Crypto Revolution: Weiss Ratings Praises ChainLink
The crypto market looks great today with all the important coins trading in the green. Bitcoin was able to hit $10k once again, and at the moment of writing this article, BTC is trading at $10,218.50.
It’s been just revealed that Weiss Ratings investment analysis firm said that there is a billion-dollar crypto revolution underway, and there’s one coin that will stand out.
A massive crypto revolution is around the corner
The firm posted a tweet this weekend and that the oracle network ChainLink is well-positioned to leverage the burgeoning growth of smart contracts and decentralized finance (DeFi).
“#DeFi platforms are red-hot with nearly $1b in collateral pledged. Oracles empower not only DeFi, but just about everything that 2nd & 3rd-generation cryptos do. So, it’s hardly an exaggeration to say that #Chainlink will lie at the heart of the #crypto revolution going forward.”
Before the existence of ChainLink, it’s important to recall that smart contract platforms were only able to manage data that is available within the blockchain.
It’s also important to mention the fact that the applications were limited due to the fact that outside of the blockchain such as market data, events data, or bank payments were not accessible.
ChainLink is a game-changer
ChainLink has been created so that it can change the game – it’s a bridge between real-world data and on-chain data.
It’s able to take data outside of the blockchain and feeds it on-chain.
The online publication the Daily Hodl notes that crypto analysts Juan M. Villaverde and Bruce Ng said that due to ChainLink’s unique use case, the coin is way ahead of most cryptos in terms of adoption.
Analysts pointed out the fact that smart contract cryptos such as Ethereum (ETH), Tezos (XTZ), Fantom (FTM), Polkadot (DOT), and Zilliqa (ZIL) all rely on ChainLink to source real-world data.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.