Chainlink Labs (LINK-USD) The company prides itself on linking crypto and the real world in a largely independent industry.
Blockchain networks- the backbone of cryptocurrencies, are self-sufficient and rarely interact with external sources. The lack of external data creates a problem for payment apps that require currency rates to execute transactions. Most can’t obtain the information natively. This is where Chainlink comes in. The company solves this communication issue with a decentralized network called Oracles. This software takes data from off-chain (external) sources and sends it to apps through smart contracts on the blockchain.
This link has made Chainlink a vital resource for decentralized finance (DeFi) apps that rely on the technology for current information. The company has secured over $1.1 billion in crypto assets while forging strategic partnerships to further its mission.
As with any crypto, Chainlink is a high-risk/high-reward play, but its utility makes it a crypto millionaire’s dream.