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Being an excellent storage system, blockchain provides superior bets over traditional cloud storage or centralized storage system, including encryption, traceability, verifiability, and immutability to applications and platforms operating on it. But the tech suffers from a drawback, i.e., its incapability to access real-world information or even check its authenticity or credibility. One may add false or tampered info to the distributed database, and the nodes would never know. Today we analyse WINkLink â€“ a platform that works on this handicap by using smart contracts to connect the blockchain to real-world data to ensure data reliability via a decentralized mechanism.
WINkLink: Introduction and Purpose
WINkLink is the first comprehensive oracle built on the Tron blockchain. By tapping into data, events, payment systems, etc., from the real-world sources, including those of banks, weather, and the internet, it provides the blockchain with reliable data feeds for enabling smart contract execution.
WINkLink became the first comprehensive Tron oracle after the WINk team executed the acquisition of justlink.io in April 2021.
WINkLink serves several functionalities, including:
WINkLinkâ€™s embedded price oracle system provides Defi app developers with reliable and stable price feeds.
The oracle also allows developers to utilize real-world data such as sports and weather to create customized oracles and connect smart contracts to the real world.
WINkLinkâ€™s smart contracts are faster, more stable, and secure. They can access any data easily, thus nurturing a trusted data ecosystem in various industries while providing better services to developers and users.
Users can participate in the WINkLink ecosystem either by deploying its smart contracts or by integrating its pricing feeds to solve various use cases, including financial derivatives, lending and asset management.
WIN Token: Fundamentals
WIN is a TRC-20 token running on the Tron network. It is the native utility token of the WINkLink system and are used to reward nodes that provide reliable data as well as for payment from developers who use the data.
Every WIN token holder has governance rights on the platform. The token has a circulating supply of over 961 billion and has a maximum supply of 999 billion. It is currently ranked at #154 on the cryptocurrency charts.
Short Term Technical Analysis
WIN token is currently priced at $0.00039, up by 6% from the previous day. It has corrected more than 60% from its November high, dipping under pressure from a massive trendline which it is yet to break out of, and finding support at the $0.00034-00035 range where it had previously bounced in 2021.
Source: TradingView, Binance
If the resistance trendline is overcome, however, it will still need to contend with resistances at $0.00052 and $0.00063.
WIN token has been witnessing a downtrend but has its future tied strongly to the adoption of the Tron network as its leading oracle provider. Oracles have a great future in general given how they solve a major shortcoming of blockchain technology. Chainlink, which is the oracle of Ethereum, has been a top 20 cryptocurrency all through 2021. WINkLink can follow some of its trajectory provided the Tron network continues to be sought after.
Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.