Can Chainlink Become a Top 10 Cryptocurrency?
The charts are mostly in the green today as Bitcoin (BTC) gained 2.91% and is currently trading at $7328. Altcoins have followed Bitcoin's lead but with more volatility, and most have gained 4% - 7%.
The two exclusions have been Tezos (XTZ) and Chainlink (LINK) which have had impressive rallies. It appears that Chainlink had the larger rally and gained 15% today and is trading at $2.80 currently. Chainlink has also gained ground against Bitcoin of roughly 12% and is trading at 0.00038340 BTC. In a 7-day view, Chainlink managed to rise nearly 30% in its fiat evaluation.
Chainlink & Cypherium Partnership
One of the possible reasons for Chainlink's rally today is possibly it's collaboration announcement with Cypherium. This is yet another partnership in Chainlink's long list of partners and collaborators.
The collaboration was announced yesterday on Twitter. As part of their joint effort, it was revealed that Cypherium is integrating with Chainlink's oracles.
To meet the off-chain data demands of its enterprise clients, the enterprise-focused blockchain @CypheriumChain is integrating with Chainlink oracles to access the trusted inputs/outputs needed to build fully integrated, end-to-end secure smart contracts. https://t.co/9YNdutAKfq— Chainlink - Official Channel (@chainlink) April 6, 2020
Cypherium is an enterprise-focused blockchain which is based on the HotStuff consensus model as opposed to Proof-of-Work or Proof-of-Stake. The same consensus model has been adopted by Facebook's Libra.
Cypherium's CEO Sky Guo said regarding the collaboration: "Uncompromising on security, Chainlink is an ideal technology for Cypherium. The Chainlink network is recognized by top independent research firms such as Gartner as a leader in blockchain applications. At Cypherium, we understand the value of secure middleware solutions and are thrilled to be able to provide our global enterprise partners with Chainlink's state of the art oracle capabilities."
Should Chainlink's list of partnerships continue to grow, we will likely see the price of its token increase as well.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado