Chainlink (LINK) is one of the leading oracle providers, and the altcoin has overtaken over 281 crypto projects in 2021. Some of the cryptocurrencies that it has overtaken include Hedera, Houbi, and Alchemix.
Chainlink was launched in 2020, October Chainlink’s verifiable randomness function (VRF) has also gained notoriety among decentralized applications. VRF gives users an automated source of randomness to ensure the prizes and rewards are issued in a verifiable fair fashion.
Most recently Arbitum a layer two Ethereum scaling solution launched a beta main net service integrated into Chainlinks oracle data feed and intends to add a “proof of reserve” service allowing collateralized assets to be audited using the oracle provider web API.
Chainlinks gives you a secure connection between smart contracts and off-chain data and services, servicing decentralized finance (Defi) applications, social networks, NFT platforms, and interoperability projects.
Among Chainlink’s major differentials are node operators, and Swisscom, a telecom company based in Switzerland. They choose the project for a pilot program on August 5th. the company is 51 percent owned by the Swiss government and they have more than 19,000 employees with over 6 million subscribers.
Bancor an Ethereum based decentralized exchange (DEX) and liquidity provider, announced on August 10th that its new version would be integrated into Chainlink Keepers to works as an external trigger for smart contracts. The tool will simplify the staking experience for liquidity providers and automated advanced trading features. Bancor holds over $1.5 billion worth of cryptocurrencies locked in its smart contracts, and this illustrates how Chainlink oracle solutions have been forming a critical backbone for the dApps industry.