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Chainlink continues with its impressive price performance after reaching a new all-time high today. Interestingly, the latest surge coincided with the launch of China’s Blockchain Service Network, which integrated Chainlink’s price oracles into its ecosystem.
China’s BSN Launches
As CryptoPotato reported in March this year, the world’s most populated country planned to introduce a DLT-based platform called the Blockchain Service Network (BSN). It allows the development of applications, smart cities, and even digital economies on top of it without participants having to design a new network from scratch.
BSN’s white paper estimates that building, operating, and maintaining a blockchain network could cost more than $14,000 per year. However, if companies employ BSN’s platform, the amount could decrease substantially to $300.
The COVID-19 pandemic delayed the launch. Instead of the planned release date in April, BSN was unveiled to the public this past weekend at the opening ceremony of Hangzhou Blockchain International Week.
The statement informed that BSN has already established public city nodes in more than 100 cities across China, making it “the world’s largest blockchain infrastructure network.”
BSN Integrates Chainlink
Before the official launch date, China’s ambitious project announced that it will integrate Chainlink oracle. Consequently, governments and enterprises would be able to incorporate validated real-world data into their BSN applications using Chainlink oracles via the IRITA interchain service hub.
“The integration of Chainlink provides BSN users additional security, reliability, and interconnectivity to help fuel even greater growth and adoption of blockchain applications in China and around the world.” – reads the statement.
BSN chose Chainlink because its technology enables on-chain blockchain applications to incorporate off-chain real-world data securely and reliably, the announcement explained.
LINK Reacts
Chainlink’s native cryptocurrency has been among the top performers in the cryptocurrency market lately. Since the launch of China’s BSN during the weekend, though, the asset has skyrocketed.
LINK was trading at $4,60 a few days ago before it began its decisive surge towards registering several consecutive all-time high prices. It spiked above $5,60 yesterday, and today it broke the $6 barrier before increasing to $6,40. Although LINK has retraced slightly and is currently hovering at $6,27, it still represents a price jump of 37% in three days.
On a yearly scale, LINK’s price developments are even more impressive. It entered the new century at about $1,76 and has marked a year-to-date increase of over 250%.