There is a growing demand for DeFi. This in turn has triggered the demand for hyper-reliable price reference data. Chainlink are now launching a more tamper proof decentralized oracle network to fulfill the growing demand.
Chainlink recently expressed, integrate the OCR-enabled 1INCH/ETH Chainlink Price Feed for @1inchNetwork’s native token, already supported by @CreamdotFinance.
For clarity, 1inch network is a distributed network for decentralized protocols on Ethereum and BSC enabling the most lucrative, fastest and protected operations in DeFi. Cream Finance Operates by the philosophy of Crypto Rules Everything Around me.
1inch Network recently claimed, cutting through space and time, breaking through distorted blocks of information, 1inch mascot has finally managed to solve the mystery of low transaction fees.
This just looks like several active networks prefer hyper-reliable price reference data from Chainlink.
NewchangeFX, Premium data provider is set to make their regulated benchmarks available to smart contracts through the Chainlink Network, thus enabling devs to create DeFi apps, which are based on high-quality data from traditional markets, precious metals, and crypto assets.
For clarity, NCFX are an award winning Fintech Company. They specialize in making possible price transparency to the fragmented FX markets with live, independent, regulated benchmarks and ground-breaking analytics. They make use of unique, objective data and TCA tools which deliver transparency to provide for best execution, operational efficiency, and regulatory compliance in all FX transactions.
ChainLink has had an incredible journey. It is a legit project. For beginners who are wondering if it is a good project to invest in – the answer is that their growth has been very organic and they did not make it to the top places in the rank list just like that.
The main objective of the Chainlink project is to become the middleman software solution which will allow smart contract applications on any blockchain to communicate, receive, and send data to off-chain sources by making use of the oracles.
LINK, the native token at ChainLink is the digital asset ERC-20 token which is used to pay for the services which are provided by the network.
Blockchains and smart contracts will be able to interact and receive data only within their own networks. Therefore, their possibilities and use cases are limited. This is where ChainLink comes in to play.
The project provides a network of nodes which depends on oracles which will allow smart contracts to interoperate with off-chain data sources to further expand their capabilities to bank payments, market data, event data, and any other type of data sources. This is just enough to clarify the object and scope of ChainLink.
There are ChainLink integrations happening ever day! This is proof enough for their legitimacy in performance. The rest is about user discretion.