Chainlink (LINK) was first name-dropped in a Google Blog on the 13th June, resulting in an immediate price increase, before largely moving sideways. Chainlink has surged more than 1158% in 2019, far outshining Bitcoin’s 300%+ for the year.
Following Google’s announcement, that they would start utilizing Chainlink, Coinbase reacted almost immediately and launched the cryptocurrency on their Coinbasae Pro trading platform. This was followed with the inclusion of Chainlink onto their Coinbase Retail platform on the 28th June. Since launching on Coinbase Retail platform, just some 9 hours ago, Chainlink’s price surged more than 60%. Reaching as high as $3.78, before its correction to $3.41.
What is Chainlink (LINK)?
While Ethereum is an isolated smart contract platform only able to communicate on-chain, Chainlink is unique, as it is able to connect smart contracts from different blockchains. They intend to make Chainlink “Middleware”, as their explanation of how they intend to make different systems communicate in order to create value. The founder of the project explains:
Essentially, our goal is make good blockchain middleware. It’s not the sexiest way to put it, but what we’re doing is connecting systems that need to be connected for value to exist.”Sergey Nazarov
Unlike typical standard smart contracts, Chainlink features the possibility to connect to off-chain data feeds, clouds, APIs, payment gateways, banks and much more. For an in-depth look at their specifications, product features and whitepaper from their 2017s token sale, read more here.
Google’s Chainlink integration into its infrastructure, allows for Ethereum smart contracts to interact with Google’s BigQuery, their enterprise cloud data warehouse.