- Former Google CEO and Chainlink co-founder discusses how Chainlink became the premier Web3 compute and trust services platform.
- Chainlink jumps to a 25-day high as whale transactions spiked to over $1 million over the weekend.
Chainlink co-founder, Sergey Nazarov, recently discussed with ex-Google CEO, Eric Schmidt. The pair discussed how Chainlink’s growing network and scalable economic system had established it as the leading Web3 compute and trust services platform.
During the interview, Schmidt said, “the work you (Chainlink) are doing is the basic principles of Web3. It is essentially trustless, immutable, and distributed.” He added that those are the powerful principles behind the success of any computer system.
He also added;
I think in Web3, you’re going to see the same dynamic of new things entering with Chainlink as one of the winners. It is absolutely true of Chainlink; they have better technology and scale than others.
The former Google CEO said he was skeptical of the whole idea behind Web3 but was convinced by Nazarov’s “crazy idea” about the Web3 space. He added that the concept of layer 2, which involves using tokens to incentivize behavior, was a decisive development over the last three to four years.
Schmidt said it is unlikely that Web3 firms will take over Amazon, Google, and other tech firms. However, he explained that there would be cases where there would be no need for the trustlessness that Web3 provides. Instead, it would be possible to get decentralization through centralization.
LINK spikes to $8
During the weekend, the native token of oracle service provider Chainlink, LINK, surged to $8. The price spike follows confirmation of a vast whale activity by on-chain analytics firm, Santiment. Santiment data revealed that LINK’s whale transactions hit a 4- month peak this past weekend.
“There are 33 separate LINK transactions, each valued at over $1 million. In addition, this token has recorded its highest whale activity within 24 hours since June 27.” Crypto traders and investors started paying attention to LINK in September.
The momentum of these whales increased in October. At the moment, LINK’s price of $8 is its strong resistance. The sooner LINK breaks out of this strong resistance, the faster it will embark on a strong bullish run.
Before steadying at this $8 range, LINK has been trading around the $6-$8 level for a few months. Last week, the popular crypto exchange, Binance, launched its oracle network and became one of Chainlink’s new competitors. Meanwhile, Chainlink also provided an update on integrations on the platform.
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According to the update on Twitter, there were 15 integrations of 3 Chainlink services across five different chains this past week. These chains are Polygon, Ethereum, Arbitrum, Bnbchain, and Avalanche. The update also reminded LINK holders about the platform’s staking offer. Interested LINK holders can check their eligibility and participate in the Chainlink staking v0.1.
Altcoins enjoyed a strong bullish run this past week. Leading meme-themed cryptos, DOGE and SHIB, experienced huge gains. However, DOGE’s price has since retraced by over 5.6 percent and now trades at $0.122, according to the latest data.
