on the crypto
LINK, the digital currency of the Chainlink blockchain network, is on the rise following the disclosure of the Chainlink 2.0 roadmap, which illustrates the improvements and new features coming to the blockchain in the near future. The roadmap indicates that the network will allow LINK holders to make passive income from their coins by pointing them to the network. The blockchain also plans to implement a system that allows you to automatically verify the cryptocurrencies owned to prevent fraud within the network. The Chainlink network is entering a new phase of life and the excitement around LINK is real.
Improvements to Chainlink
Chainlink has always been a major player in the blockchain space, as it allows smart contracts to operate effectively by providing the essential off-chain information needed. For years, many have wanted to be able to stake their LINK tokens on the blockchain, given that LINK is one of the 20 largest cryptocurrencies in the world by market capitalization. This will serve to increase the adoption of the Chainlink network, as well as increase the security of each transaction by involving more individuals in community monitoring, further decentralizing the network. Chainlink is also implementing a Proof of Reserve (PoR), which will allow automatic verification of cryptocurrencies held to reduce fraud. With the implementation of these new features on the blockchain network, LINK is increasing.
The effects of Chainlink 2.0 on the market
Chainlink plays a vital role in the smart contract process, making it a very influential blockchain project. Although many have praised the transparency and security of blockchain technology, this technology is still evolving and improving. Fraudulent transactions can still occur on blockchains. If Chainlink will be able to use the coin staking and the PoR to increase the security of its network, and therefore the data security it provides to smart contracts, the Chainlink network could consolidate its critical role in the market. If that happened, the LINK value would not go down much. At present, smart contracts are essential for many transactions on the blockchain. Unless a new system emerges that replaces smart contracts, Chainlink's services are likely to be needed for a long time to come.
Conclusions
With the improvement of Chainlink, thanks to the functionality of coin staking and Proof of Reserve, no wonder investors are climbing on board the project, causing LINK's value to soar (here the quotation in real time). If Chainlink's improvements truly increase network security and reduce fraudulent transactions on the blockchain, this network could consolidate as a major player in the blockchain space for the foreseeable future.
