According to a report published earlier this week by a Citi Group team, Chainlink has the potential to exceed Bitcoin. Bitcoin, a cryptocurrency, was at a crossroads and could become the preferred currency for foreign trading in around seven years.
The study also compared Bitcoin to a digital North Star, offering recommendations for enhancing the broader crypto commerce ecosystem.
The role of Chainlink in the smart contract space of blockchain technology was discussed in the report’s climax segment. Chainlink was added to the World Economic Forum’s list of the 100 most exciting technology pioneers for 2020. And coming from such a Forum, this is a huge acknowledgment.
Chainlink has also been implemented on other blockchains such as Tezos and Polkadot, extending its scope beyond the Ethereum network. As a consequence of the platform’s technology’s continued use, the Connection token can gain an advantage, and Chainlink can exceed Bitcoin as mentioned below.
Developers must pay using the protocol’s native token, Connection, in order to use the chain-link network. As a result, any token that aids the growth of the on-chain ecosystem has the ability to affect the creation of Bitcoin as time goes on, as Bitcoin becomes a vital component of the blockchain infrastructure.
Anyone can now imagine trade- or infrastructure-linked coins that might one day overshadow Bitcoin. As a result, a greater number of options can become available. The development of the chain-based ecosystem in terms of technologies is increasingly growing.