The main cryptocurrency of the MultiversX blockchain EGLD, partners with Chainlink to streamline the use of data stream services.
According to the announcement on X, EGLD users can now use the token in most applications within the entire Chainlink Data Streams Ecosystem. The Chainlink Data Streams is a recently launched futuristic gas-efficient oracle solution that real-time updates while preserving user privacy. The newly announced EGLD and Chainlink partnership throws the token and its users into the arena of a solution that is already gathering clout among App developers. The Chainlink Next-Gen Oracle Solution is especially popular with price prediction markets, perpetual exchanges and other blockchain-based products where high-frequency and trust-minimized data feeds play a significant role.
EGLD and Chainlink Partnership
Collaboration Could Increase MultiversX Reach
EGLD (eGold) is a cryptocurrency within the MultiversX blockchain network. The developers designed a fast and efficient cryptocurrency ideal for everyday use. The cryptocurrency’s target market is developers of decentralized applications (DApps), businesses, and the dynamic internet economy. On the other hand, Chainlink is a blockchain network designed to assist blockchains in tapping information from the real world.
As EGLD partners with Chainlink Data Streams, the data available within its network will be integrated into the larger and more efficient Chainlink network. The data in question includes crypto transaction details, smart contract results and token balances. This will enable DApps from other blockchain networks using the Chainlink Oracles to access and use EGLD-related information. It’s good news among users that EGLD has partnered with Chainlink because the collaboration increases the reach of the MultiversX blockchain. The EGLD and Chainlink partnership will enable MultiversX smart contracts to access accurate and secure real-time data. Integrating better data streams will enhance the efficiency of the network’s DApps and financial services by eliminating potential mistakes, manipulation and related inefficiencies.
Bridge the Existing Gap
EGLD partners with Chainlink at a critical period when users are particularly worried about the token’s performance and whether it could sustain its current $28.8 price level. As pressure mounts within the EGLD community, there are mixed feelings about whether the newfound EGLD and Chainlink partnership will enable the token to gather sufficient trading volume and see its value rise on the price charts.
Chainlink, an innovative oracle network, thrives by bridging the gap between the transformative power of blockchain technologies and real-world events by enabling blockchain access to real-world data from outside them. The network uses real-world data to bridge the existing gap, empowering smart contracts. Chainlink acts like an information provider that uses its decentralized network of independent oracles to facilitate the following:
Data Sourcing: The oracles collect data from external sources, such as web feeds or on-chain data feeds from different blockchains.
Data Validation: The oracles employ a reputation system that aggregates all submitted data and filters out discrepancies to enhance data reliability.
Secure Delivery: After validating the data, the oracles can securely deliver the data to any smart contract request on a blockchain.
Potential to Create a Positive Effect
The news that EGLD partners with Chainlink has the potential to create a positive effect, considering that over 100 other leading blockchains, such as Bitcoin, Ethereum, and Binance Smart Chain, have already embraced Chainlink’s Next-Gen Oracle Solutions. The potential for growth stems from the great network of compatible and interoperable blockchains that the EGLD and Chainlink partnership brings into EGLD’s ecosystem. The newfound compatibility is likely to foster an environment that could unlock the true potential of the MultiversX blockchain network.
Crypto traders interested in the token’s investment potential can use the news that EGLD has partnered with Chainlink to consider their next move. While the coin is currently trading at $28.12, experts believe the price could go as high as $39.22 by the close of 2024 if everything holds constant and possibly reach a high of $77.80 by the end of 2025. As the cryptocurrency landscape continues to evolve, EGLD has partnered with Chainlink to benefit from the network’s ability to bridge the gap between the real world and blockchains.
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