Ethereum might be posed for a breakthrough once it integrates oracle technology to its network according to one analyst, who predicts by the years end ETH will be trading at $500.
While Ether has seen some short term momentum in the past days, analysts see this as a short term surge, rather than a lasting bull run for the ETH token.
Nonetheless, there may be good reason to still be optimistic about ETH’s long term success. According to Forbes, analyst Ian McLeod predicts a ‘monumental’ breakthrough once Ethereum can accept outside data in its smart contract protocols.
He is referring to the oracle technology which Ethereum has been striving to integrate into its platform. Oracle is a protocol which allows outside data to be integrated into a blockchain without compromising decentralization. Chainlink has recently announced a partnership with the bZx network in an effort to bring this capability to the Ethereum network.
Chainlink Oracle Services and bZx Margin Trading Protocol Collaborate for Strategic Goal https://t.co/Juykpjk8z2— Bitcoin Exchange Guide (@bitcoinsguide) November 7, 2018
bZx is the first protocol to power margin lending and trading on the Ethereum network. It recently announced that it would be working with Chainlink. The partnershi…
According to McLeod, this will soon have a huge effect on the price of Ethereum, with predictions running as high as a 100% increase by the end of the year, through massive increased adoption. This prediction has been met with mixed response, but efforts to bring oracle technology to Ethereum should be watched closely by anyone trading ETH.