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Chainlink Soars 12 Percent as Its Technology Debuts on Ethereum Mainnet

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Thu, 10/22/2020 - 19:15
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Alex Dovbnya
Chainlink surges 12 percent as it brings verifiable randomness to the Ethereum mainnet
Chainlink Soars 12 Percent as Its Technology Debuts on Ethereum Mainnet
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Chainlink (LINK) is having a splendid day, soaring by almost 12 percent over the last 24 hours, according to CoinMarketCap data.    

LINK
Image by coinmarketcap.com  

The native token of the leading decentralized oracle provider is currently the best-performing cryptocurrency in the top 50.

With its most recent uptick, LINK now occupies sixth place by market capitalization, having surpassed Binance Coin (BNB).

Chainlink’s VRF launches on the Ethereum mainnet 

Earlier today, Chainlink made an announcement about launching its verifiable randomness  (VRF) capability on the Ethereum mainnet.    

The technology is now utilized in version 3 of lossless lottery game PoolTogether to pick prize pool winners.      

PoolTogether co-founder Leighton Cusack explains VRF makes it possible not to rely on a centralized party for supplying randomness while making sure that it won’t be tampered by developers:        

“Chainlink VRF offers a unique set of security guarantees ensuring that no one, including us as the developers, can tamper with the supplied randomness in order to manipulate the outcome of a contract.”

Related Maker Adds Loopring (LRC), Compound (COMP), and Chainlink (LINK) as Collateral
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Maker Adds Loopring (LRC), Compound (COMP), and Chainlink (LINK) as Collateral

Altcoins see a sea of green

Altcoins have seemingly resumed their rally after hitting a pause button earlier this week. As reported by U.Today, LINK was the top laggard among the leading cryptocurrencies on Oct. 20, shedding more than ten percent of its value in one day in spite of Bitcoin’s strength.

Yesterday, Ethereum, Bitcoin Cash, and Litecoin ripped sharply higher together with Bitcoin after PayPal announced its highly anticipated cryptocurrency offering.

Ethereum, the second-largest cryptocurrency, has now rallied $417, its highest level since Sept. 3. 

In the meantime, the king continues to flirt with the $13,000, with its market dominance dipping below 61 percent. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.