Chainlink, the decentralised oracle service, a blockchain “middle-man” if you will, is a project that looks to connect different blockchains and enable value to be transferred between them. The project has gathered lots of interest from the crypto community in recent times, due to its extremely important impact within the space. With Ari Paul describing decentralised oracles as the “single best crypto innovation of 2018″, Chainlink is a project that may have a hugely significant solution to real crypto issues.
Yesterday, Google demonstrated a working use case using Chainlink linking the Ethereum blockchain and Google Cloud services. This announcement was met with a massively positive reaction with all concerned. Not only was it a big moral win for investors, but technicals and price followed suit…in a very significant manner. Price shot up 76%, setting a new all-time high of $2.00, destroying the previous ATH of $1.52. The price has since pulled back, but still is noticeably holding just above the $1.52 level, which is acting as support for the time being.
Chainlink has demonstrated that it is very much a solution to a problem within the crypto space. Whereas other projects have conversely been solutions looking for problems, (that were not necessarily present), many of the second and third generations of cryptocurrencies that are being developed have seen where there are flaws in current projects, addressing them and solving. It is likely that yesterday’s demonstration from Google will be the first of many real-world applications for $LINK, and that the $2.00 high will not remain intact for long.
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