Demand for decentralized oracles is expected to increase in 2023, allowing Chainlink to skyrocket
Chainlink (LINK) is the main name in decentralized oracles. With the great need for more real data entering the blockchain and a lot of demand for tokenization from companies in this sector, LINK could be the main highlight of 2023.
Decentralized oracles are one of the areas that could experience huge growth in 2023. These assets are responsible for connecting smart contracts on the blockchain market with the world outside the network.
Although revolutionary, smart contracts cannot by themselves obtain off-chain data such as temperature and weather.
For that reason, decentralized oracles were developed. In short, they independently retrieve data from an off-chain source and bring it on-chain, making smart contracts reach their true potential.
But that is not only news coming to Chainlink
While, in 2022, Chainlink has been integrated into many projects to enable smart contracts and secure data sharing, another highlight is coming to the altcoin network: staking.
According to Chainlink’s blog, staking will arrive to the altcoin on Dec. 6 of this year. LINK token node holders and operators will earn rewards to help increase the security of decentralized oracle services.
In addition, by taking the altcoin out of circulation, fewer units can be traded, helping to keep the LINK price in a prominent place — even more so in the case of the recovery of the cryptocurrency market.