- Chainlink’s LINK token has seen a strong rally over the last week which has put the cryptocurrency on traders’ radar.
- A number of players in Web3 are leveraging Chainlink’s Verifiable Random function (VRF) for greater security and decentralization.
Oracle service provider and smart contract platform Chainlink is one of the strongest players in the crypto space. Chainlink has now become the industry standard to build, access, and sell oracle services required to power hybrid smart contracts on any blockchain network.
chainlink’s native cryptocurrency LINK has recently come into focus amid its strong price rally. In the last 24 hours, the LINK price has shot up by 11.5 percent and is currently trading at $8.00 with a market cap of $3.9 billion. The LINK price has been going up since the last week.
As per popular crypto analyst Michael van de Poppe, the LINK price could be an opportunity of a lifetime. Poppe, who’s been often covering altcoins said that $6-$8 represents the best range to be buying LINK for a very long time.
The coming months will be fun, expecting a ton of volatility.
— Michaël van de Poppe (@CryptoMichNL) September 8, 2022
Several crypto market experts also consider Chainlink to be a valuable asset. Its ability to carry data off-chain to on-chain makes Chainlink one of the potential candidates with strong use cases for Web 3. As said, it provides a wide variety of tools for blockchain and smart contract platforms.
Chainlink also dominates the oracle market in the Web 3.0 space. Chainlink’s oracle services allow users to fetch data from the real world and perform different computations without compromising on decentralization. Chainlink’s decentralized data feeds also have a major use case in the decentralized finance (DeFi) market. Some of the big corporations in the crypto space have been supporting Chainlink’s data feeds.
Large scale integrations of Chainlink’s VRF
The chainlink protocol has been offering Verifiable Random Function or VRF which is a popular random number generator. Without sacrificing security and decentralization, VRF provides randomness to different blockchain platforms. There are several companies that are currently using Chainlink’s VRF facility.
Earlier this week, Mechaverse – the Web3 strategy game announced the integration of Chainlink’s Verifiable Random function (VRF). The announcement from Mechaverse reads:
By integrating the industry-leading decentralized oracle network, we now have access to a tamper-proof and auditable source of randomness needed to help make the allowlist distribution in Mecha-Fight fair to all users. Ultimately this creates a more exciting and transparent user experience, as users now have high assurances that allowlist slots are distributed in an equitable manner.
Another Web3 community platform MAJOR also announced the integration of Chainlink’s VRF. At the same time, decentralized exchange Qube announced its integration with Chainlink Keepers on the BNB mainnet. This will provide Qube “access to a secure and cost-efficient smart contract automation service” and automatically recalculate the value of staking rewards in QUBE.