Will Vitalik and Sergey Heal the Rift?
Chainlink is one of the few ICO's of 2017-2018 that actually managed to keep most of its promises. The Ethereum-based token managed to give early investors a return-on-investment of over 1,500%. It is currently #15 on Coinmarketcap and is trading at $2.59. One of the few ICO's to rival its success was Binance and BNB token.
In Chainlink's few years of operations, it managed to partner with industry giants in the world of tech. This includes their partnership with Google Cloud, Oracle and many different cryptocurrency projects.
With these partnerships, Chainlink is able to input data from the internet directly on the blockchain as an oracle service.
Recently Ethereum founder Vitalik Buterin published a few tweets that initially confused Chainlink fans.
Ethereum's Vitalik Buterin on Chainlink
As per Coinmarketcap, Chainlink is the most valuable Ethereum-based token in the Ethereum ecosystem. It remained the most valuable token since the launch of Binance's mainnet and separate blockchain.
This is why many were confused by a tweet published by Ethereum's Vitalik Buterin earlier today caused confusion. It appeared to some that Vitalik was claiming that Chainlink was essentially useless.
Huh? You don't need oracles for legacy blockchain data because you can verify it directly with merkle proofs. Oracles are a tool for getting external data into the blockchain, blockchain history is not external.â Vitalik Non-giver of Ether (@VitalikButerin) October 23, 2019
It seems that Vitalik misspoke and that he was referring to Ethereum's historical (price) data, which is already on the blockchain. The legacy data they were referring to is external, and hence would require an oracle.
And I was talking about historical ethereum data!â Vitalik Non-giver of Ether (@VitalikButerin) October 23, 2019
So no incompatibility here, glad that's resolved.
No Rivalry Between Chainlink & Ethereum?
It appears that there is no "beef" between Ethereum & Chainlink. As we've previously mentioned, Chainlink might be necessary for Ethereum's dream of disrupting finance (DeFi). Some have used Vitalik's initial comment to FUD Chainlink on various cryptocurrency message boards as "fake news".
The fake news along with Bitcoin's dip might be a factor in Chainlink's 5.35% dip in the past 24 hours.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado