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Does Chainlink Have A Future?

Does Chainlink Have A Future?

I’m a long-term bull on Chainlink, but I still have doubts from time to time. In this article, I’ll look into the future of Chainlink, and try to get a better understanding of the future of oracle networks in general.

Yes, Chainlink has a future. If mainstream adoption of cryptocurrencies and blockchain technology is to occur, there has to be an oracle network connecting blockchain data and real-world data. Chainlink is the leading oracle network by a factor of 20, which means that their position is secured for future development and innovation.

I’ve already written about Chainlink and how they’re crushing the competition. In fact, Chainlink has over 10x more adoption and success than its three biggest competitors combined.

However, this does not guarantee a future for Chainlink. We need to dig deeper than that.

I’m going to look at the future needs for oracles in general, and try to figure out if projects like Chainlink are going to be pushed out, and left on the curb of innovation.

Oh, and I would like to mention:
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Do Orcalce Networks (like Chainlink) Have A Future?

First of all, Oracle Networks is a sector in the cryptocurrency market. It’s a category of crypto projects if you’d like.

They make sure that the real-world and the blockchain world can communicate, by feeding data through “Oracles”:

What is Chainlink?

This is needed because without oracles like Chainlink, blockchains would be isolated from the real world, which is bad for adoption. It also limits the use-cases of blockchain technology.

Right now, the Oracle sector is doing great. Chainlink has over 600 integrations and partnerships, and the sector makes out a significant portion of the total cryptocurrency market:

Oracle networks sector cryptocurrency

It’s not huge, but it is significant. Also, Chainlink makes up almost all of the value in this sector while the other sectors are filled to the brim with competition.

How large this sector will be in the future is hard to tell, but I’m almost certain that it will exist.

Without Oracle Networks, blockchain technology will be limited, and real-world use cases will be few and far between.

Example Of Chainlink Use-Case:

One way Chainlink enables real world agents to benefit from blockchain technology: The Theta Network, a decentralized streaming platform) brings data from Google BigQuery onto the Ethereum blockchain using Chainlink Oracles. This data can then be used by Advertisers to target users with relevant ads, and avoid fraudulent people:

Chainlink has a future
source: https://blog.chain.link/

You know how when you’ve watched YouTube videos about crypto for a while, then suddenly all the ads you get are from Etoro and “crypto gurus” having webinars?

Well, this would not be possible for advertisers on Theta network, which basically is a decentralized version of YouTube, if not for Chainlink.

If you want to dive deeper into the possible use cases for Chainlink, and other Oracle Networks, here’s a list of 77 of them.

The point I’m trying to make is this:

Chainlink has a future, because without it mainstream adoption of blockchain technology and cryptocurrencies can never take place.

Now, if that future is filled with crazy price explosions and massive gains for LINK holders is another question.

However, I think that the price of LINK will move in tangent with the increased adoption of the general cryptocurrency market.

Actually, I believe that Chainlink might reach $1000 at some point in the future, even though it sounds crazy at the moment.

Conclusion: Yes, Chainlink has A Future

Chainlink definitely has a future. If not, blockchain and crypto will struggle to gain mainstream adoption.

After all, without a link between them, the real world and the blockchain world will forever be separated. Chainlink solves this, and links them together, allowing mainstream adoption to occur.

For that reason, Chainlink has to be a vital player in the future of cryptocurrency and blockchain adoption.

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