2023-10-15 20:50 |
Chainlink, the leading decentralized oracle network, has become much more than just a way to get data on-chain according to ChainLinkGod.eth. In a today’s tweet, ChainLinkGod argued that referring to Chainlink solely as a “decentralized oracle network” is sub-optimal for two reasons:
It limits people’s perception and understanding of what Chainlink actually does. While Chainlink is known mostly for its decentralized price feeds and data oracles, it has evolved to do much more – including off-chain computation, cross-chain interoperability, and connectivity to external systems. It fuels a misconception that Chainlink is a single centralized network, when in reality there are now over 1,000 independent Chainlink networks powering specific Web3 services. Some services even use multiple Chainlink networks.ChainLinkGod contends that it’s more accurate to describe Chainlink as a platform for creating Web3 services powered by decentralized oracle networks. However, they admit that is a mouthful. For now, Chainlink positions itself as a “decentralized computation platform,” though messaging may continue to evolve.
This tweet highlights that there is still significant information asymmetry around what Chainlink does and how it works. As the platform expands into new capabilities like generalized computation, end users may need to rethink Chainlink as more than just a data oracle.
At the time of writing, Link was trading around $7.3. The token has pulled back recently amidst the weakness in crypto markets, but remains up substantially for the year.
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The post Top Crypto Analyst Clarifies What Chainlink (LINK) Really Is appeared first on CaptainAltcoin.
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