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Chainlink now a “Tech Pioneer” for the WEF

The World Economic Forum has welcomed Chainlink as one of 100 tech companies that will contribute to the Forum’s agenda for the next two years

Chainlink has been listed by the World Economic Forum as a Tech Pioneer for 2020.  This marks a big leap for the company in terms of credibility on the global stage, as well as offering them chances to be part of big initiatives run by the WEF over the coming years.

The implications of such an achievement for Chainlink were not lost on investors who subsequently purchased LINK in great volumes.  LINK saw an impressive 13% price increase following the announcement, as many investors are now confident in the company’s prospects going forward.

Co-founder, Sergey Nazarov, has said that he is looking forward to ‘contributing to Forum dialogues’ from the perspective of a blockchain company to bring ‘accountability and automation to global and local economies’.

Chainlink is a decentralised oracle network. This means that it helps connect smart contracts and dApps to the data they need to fulfil their functions.

As altcoins proliferate, interoperability is going to be a vital facet for cryptocurrencies.  As such, Chainlink is well-positioned to succeed, not only today, but well into the future as it will be able to connect new cryptocurrency projects to pre-existing ones.  By being in the business of connecting projects, Chainlink can will be hoping to ensure it will always be required.

Chainlink is vital to the process of decentralised finance due to the huge amounts of data required in order for it to work.  Lending platforms and exchanges require information to be able to properly carry out the smart contracts on which they run.  Chainlink is the means by which they are linked to that data.

Due to its increasingly popular nature, DeFi is a growing sector.  New Defi companies will need access to trusted information and Chainlink is likely to be their first choice in providing it.  That being said, Chainlink’s future looks bright.

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