Chainlink intends to provide Ethereum and other blockchains' smart contracts useful real-world data. The usage of Chainlink's data might lead to hundreds or millions of brand-new blockchain applications. Even while adding real-world data to the blockchain may seem insignificant at first, Chainlink's objective is to provide reliable data without requiring users to put their faith in anybody; otherwise, there is no difference between Chainlink and web2.
Chainlink is fundamentally a "Decentralized Oracle Network" (DON). A calculator is a math oracle. An oracle is a fancy word for a reliable information source. The challenge is finding the data in a decentralised way, which is why Chainlink has to use blockchain technology. In essence, Chainlink enables several entities to reply to a single query and then delivers the solution that receives the majority of votes. These organisations must stake LINK, Chainlink's native asset, in order to be given the chance to respond. Correct responses earn people money. Anyone who reacts maliciously will be punished with a reduction in stake. Chainlink can operate at scale thanks to these restrictions, which are hard-coded into the protocol.
On-chain execution might help a lot of legacy applications, including those that deal with insurance and real estate financing. Insurance is now sluggish and laborious, but smart contracts might streamline payments.
Additionally, having accurate price data for off-chain assets might be very advantageous for on-chain exchanges like Uniswap (like the US Dollar). Users may be able to switch between cash and cryptocurrency using simply their Ethereum wallet address as proof of identification.
Chainlink Price predictions in the next bull run 2023
42$ TO 50$ in next bullrun