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Chainlink Coin Review


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Chainlink (LINK)

The Ethereum platform is predicated on smart contracts, or agreements between two parties on a blockchain network with the transaction recorded in blocks of data. The problem is that these transactions can only occur on a platform like Ethereum, and they need some way to draw real-world data into the platform in order to execute smart contracts when certain conditions are met. The solution is data providers called oracles, and while several crypto platforms have created ways for oracles to retrieve data for their network, Chainlink has come up with a reputation system that guarantees the data is accurate, ensuring the validity of smart contracts. Once an oracle's data is verified, they are paid with Link, Chainlink's cryptocurrency of choice. This system builds confidence in the platform, and the growing popularity of decentralized finance, or DeFi, helps make Link a contender for the best cryptocurrency.

Pros


The Chainlink project provides compatibility between Bitcoin, Ethereum, and also allows banks and payment services to be included in the system.


One of Chainlink's goals is to decentralize smart contracts. This should greatly increase the security of information as well as its accuracy.


The SmartContract company, which formed the backbone of Chainlink developers, has been engaged in contract automation since 2014.
Cooperation with the largest companies — Google Cloud, Oracle and SWIFT inspires confidence.


LINK tokens can be a good investment tool given the technological capabilities and goals of the Chainlink project.


Cons


There are too few guarantees for investors that the partnership will be long and fruitful.


Low development speed. It is not known how long it will take for Chainlink to implement a real working solution affecting the execution of financial transactions. Moreover, there is no officially released roadmap that could be guided by.

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