ChainLink is a decentralized oracle service, the first of its kind

The problem with Ethereum was that it's smart contracts could only manage data on the blockchain and many of the smart contract programs lack a bridge to the real world industries they're trying to improve. Chainlink's purpose is to fix this major issue by allowing smart contract users the ability to use the network's oracles to retrieve data from off-chain application program interfaces (APIs), data pools, and other resources and integrate them into the blockchain.

For many blockchain protocols out there, oracles like ChainLink will be absolutely necessary in order to access the data that these protocols need to operate. Chainlink will act as the link that connects blockchains to existing infrastructure. Since Chainlink's main objective is to bridge on-chain and off-chain ecosystems, it has an on-chain infrastructure and off-chain infrastructure. The on-chain infrastructure consists of on-chain contracts that process the data requests of users looking to take advantage of the network’s oracle services. The off-chain infrastructure consists of off-chain oracle nodes that are responsible for collecting the data from the off-chain resource as requested by user contracts.

Chainlink is classified as 3rd generation blockchain protocol so it's competitors are essentially other 3rd gen protocols, however every protocol has it's own unique features and go's about doing things entirely differently. Chainlink currently has a market cap of around 95 million USD and once reached a market cap of around 470 million USD. Recently chainlink has been really surging in price and acting completely differently than the rest of the market. Based on it's previous high Chainlink is quite undervalued however since we are in a bear market, I do not believe it would be wise to take a position in Chainlink since the market is just to unpredictable as of now.

Chainlink Website - https://www.smartcontract.com/
Coin Info - https://coinmarketcap.com/currencies/chainlink/

      IF YOU LIKE MY CONTENT, PLEASE FOLLOW MY STEEMIT AND UPVOTE THIS POST