Chainlink 2.0 will propel LINK crypto to new heights

Decentralized global finance, and in it the use of smart contracts, has grown at an impressive rate. Oracles are used to ensure the veracity of information provided to smart contracts, and Chain link (CCC:LINK-USD) leads the way in this area. The deployment of Chainlink 2.0 may redefine decentralized oracles and propel the price of the LINK token to new heights.

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Chainlink is currently the 14th largest crypto. This month, it has lost nearly 43% of its value online with the larger crypto market. However, over the past year the LINK token has gained an incredible 330%. It’s easily one of the top performing cryptocurrencies of the past year, with a substantial growth track ahead.

That being said, let’s take a look at some of the key things that make Chainlink an attractive investment at this point.

Chain link 2.0

The Chainlink network is essentially a network of independent oracles without a unified node network. Oracles act as a bridge between blockchains and other entities, allowing them to effectively interact with other systems. In addition, they also contribute to scalability and security.

Oracle networks aggregate data from several decentralized nodes to reduce the risk of failure in data delivery. Chainlink’s latest update takes matters into its own hands by creating multiple decentralized Oracle networks, which can efficiently transfer data two-way.

Chainlink 2.0 will enable the creation of hybrid smart contracts, which can access off-chain resources. Additionally, the new system will allow oracles to “arbitrate oracle off-chain disputes”. Two key benefits of the new update include scaling and security.

Scaling is arguably the most important by-product of the new system. With hybrid contracts and off-chain computing, blockchains will achieve greater scalability due to tight on-chain loads. As a result, decentralized oracles will have higher throughput and low latency. Additionally, safety will improve dramatically with the use of super-liner staking, making handling doubly difficult.

Overall, the new system offers unparalleled guarantees to its users regarding the veracity, availability and security of off-chain data supply.

Price prediction

Chainlink was trading at $ 11.45 in January, but the price climbed to $ 51.17 on May 2. However, when the market collapsed later in May, its price dropped from $ 37 to $ 21. Since then, its price has fluctuated sharply.

Overall, the fundamentals of the project are strong for most analysts, and Chainlink has been incredibly proactive in launching products and developments over the past year. It is estimated that the price of LINK will reach around $ 80 to $ 100 within a few years.

Trading Beasts analysts believe LINK could trade around $ 28.58 by the end of this year, reach up to $ 43 by 2024. Additionally, Digital Coin expects Chainlink is trading at around $ 44 end of 2021.

Wallet Investor is optimistic about the future of Chainlink and believes its price can go over $ 46 in a year. Based on current market conditions, he believes that could jump to $ 204 by the end of 2026. Finally, you have a long forecast, which estimates that the price of the LINK token may trade from $ 26.50 to $ 33 by the end of 2021. In addition, its price could exceed $ 53.20 by 2025.

The bottom line

Chainlink is one of the top performing altcoins of the past year and looks to have a bright future ahead of it. Its new update will further strengthen its position as a key oracle in the smart contract arena.

Using hybrid smart contracts will provide users with unmatched scalability and security. Analysts are mostly bullish on its price for the remainder of 2021 and beyond; therefore, the current decline is the best time to pick up the stock at a bargain.

As of the publication date, Muslim Farooque does not have (directly or indirectly) any position on any of the titles mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines

Harry D. Gonzalez