Author: changehero
July 23, 2020

Chainlink is a project that entered the market fairly recently but if you are following the news of the altcoin world, you certainly must have heard about it. The LINK token has already been in the top-10 currencies, so it’s quickly making a name for itself. In this guide, we are going to introduce you […]

chainlink link banner

Chainlink is a project that entered the market fairly recently but if you are following the news of the altcoin world, you certainly must have heard about it. The LINK token has already been in the top-10 currencies, so it’s quickly making a name for itself. In this guide, we are going to introduce you to the LINK cryptocurrency, explain how it works and see what the hype is all about.

What is Chainlink?

Chainlink is a project with a mission to connect off-chain data with on-chain utility. Basically, the goal of Chainlink is to serve as a gateway to connect real-world data with smart contracts through the mechanisms called Oracles.

Inputting data to blockchain is not possible.
Source: chain.link

Smart contracts by their nature are executed with a virtual machine, and the consensus is decided by the participants of the network. It means that there is a connectivity problem between the on-chain functionality and external resources. 
Chainlink provides decentralized network of Oracles to input data to the blockchains.
Source: chain.link

One of the possible solutions for it are oracles — data gateways. However, using gateways only creates a single point of failure in such a network, so Chainlink came up with a solution in the form of a decentralized network of oracles. Before the data input becomes a trigger for the smart contract, it is verified by the Chainlink network participants.

How and when did Chainlink begin?

ChainLink whitepaper was published in 2017. Its authors are Steve Ellis (currently CTO of Chainlink), Ari Juels (Technical Advisor), and Sergey Nazarov (CEO). Chainlink held an ICO in the same year and managed to raise $32 million. The mainnet launch happened a little more than a year ago, on May 30, 2019.
The team behind Chainlink has grown over the three years to more than 25 members, all experts or experienced professionals in blockchain from all over the world. The core team is not the owners of Chainlink but rather act as contributors along with the volunteer developers.

What’s so special about Chainlink?

Chainlink initially is built on Ethereum, but the developers plan to keep introducing it to other blockchains with smart contract functionality for off-chain and cross-chain interaction. It is already available on such networks, as Tezos, Bitcoin or Hyperledger.
ChainLink relies on three core design principles to build a reliable and secure oracle network:

  • Decentralization for sustainability and openness: blockchain structures are trustless and tamperproof, which is why they can fulfil a role previously occupied by trusted third parties in securing contracts;
  • Modularity for flexible design: separate nodes have simple architecture, so they build a network that is easy to operate and upgrade;
  • Open-source for security and extensibility: in the vein of the previous two principles, building upon open-source projects lets the Chainlink network be auditable and decentralized.

How does Chainlink network work?

The oracle network designed by Chainlink is a complex system, but to put it simply, there are service users and service providers — node operators.
Suppose, a service user needs to connect external resources with a smart contract. This smart contract requests data from the Chainlink network, which is registered as a Requesting Contract. Chainlink transforms the Requesting Contract into Service Level Agreement Contract on its chain and divides it into three smart contracts:

  1. Reputation Contract evaluates the reliability of all available nodes by the amount of LINK tokens used as a collateral and the work record and prioritizes them accordingly;
  2. Then Order-Matching Contract communicates the request to the nodes, selects the right type and amount of them to perform the job, matches the user’s offer with the operator(s)’ offers;
  3. Finally, Aggregating Contract collects the data oracles fetched and either has the nodes confirm it by a majority vote or reconciles it.

After this process, the SLA Contract returns the result to the user’s smart contract, triggering its execution.

What is LINK?

LINK token’s part in the ChainLink system is to be a means of payment to node operators for their services. Since the nodes have to perform a wide range of tasks (retrieval of data, translating it into blockchain-readable formats, providing computation and uptime), it’s important to keep as many operators working as honestly as possible. Node operators can set the price themselves depending on the amount of data they process and the demand for their services. LINK can also be staked to increase the node’s reputation and secure more jobs for it.

What is the price of a LINK token?

LINK token price chart
Source: CoinMarketCap

The starting price of a LINK token in the ICO was about $0.1 and it was traded at about the same price when it first appeared on exchanges. The current price of a LINK token is $7.37, which makes the ROI 4,611%.
It went relatively unaffected by the Bitcoin rally in late 2017 and early 2018, the highest point at that time being slightly higher than $1. Until mid-2019, the Chainlink network was on testnet, but with the launch of the mainnet in May, the first major price spike occurred. In July, it jumped up to $4. Despite the correction, this made the LINK token one of the best performing assets in 2019: over the year, it grew from $0.29 to $1.82. In 2020, it is performing even more impressively, recently having hit a new all-time high of $8.80 on July, 16. At that time, it broke into the top-10 by market capitalization outdoing Litecoin and Binance Coin. At the moment of writing, though, it is back to rank 11 with a market capitalization of $2,580,538,010 (and circulating supply of 350,000,000 LINK tokens).

Is Chainlink or LINK controversial?

No contemporary technology, no matter how advanced, is 100% failsafe. Last February, there was a glitch in Synthetix (decentralized derivatives platform) which incorrectly fetched the prices of silver through Chainlink. The issue was quickly resolved but users managed to make $37 thousand USD while the price was detected as ~$1,600 instead of market price of $18.
There is not much controversy about the LINK cryptocurrency itself but there are a few it is allegedly involved in. There have been claims that Chainlink paid CoinMarketCap to be featured as #1 DeFi project, since the CoinMarketCap team uses an unclear to the outside viewers methodology of rating the projects. A week ago, a report published by Zeus Capital LLC, widely regarded as FUD, was circulated on Twitter. The report contained arguments which were quickly debunked, and the original tweet was deleted, but the impact it made is still up in the air.

What’s in store for Chainlink?

Chainlink is a project geared towards DeFi and enterprises, so its success depends on the partners they manage to get to use their service. Luckily for them, in that department everything seems to be going alright. Chainlink’s services are being used by such big players as SWIFT, Google, Oracle and Synthetix, and they are not planning to stop.
The areas that Chainlink CEO, Sergey Nazarov, sees the most promise in for the network are DeFi, gaming and insurance. As for the gaming, Chainlink is integrated with BET Protocol — a prediction market for eSports. To secure a niche in insurance, though, a bit more time is needed because the regulation has yet to catch up with on-chain assets.

What do people say about LINK?

Keyword "Chainlink" trending on Google Trends.
Source: Twitter

Chainlink community advocate Jeroen Hesp tweeted his observations of a sudden increase in interest in Chainlink that are evidenced by the Google Trends graph. Notice how it looks similar to the LINK price graph.
 Chainlink advocate, John Cioffoletti hints that Staking is in the pipeline for Chainlink.
Source: Twitter

Another Chainlink advocate, John Cioffoletti, seems to be a huge believer in the future growth of the value of LINK. He also shares a very interesting piece of information: looks like staking is in on the table! 
Influencer, Thinking crypto about Chainlink
Source: Twitter

Influencer under the pseudonym Thinking Crypto reminded their followers of portfolio diversification. According to them, even maximalists are impressed by the token’s performance.

Where to get LINK cryptocurrency?

Most of the LINK markets are against other cryptocurrencies, like USDT or BTC. To get it, though, you would need to have an account on an exchange, go through KYC and make a deposit. With ChangeHero, there is no need to jump through these hoops: we will handle all the order placements and best rate scouring. Check us out!

Where to keep Chainlink tokens?

Another advantage of LINK being a token of ERC-20 standard means that it is supported by most multi-currency wallets (like Trust Wallet or Atomic Wallet) and there are plenty of wallets like MEW wallet that are dedicated for this chain. ChangeHero recommends our partner wallets: Exodus for online desktop and mobile storage and management, and Trezor for cold storage. With these wallets, you can exchange crypto as easily as you would do on our website without leaving the app.

How to use LINK tokens?

Chainlink tokens are mostly used as a fuel within the network, little by little. With more LINK node operators can use more smart contracts to improve their performance! It also serves as a collateral when running the jobs.
It was not really envisioned as a means of payment, and Chainlink even provides an option for node operators to receive payments in fiat currencies, but LINK crypto gateways are already being developed.

A Bottom Line

Chainlink is one of the projects that is proving their worth right before our eyes, skyrocketing in value and conquering higher positions on the market top lists. For as long as blockchain has been around, Chainlink seems to be getting the most value out of the technology. The token and the network definitely deserve to be in the spotlight, because they show promising things for the entire industry.
For more informative articles, news and content about crypto and blockchain, subscribe to our blog and make sure to give us a follow on Twitter, Facebook, Reddit and in Telegram.


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Author: changehero
March 26, 2020

In 2021, Chainlink continued its success of 2020 and renewed price records, but does it hold up now? We review Chainlink‘s fundamentals and current state, and give a Chainlink price prediction 2022 and the future years. Chainlink Price Prediction 2022-2030 Year Price 2022 $30-128 2023 $47.99 2024 $19.924–41.785 2025 $51.07-863 2030 $805-1,056 Bullish Chainlink price […]

Chanlink price prediction

In 2021, Chainlink continued its success of 2020 and renewed price records, but does it hold up now? We review Chainlink‘s fundamentals and current state, and give a Chainlink price prediction 2022 and the future years.

Chainlink Price Prediction 2022-2030

Year Price
2022 $30-128
2023 $47.99
2024 $19.924–41.785
2025 $51.07-863
2030 $805-1,056
  • Bullish Chainlink price prediction 2022 claims that it can climb above $100 as early as this year;
  • In a couple of years, in 2023, Chainlink is expected to appreciate by at least twice from now;
  • Opinions differ on how far Chainlink can rally in 2025. Some estimates put it at twice the current price while others think it will be high in triple digits;
  • As for breaching $1,000, this is a target for the further future of LINK up until 2030.

What is Chainlink and LINK?

Chainlink logo
Source: chain.link

Chainlink is a decentralized network of oracles — programs that can connect off-chain data with on-chain functionality like smart contracts. An oracle does it by “translating” this data into a set of smart contracts and verifying it with other oracles.
The Chainlink network is finding a lot of use in DeFi: for instance, it can feed the price data to the decentralized exchanges. Google Cloud is using Chainlink as a tool for developing blockchain applications.
The oracle operators in Chainlink are rewarded for verifying data in LINK tokens. They can serve as a collateral to improve the trust rating of their node, which means more jobs for it.
If you want to know more details about how exactly Chainlink works, we recommend referring to our Beginner’s Guide to Chainlink.

Chainlink Price History

Chainlink Price in 2017–2019

Chainlink prce in 2018-2019
Source: CoinMarketCap

Chainlink testnet and LINK was launched in Q3 of 2017. In an ICO, LINK was sold for about $0.11, and at the same price it entered the market.
At the end of 2017, following the market, it rose to over $1.The 2018 correction was followed by a bear market in LINK as well.
The closing price for LINK in 2018 was about $0.3. 2019 was the year when the Chainlink’s success truly began with the launch of mainnet.
Not long before the mainnet went live, Google Cloud announced they will start developing hybrid blockchain-cloud solutions using Chainlink. After this Chainlink news, the price pumped to little short of $4.
The year closed with the LINK price at $1.80, but it ended up being one of the best performing assets in 2019.

Chainlink Price in 2020–2022

Chainlink prce in 2020-2022
Source: CoinMarketCap

By the end of June 2020, LINK already beat the previous price record, and on July 16 reached $8.80. It was mostly caused by the launch of the Chinese national blockchain network, which has Chainlink price oracles integrated.
Over the course of 2020, LINK was among the top performing DeFi coins. The rally continued in 2021, and the current ATH of $52.88 was reached on May, 10.
The sell-off in cryptocurrencies caused LINK to fall off that high sharply back to $13.78 by July. When the bull run resumed, LINK managed to climb up only to $34.34.
At the opening of 2022, Chainlink token was worth $20.67. Today, at the moment of writing, the LINK price is $27.13, and in the CoinMarketCap rating it ranks 16th.

What can influence the Chainlink price?

Partnerships

For Chainlink, the most value comes from the partners who use their product. Existing collaborations include large players such as Google, SWIFT and Intel.
The focus of the team today is in integrating other blockchains into the network. For that purpose, they are giving grants for projects that will include Solana, Polkadot, Filecoin and Tezos in the ecosystem.
Chainlink’s utility can be an asset for the booming NFT market as well. American footballer Dez Bryant recently announced a collection of non-fungible tokens that will change stats based on the athletes’ performance, the information provided by Chainlink.

Decentralized Finance

Since Chainlink’s utility comes from on- and off-chain communication, there are a plethora of use cases for Chainlink in DeFi. For this purpose, Chainlink is being integrated into such projects as Bancor v2, Celsius Network and Synthetix.
In 2021, Chainlink expanded their Verifiable Randomness Function to dApps on Binance Smart Chain and Polygon. Expanding beyond Ethereum’s layer one to layer two solutions and other blockchains presents a unique opportunity for the project.

Institutional Adoption

The Chainlink network is also seeing a considerable amount of recognition for its utility even from the government and financial institutions.
As it was mentioned, it is integrated in the Chinese national Blockchain Service Network. Grayscale is now offering LINK exposure with its trust.
Partnerships and working use cases like this certainly increase the credibility and value of the project and, as a result, attract the interest of investors to the token as well.

Tweets about LINK


One of the “LINK Marines”, as the community calls itself, Dan Gaines has faith that Chainlink can do what Apple, dot-com companies and Google have done. Given the background, this is not baseless.


Another user, LINK Collector suggests that after DeFi and NFTs, Chainlink will break into the metaverse. After all, it will need a reliable way of interacting with the real world.


Trader Johnny analyses the rally that started this year and is confident that it will keep up at it. The key to moving past $30 is a strong uptrend and bullish sentiment upon a net-positive 2021 close.

Chainlink Price Prediction 2022

CoinsKid LINK price prediction 2022: $128


Chainlink closed December and 2021 below the moving average, pointing at a possible downtrend. To add to that, the monthly chart is making up a descending triangle, a bearish pattern.
However, back in late 2019 to early 2020, the same pattern formed and was followed by a breakout to the upside. Projecting the same rally to the current charts would put resistance all the way up to $128 by the end of 2022.

AMB Crypto LINK Price Prediction 2022: $30-50+

Varuni Trivedi of AMB Crypto analyzes the current price movements of LINK. Her conclusion is that Chainlink markets can move well over the current ATH.
The main condition for this to happen is retail interest, which is on the rise as the address activity increases. The crucial support area lies at the psychological mark of $30, and if it is breached, the uptrend could continue.

PricePrediction.info LINK Price Prediction 2022: $39.93

PricePrediction.info at the moment of writing estimates that LINK can reach $39.9366 until the end of 2022. With the current price at $27.13, the change that will occur is +47.2%.

Chainlink Price Prediction for 2023–2024

CoinArbitrageBot Chainlink Price Prediction 2023: $47.99

The CoinArbitrageBot info hub today shows that by 2023 Chainlink token’s price will increase. The 2023 average is predicted to be $47.9894.

TradingBeasts LINK Price Prediction 2024: $19.924–41.785

Another source gives a moderately bullish prediction for Chainlink in 2024. Holders have to be ready for some negative changes, too, as 2024 can start as low as $19.924 for LINK.
However, ultimately the change is projected to go upward to maximum $41.785 for LINK in December 2024.

Chainlink Price Prediction 2025

LINK Price Prediction 2025 by DigitalCoinPrice: $56.67 average

Chainlink price prediction 2025
Source: DigitalCoinPrice

DigitalCoinPrice gives a somewhat conservative prediction. By December 2025, LINK will be traded around $57.56. Lowest prices that year are expected to be seen in February, when on average LINK will be worth $51.07.

CryptoRating LINK Price Prediction 2025: $863

Due to the strong fundamentals and use case of Chainlink, CryptoRating gives a very bullish Chainlink forecast. Over the course of five years, the token’s price on average will grow and increase by +3,823%, coming up to $863.
While this return looks too promising to be true, mind that LINK’s return on investment is already 16,539%. Anything is possible in the world of crypto!

LongForecast Chainlink Price Prediction 2025: $75.02-138.52

Longforecast paints a pretty bullish picture for LINK in a few years. Even the lowest lows of 2025 at $75.02 will amount to a 300% growth in comparison to today.
As for the highs, summer promises to be hot with LINK trading for up to $138.52.

Chainlink Price Prediction 2030

Trying to guesstimate a possible Chainlink price in ten years is far from easy. The LINK Price Prediction by Cryptocurrency Price Prediction gives the estimated range of $805–1,056 for LINK price throughout the year 2030.

Chainlink Price Prediction by ChangeHero

Chainlink is truly one of the most promising projects connecting crypto with the real world — literally and figuratively. The experts’ informed opinions confirm that with more partners joining the ecosystem, the value of the network will keep rising. It is very likely, in our opinion, that another new all-time high will be reached this year.

How to buy Chainlink (LINK)?

You can get LINK tokens on ChangeHero at the best rates and with no registration — feel free to join the ranks of LINK marines!

  1. Choose the currencies on the home page, amounts and the type of exchange. Provide your wallet address in the next step and check the amounts;
  2. Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
  3. Send in a single transaction the sum of cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
  4. All done? Now we are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives.
    • The Best Rate transactions will use the rate current to the time when your funds arrive.
    • The Fixed Rate will use the rate at the time of step 1;
  5. As soon as the exchange has been processed, your LINK is on the way to your wallet.

Our customer support is available any time, any day in the chat on the website or through the email: [email protected].

Conclusion

Here is our prediction and experts’ opinions on Chainlink’s future price. It may not be as hyped as it was in 2020 but by now it is a project with a well-established reputation.
Let us know what you think in the comments in our blog! Join the discussion on Twitter, Facebook, Reddit and in Telegram. We’d be happy if you subscribed, while you’re at it 🙂

Frequently Asked Questions

[sc_fs_multi_faq headline-0=”h3″ question-0=”What is Chainlink?” answer-0=”Chainlink is a chain-agnostic decentralized oracle network. It is able to relay real-world information and data to smart contracts on supported blockchains.” image-0=”” headline-1=”h3″ question-1=”What will Chainlink be worth in 2022?” answer-1=”Depending on the source, experts predict that in 2022 LINK can cost from $30 to $128.” image-1=”” headline-2=”h3″ question-2=”What will Chainlink be worth in 2025?” answer-2=”By 2025, LINK is expected to have grown up to $51.07 and even $863.” image-2=”” headline-3=”h3″ question-3=”What will Chainlink be worth in 2030?” answer-3=”The estimate for LINK’s price in 2030 is between $805 and $1,056.” image-3=”” headline-4=”h3″ question-4=”Is Chainlink a good investment?” answer-4=”Most of the cited opinions support the idea that Chainlink is a solid investment.” image-4=”” count=”5″ html=”true” css_class=””]

Disclaimer

This article does not constitute financial or investing advice. No price prediction or forecast is guaranteed to provide exact information on the future price. Past performance is not indicative of future results.

When dealing with cryptocurrencies, remember that they are extremely volatile and thus, a high-risk investment. Always make sure to stay informed and be aware of those risks. Consider investitions in cryptocurrencies only after careful consideration and analysis and at your own risk.

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Author: changehero
February 17, 2020

Smart contracts have unlocked the black box of blockchain and provided the much-needed breakthrough in fintech. Through the code was cracked, it was confined only to the chain. These programs seriously needed a means of communication with the external world to function at its full potential. ChainLink is one of a kind project which filled […]

Plumbing the Blockchain with ChainLink by ChangeHero

Smart contracts have unlocked the black box of blockchain and provided the much-needed breakthrough in fintech. Through the code was cracked, it was confined only to the chain. These programs seriously needed a means of communication with the external world to function at its full potential. ChainLink is one of a kind project which filled this void and enabled various projects to communicate with the off-chain applications.

Recently, ChainLink has been doing rounds in the crypto community for its impressive performance in the market. ChangeHero will give you an overview of ChainLink and what sets them apart from the rest in this short post.

Oracles — Miracles

Simply put, smart contracts are pieces of code which incorporates the user agreements and processes the transactions automatically when the preset conditions are met. They are indeed a huge leap over the traditional contracts and financial systems, but they cannot pull in the data from off-chain environment or APIs. It’s because blockchains have a connectivity problem and cannot exchange information with the external world limiting its function.

Chainlink oracle connectivity
Source: ChainLink

This is where Chainlink comes in. Oracles function as a bridge between the blockchain and the real-world data. These enable a to and fro transmission of data extending the potential use cases of the blockchain technology. Chainlink is a decentralized oracle network that feeds data to the blockchains. The project was founded by Sergey Nazarov and Steve Ellis in 2014, interestingly way before Ethereum’s existence. According to their whitepaper, the project aims to provide a feasible solution to the connectivity issues of smart contracts. It is the first decentralized Oracle service that is on par with IBM’s middleware.

On-Chain Architecture

Chainlink uses a collection of independent nodes to collect the data from oracles. These nodes reply to the data requests or queries from the users through Requesting Contracts. On-Chain Architecture has three major types of contracts: Reputation contract, Order-matching contract and Aggregating contract. The first one checks the reputation of the oracle service provider through set performance metrics. Whereas the Order-matching contract collects the bids from the oracle providers based on the Service Level Agreement (SLA) parameters. It also selects the bid and confirms the oracle SLA through the Reputation contract. The major function of the Aggregating contract is to collect the responses from the Oracles provider and calculate the final collective result of the Chainlink query. In addition, it feeds in the metrics to the Reputation contracts. Finally, on-chain architecture also has three main steps, Oracle Selection, Data Reporting, and Result Aggregation.

Off-Chain Architecture

Initially, ChainLink began offering oracle services to the Ethereum network. Off-chain, the project has a network of oracle nodes that process the data requests on the Ethereum Network. This network of nodes is powered by the ChainLink Core which handles the blockchain interactions, scheduling and communications with the external sources. These nodes can feed data from any kind of industry in real-time. This indeed is revolutionary and can unleash the full potential of smart contracts.

Security system

ChainLink takes a decentralized approach to deliver the oracle services. In addition, it provides a variety of features that adds an extra layer of security to the users.

Validation system: All the on-chain oracles are monitored and are provided with performance metrics which are based on the availability and Correctness of the Oracles. These facilitate the users in their choice of oracles.

Reputation system: It resembles the review system present in everyday businesses. This records and publishes the user ratings for the oracles which are based on their performance.

Certification services: To add more legitimacy to the oracle providers, the team issues certifications to the ones which have a reputation of providing high-quality services.

LINK

LINK is the native token of the ChainLink platform. The ERC-20 token can be used to pay the node operators that pull-in the data from off-chain data feeds. The prices for retrieving data will be set individually by the node operators considering the demand for the off-chain resources and supply of similar resources. Akin to the other cryptocurrencies, LINK token can also be stored and traded on all the major exchanges. LINK started 2020 with a massive bull run growing over two folds and reached an all-time high of $4.83 on February 16, 2020. As of writing, LINK is being traded at a price of $4.19 with a market cap exceeding 1.4 Billion Dollars according to CoinMarketCap.

Connecting the Unconnected

ChainLink is one of a kind project which expanded the possibilities of smart contracts. Its strong ties with SWIFT has also contributed to its success. Though the project is currently compatible only with Ethereum, Bitcoin, and Hyperledger, it is expected to extend its support to all the smart contract platforms in the future. With the help of decentralized oracle services like ChainLink, smart contracts will be able to connect seamlessly with the external world and can transform the way smart contracts provide services.

On ChangeHero you can exchange LINK in a matter of minutes at the best rates on the market. Give it a try here.

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