What is Chainlink?
Here is how Binance Info describes Chainlink:
"Chainlink (LINK) is a decentralized network that provides information (oracles) to smart contracts.
"Founded in 2017 by Sergey Nazarov and Steve Ellis, Chainlink aims to solve the problem of off-chain information sourcing by smart contracts for their execution parameters. Smart contracts are designed to execute automatically when certain parameters are met, however, when these parameters exist off-chain there is a reliance on sources of information (known as oracles) to provide the necessary information. Off-chain oracles tend to be centralized and with it comes a reliance on a third party to provide critical information in a trustworthy and time critical manner.
"Chainlink aims to break this reliance by feeding information to smart contracts via a network of decentralized oracles that work together on the Link blockchain to verify and forward critical information to these contracts. The ChainLink network allows users who have either a data feed or information carrying APIs to easily provide information to smart-contracts in exchange for the LINK token."
LINK's Price Action
According to data from CryptoCompare, on Friday (February 7), the Chainlink (LINK) price surged past $3.20, which is the highest it has been since last July, as you can see from the one-year LINK-USDT price chart shown below:
At press time (11:56 UTC on February 7), LINK-USD is trading at $3.20, up 9.29% in the past 24-hour period:
Popular crypto analyst/trader "Ledger Status" (@ledgerstatus on Twitter) had this to say about LINK's price action:
ChainLink is one of the most bullish lifetime alt charts I’ve ever seen. Not even cyclical. Trades like a stock. Impressive that it hasn’t severely dumped yet against btc. pic.twitter.com/1OwH0PPi0g— Ledger Status (@ledgerstatus) February 7, 2020
And fwiw this weekly could explode into a late 2017 ETH style breakout. Massive ascending triangle. I know nothing about this coin and don’t want to know plz don’t @ me marines.— Ledger Status (@ledgerstatus) February 7, 2020
It is worth pointing out that not only has LINK been a great performer so far in 2020 (+79.92% vs USD), it was also one of the best-performing cryptoassets of last year. In fact, LINK's return-on-investment (ROI) for the past one-year period is +711.46%.
One of the keys to Chainlink's success is the rate at which the blockchain startup is signing new partnerships, the latest of which was announced last night:
Together with @etherisc, we're proud to announce we have a working decentralized flight insurance POC live on Ethereum testnet. The design incorporates reliable flight status data (delayed or on-time) delivered by Chainlink's decentralized oracle network. https://t.co/saU3smevkn— Chainlink - Official Channel (@chainlink) February 6, 2020