Cons and Pros of ChainLink (LINK)

Keeping abreast of what’s hot and what’s not in the crypto market is absolutely imperative and a clear list of pros and cons definitely helps with that.

If you are looking to expand your knowledge and understanding of the crypto world or simply trying to explore new coins, you might want to check out the LINK coin, of the Chain Link platform.

In this article, we’ll take a quick look at all the pros and cons of LINK so you can take an informed decision if you’re planning to take one regarding LINK.

However, first things first: we begin by taking a look at what the Chain Link Cryptocurrency or LINK really is.

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What is LINK?

LINK is the crypto token associated with the ChainLink platform.

The ChainLink platform is a blockchain-based solution that seeks to apply the benefits of blockchain smart contracts to more than just on-chain data.

While platforms like Ethereum will allow users to only connect and use data stored on its own blockchain, ChainLink breaks this mould by accepting off-chain data as well.

By providing a decentralized oracle service, ChainLink sets out to revolutionise the way we use smart contracts. LINK is the crypto token built natively as a part of this platform and it is a ERC-20 token that facilitates your usage of ChainLink. As information is verified by ChainLink nodes, they are paid in terms of LINK tokens.

Pros of ChainLink (LINK)

1. Notable Partnerships

The most important advantage of ChainLink and subsequently LINK (as higher adoption of the platform boosts token adoption as well) is the fact that it has sealed the deal in terms of partnerships with several reputed companies.

While interbank communications company SWIFT definitely takes the cake, we must also mention ChainLink’s tie ups with firms like Signal Capital, Request Network and the Zeppelin OS.

2. Innovative Objective

The concept of a decentralized oracle service is unique and combining it with the long-cherished goal of promoting blockchain Interoperability definitely puts ChainLink on the map when it comes to crypto projects.

ChainLink transforms smart contract usage in blockchain technology by introducing multi-layer Oracle verification to ensure malicious softwares or technical bugs do not adversely affect the output.

3. Resilience to The Bear Market

While the whole of the crypto market has been largely depressed for the last few months, the price of LINK has mostly avoided any major downfall.

It emerged as the only crypto token with no major losses even when a bloodbath ensued in the crypto market and made prices plummet. Right now, as of press time, its price is going positive by 12.84%.

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Cons of ChainLink

1. Lack of Marketing Efforts

ChainLink, despite the immense innovation it has introduced in the crypto market, has not done much to popularise its pros. A lacklustre marketing effort has meant that ChainLink has not really reached a lot of people even though it should have.

In order to capture the adoption it deserves, ChainLink must step up on the marketing front.

2. Possibility of Overdependence on SWIFT

As most people agree, SWIFT is indeed the crown jewel among ChainLink’s partnerships. While it is an opportunity that does deserve a great deal of attention, it also represents concerns.

If ChainLink focuses all its energies only on working with SWIFT, it may stagnate and miss out on the opportunity to revolutionise blockchain technology.

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