What Happened: Schmidt served as the Google CEO from 2001 to 2011 leading the company from a startup and transforming it into a search behemoth it is today.

“Chainlink is a secret ingredient to unlocking the potential of smart contract platforms and revolutionizing business and society. I am excited to be helping the Chainlink Labs team build a world powered by truth,” said Schmidt, as per a Chainlink statement.

The lack of a connection with the “world outside itself” was blockchain technology’s “biggest challenge,” as per the former Google CEO.

LINK rose 8.84% higher to $21.73 over 24 hours. The token has fallen 15.4% over a seven-day trailing period.

LINK rose 5.89% and 6.71% against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) respectively over 24 hours. 

Since the year began, LINK has gained 76.36%. In May, LINK touched an all-time high of $52.88. At press time, it traded 58.87% below that level.

See Also: How To Buy Chainlink (LINK)

Why It Matters: Chainlink recently announced a Cross-Chain Compatability Protocol, which provides a universal, open standard for developers to build secure services and applications across multiple networks, as per the project.

In its statement, Chainlink noted that blockchains and smart contracts build atop are unable to connect with “real-world data and systems.” Chainlink seeks to address this issue through the use of oracle networks.

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