Key Chainlink takeaways:
- Chainlink announces the decision to award Open Earth Foundation with Chainlink Grant
- Environmental concerns trace back to Elon Musk
- LINK daily chart and technicals
YEREVAN (CoinChapter.com) – Chainlink (LINK) decentralized blockchain oracle network built on Ethereum, awarded Open Earth Foundation (OEF) for research and deployment with a social impact grant. As part of a trend partially initiated by Elon Musk, the commission aims to build an oracle node focused on carbon tracking and climate reporting.
The collaboration will introduce hybrid smart contracts as a way to reduce the carbon footprint. They are blockchain applications that use oracles to access real-world data and perform advanced computations. Chainlink tweeted the news on July 30.
As part of the grant, the OEF will focus on several key points.
- Develop a climate data model to measure CO2 atmospheric concentration.
- Build an application programming interface (API), accessible for developers, along with the full data on CO2 concentration.
- Create Chainlink External Adapters, that will enable Chainlink nodes to take the data from that API and deliver it to other ecosystems.
Also read: Chainlink chips bear trend with a 50% bullish wedge breakout—what lies ahead?
While climate change is a factor of tremendous impact for any business, the great concern for the carbon footprint of the crypto market was partially brought on by Elon Musk, the chief executive of SpaceX and Tesla.
The ‘Musk factor’ on the crypto market
In detail, Mr. Musk first voiced his concerns on the vast carbon dioxide emission from Bitcoin mining farms in May 2021. At the time, Tesla was already two months in accepting Bitcoin payments for its electric vehicles.
A factor that helped raise the BTC price by 17 percent, taking it from $51,240 on March 25 (the day of the announcement) to $59,721 on April 1. However, in a sharp U-turn, the billionaire entrepreneur decided to halt the BTC payments, citing environmental concerns.
The move raised many eyebrows and for different reasons. Many were baffled by the announcement, mainly for timing reasons. Joe Kernen, the host of CNBC’s Squackbox, commented that “he knew all along,” as the mining-generated CO2 emissions were clear to the CEO since day one.
Other experts took issue with the allegedly faulty premise that fuel burning is the primary energy source for miners. One of those experts was Anthony Pompleano, founder of Pomp Investments and an avid Bitcoin supporter. After the Tesla chief tweeted the news, Mr. Pompleano replied that 75 percent of mining is based on ‘clean’ sources.
Admittedly, the exact numbers are relatively hard to determine. However, after the feud, the crypto community started paying more attention to “greener” coins. Tesla CEO even stated that he would be ready to rethink his decision if Bitcoin mining takes a greener route.
Also read: Lackluster volume, business rivalry keeps Chainlink from popping 100%
Meanwhile LINK…
… traded at $22.5 ahead of the London session opening bell Monday. Catching the recovery wave initiated by Bitcoin on July 21, the digital asset advanced by 67 percent. Link broke out of the falling wedge pattern it traded in for two months. Two converting trendlines of the pattern enveloped the price action while driving it down.
The falling wedge is a reversal pattern, so traders expected a bullish break after the formation exhausts. Instead, the token retested the wedge’s support on July 20, then took off on a bullish rally the next day.
LINK also registered a golden cross between the 20-day exponential moving average (EMA-20; blue wave) and the 50-day simple moving average (SMA-50; red wave). The formation predicts further gains in the long run, for as long as the EMA-20 can hold the dominant position.
Also read: Binance to exit Malaysia; Indian authorities initiate a probe
Chainlink is paying more attention to green solutions to the CO2 emission crisis. By partnering up with Open Earth Foundation, Chainlink paved the way to developing technologies to reduce the carbon footprint of the crypto market and track the situation with emission concentration.
