink, blockchains are connected to secure external data sources; thus, their services can remain reliable, effective, and efficient.
Chainlink can connect smart contracts to data sources or APIs and also send payments to bank accounts and payment networks from smart contracts.
There are other service providers, such as Provable within this particular niche in the cryptocurrency industry. However, from the performance of Chainlink, it seems that it may not be getting as much competition from other industry players.
Great Performance in 2019
As aforementioned, the YTD of Chainlink (LINK) outperforms all cryptocurrencies in the market in terms of growth.
Chainlink began the year at a value of $0.29. At the time, it wasn’t generating as many headlines as it is now.
By Aug 2019, Chainlink had gained over 800% in value. This leap in value is the reason behind their #1 ranking as the best performing cryptocurrency of the year to date.
As the year progressed, the performance of Chainlink improved. The platform has experienced a recent drop; however, it is still way above its value at the beginning of the year.
It seems as though the Chainlink strategies are working. This can be confirmed by their performance.
The platform also has several crucial partnerships with other tech corporations such as Google which also enhances their desirability.
The platform is also on a recruitment drive as it seeks to grow its workforce. This will see the platform provide jobs for software engineers, integration engineers, product managers, among other available posts.
The growth will help the platform improve its services while meeting the growing demands of the complementary services to smart contracts.
By leveraging the needs of smart contracts, Chainlink may have grabbed an opportunity that will remain relevant in the blockchain industry for ages to come.
More on the platform can be found on their website.
Featured Image Source: Chainlink Twitter/Crypto News Australia
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com