Chainlink (LINK) Update for 12 June 2020: New Partnerships and Latest Price Action
This article provides an update on decentralized oracle framework Chainlink’s most recent partnerships and LINK’s latest price action.
Chainlink’s Most Recent Partnerships
The Graph is “a decentralized protocol for indexing and querying data from blockchains, starting with Ethereum. It makes it possible to query data that is difficult to query directly.”
For example, in the case of the CryptoKitties DApp, you could use The Graph to ask questions such as “When was a particular CryptoKitty born?” or “Who are the owners of the CryptoKitties born between January and February of 2018?”.
On June 8, The Graph announced an integration with Chainlink that “will allow indexed data from The Graph’s APIs, called subgraphs, to be relayed to smart contracts via Chainlink oracles.” One example of a situation where “developers can use Chainlink oracles to access subgraphs on-chain to augment the value of their decentralized application” is “using a subgraph to catalog the average gas consumed per block for each transaction to calculate recommended gas fees.”
Secure Multi-Party Computation (MPC), or privacy-preserving computation) is “a subfield of cryptography with the goal of creating methods for parties to jointly compute a function over their inputs while keeping those inputs private.”
Binance Research says that ARPA is “a blockchain-agnostic layer-2 solution” that “envisions to be a privacy-preserving computation network by leveraging Multi-Party Computation (MPC).”
ARPA “cryptographically enables private smart contract, unprecedented data-at-use privacy protection, as well as scalable computational sharding.”
On June 9, ARPA announced that it was integrating with Chainlink “to bring reliable data to ARPA’s multiparty computation (MPC) network.”
Here is the ARPA team explaining how this integration with Chainlink will help ARPA developers:
“ARPA’s multiparty computation network is distributed and decentralized in nature. By working with Chainlink’s leading decentralized oracle network, we bring an added layer of trust and reliability to off-chain data being used by enterprise clients and ARPA developers.
“For example, one of the use cases of ARPA’s MPC network is secure financial risk assessment for asset managers and fintech companies. ARPA supports privacy-preserving model inference or training between two or more parties on portfolio data.
“Oftentimes clients need to access external data feeds for stock, commodity, or crypto prices. Chainlink can be an essential part of this business cycle by sourcing, validating, and delivering this data to ARPA’s MPC network.”
Dipole “aims to build a reliable and efficient platform to trade distributed energy” and “allows users to trade distributed electricity with ease in any scenario using blockchain technology and Internet of Things.”
On June 11, Dipole announced that it plans to integrate with Chainlink, which will enable Dipole’s energy resource aggregator to “source reliable pricing data from a variety of trusted API data sources.”
Furthermore, Chainlink will make it possible for users to “purchase energy resources on our marketplace using traditional and cryptocurrency payment options.”
Chainlink’s Latest Price Action
According to data from CryptoCompare, Chainlink is currently (as of 08:20 UTC on June 12) trading at $4.132, up 0.21% in the past 24-hour period:
And in the year-to-date (YTD) period, the Chainlink price has gone from $1.76 to $4.132, i.e. LINK’s price has increased a very impressive 134.77%:
Featured Image Courtesy of Chainlink. Price charts by CryptoCompare and TradingView respectively.
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