Demand for decentralized oracles is expected to increase in 2023, allowing chainlink to skyrocket, but this is not the only reason to believe the token will soar
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.Chainlink is the main name in decentralized oracles.
Decentralized oracles are one of the areas that could experience huge growth in 2023. These assets are responsible for connecting smart contracts on the blockchain market with the world outside the network. Although revolutionary, smart contracts cannot by themselves obtain off-chain data such as temperature and weather.
For that reason, decentralized oracles were developed. In short, they independently retrieve data from an off-chain source and bring it on-chain, making smart contracts reach their true potential.While, in 2022, Chainlink has been integrated into many projects to enable smart contracts and secure data sharing, another highlight is, staking will arrive to the altcoin on Dec. 6 of this year.
In addition, by taking the altcoin out of circulation, fewer units can be traded, helping to keep the LINK price in a prominent place — even more so in the case of the recovery of the cryptocurrency market.
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