Main navigation

Why Should You Pay More Attention to Chainlink?

Thu, 11/24/2022 - 00:00
article image
Sabrina Martins Vieira
Demand for decentralized oracles is expected to increase in 2023, allowing Chainlink to skyrocket
Why Should You Pay More Attention to Chainlink?
Cover image via U.Today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Chainlink (LINK) is the main name in decentralized oracles. With the great need for more real data entering the blockchain and a lot of demand for tokenization from companies in this sector, LINK could be the main highlight of 2023.

Decentralized oracles are one of the areas that could experience huge growth in 2023. These assets are responsible for connecting smart contracts on the blockchain market with the world outside the network.

Although revolutionary, smart contracts cannot by themselves obtain off-chain data such as temperature and weather.

For that reason, decentralized oracles were developed. In short, they independently retrieve data from an off-chain source and bring it on-chain, making smart contracts reach their true potential.

But that is not only news coming to Chainlink

While, in 2022, Chainlink has been integrated into many projects to enable smart contracts and secure data sharing, another highlight is coming to the altcoin network: staking.

According to Chainlink's blog, staking will arrive to the altcoin on Dec. 6 of this year. LINK token node holders and operators will earn rewards to help increase the security of decentralized oracle services.

In addition, by taking the altcoin out of circulation, fewer units can be traded, helping to keep the LINK price in a prominent place — even more so in the case of the recovery of the cryptocurrency market.

article image
About the author

Sabrina has been creating content for the cryptocurrency market since 2018. Her career includes work for important news portals in Brazil, such as Cryptonizando and Guia do Bitcoin.

In addition, she is a partner of the portal and YouTube channel É Top Saber.

Her passion for blockchain news and education led her to create the news portal Bolhacrypto.com.

In order to help companies and projects in the cryptocurrency market to develop, Sabrina has been leading Varandacrypto.com, a company that offers content for blockchain projects.