Will Ethereum Manage to Decentralize Finance Using Chainlink?
While the majority of ICO's of the 2017-2018 era failed or were outright scams, there were a few that succeeded. Both Chainlink and Binance started out as ICOs, but by answering market deficiencies and delivering a product, they have become prominent.
Ethereum's Devcon 5 conference in Osaka has been a hot topic recently. There has been a mixed reaction in the media and on Twitter. Most of the criticism is directed towards the development time required for Ethereum 2.0 and support for Facebook's Libra.
Ethereum 2.0 is anticipated to be released in Q1 2020.
Chainlink Steals the Show
One of the most noteworthy presentations of Devcon 5, was Chainlink's. Sergey Nazarov, the CEO of Chainlink spoke briefly on the topic of connecting smart contracts to off-chain data. While the presentation was a relatively short, Nazarov did unveil some rather nifty plans.
Chainlink is launching seven new price reference data oracles for popular cryptocurrency assets. This will include Bitcoin, USDC, Basic Attention Token, and DAI token to name a few.
1/ Today at #Devcon5, @SergeyNazarov announced that #Chainlink will be launching 7 new price reference data oracle networks on the Ethereum Mainnet for popular assets such as $BTC, $DAI, $USDC, $ZRX, $REP, $WBTC, $BAT in addition to the already live $ETH. https://t.co/VeQ6zzNySaâ Chainlink - Official Channel (@chainlink) October 10, 2019
Adding the price reference on-chain will create a multitude of opportunities for DeFi (decentralized finance). Financial smart contracts will be able to execute the moment when the price of an asset reaches a certain mark. This greatly improves the usability of smart contracts for financial purposes.
Link is currently trading at $2.19 at the time of writing this, nearly a 10% increase over the last 24 hours. Seeing their impressive list of partnerships, and addition of features, it seems that Chainlink could eventually overtake Monero & LEO on Coinmarketcap.
The only thing needed for Chainlink to really take off is to dispel rumors of team sell-offs.
Back to Home
Written by Jonathan Ganor
Writer & cryptocurrency aficionado