Rating company Weiss Ratings predicts that the value of Chainlink (LINK), one of the new members of the cryptocurrency world, can increase 5 times with a new wave of adoption.
Chainlink is a project that allows traditional businesses to easily integrate their data into Blockchain. According to Weiss Ratings, this line of business is a platform that will lead to a huge increase in demand.
Regarding the issue, the company said, “Smart contracts are the formations of Blockchain that are not connected to the outside world. Therefore, they are unlikely to know what market rates or exchange rates are, the values of assets used for collateral, or even the day of the week. All these critical data must come from external sources. ”
Chained by CEO Sergey Nazarov and CTO Steve Ellis, Chainlink was developed to enable smart contracts to seamlessly and securely connect to external data streams and real-world events, including payment tools, to facilitate complex digital negotiations.
According to Weiss analysts Bruce Ng and Juan Villaverde; The value of LINK, which is currently 14th in the market, will increase with the increasing demand for smart contracts.
“The growth of smart contracts will increase significantly, and the demand for Chainlink will increase in a similar way,” comments Binary.
Weiss Ratings also touches on the importance of Google’s use of Chainlink and LINK’s partnerships such as Synthetix, Compound, Aave, and about 20 partnerships, and anticipates the upcoming rise:
“We think that LINK, where we consider all these situations, will increase up to $ 20. This means approximately 5 times its current position. Investors should take a look at LINK. ”
Chainlink has risen from $ 1.82 at the beginning of 2020 to $ 4.45.