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⏰ Time Stamps ⏰
2:00 What is Chainlink?
5:50 Chainlink Economics
9:02 LINK Supply / Demand
12:15 Chainlink Network Growth
14:12 Partnerships in 2020
16:40 Exchange & LINK Community
⛓️ 🔗 Useful Links 🔗 ⛓️
► Chainlink Website: https://chain.link/
► Chainlink GitHub: https://github.com/smartcontractkit/chainlink
► End of Year Report: https://exploring.link/eoy2019.php
► Chainlink God Protocol: https://blog.goodaudience.com/chainlink-the-missing-piece-to-the-god-protocol-fd455dde92ab
📰 Sources 📰
► Nick Szabo God Protocol: https://nakamotoinstitute.org/the-god-protocols/#selection-25.5-29.297
► ERC677 Contract: https://github.com/ethereum/EIPs/issues/677
► CoinTelegraph Bancor: https://cointelegraph.com/news/bancors-upcoming-v2-upgrade-to-solve-defis-dirty-little-secret
► Bancor V2: https://blog.bancor.network/announcing-bancor-v2-2f56b515e9d8
► Chainlink Community Growing: https://blog.bancor.network/announcing-bancor-v2-2f56b515e9d8
📝 What is Chainlink? 📝
Chainklink is a decentralised oracle network that provides offchain data to onchain resources. It basically acts as middleware between two different environments and bridges the two.
Chainlink is trying to solve many of these centralised dats issues. Through the use of what are called “oracle node”, the Chainlink blockchain wants to develop a decentralised network of these oracles.
Chainlink also wants to provide a solution to connect different blockchains. Blockchain interoperability is a well known problem.
💰 LINK Token Dynamics 💰
LINK token is an ERC677 token that was issued on the Ethereum blockchain. The max supply of LINK is 1 billion wiht about 35 percent of that circulating.
LINK has two functions in the network:
– Paid by smart contract creators to reward node operators
– As a bond to run a chainlink node
The first one can be seen as paying for data. These smart contract creators are paying the node operators for the offchain data feeds that they are providing.
When it comes to LINK as a Bond, this is done in order to gaurantee uptime from the nodes.
📈 Network Growth 📈
There has been a lot of growth on the network. There has been a lot of chainlink node runs for example. You also have a large degree of the network that has been used for these runs. This shows that the Chainlink network is being used as intended.
You also have a great deal of demand for using the Chainlink network that is coming from those smart contract creators. This shows that the offchain data resources from the Chainlink blockchain are valuable to the smart contract developers.
🤝 Partnerships 🤝
Synthetix teamed up with Chainlink to bring decentralised price feeds to Etheruem. Chainlink’s oracle technology was integrated into the Synthetix platform.
Bancor announced earlier this year that Bancor version 2 will have an automated market maker liquidity pool which will use Chainlink’s price oracles.
The celcius network that has teamed up with Chainlink. They will use their Oracle’s to help them determine their interest rates in a decentralised manner.
There has also been a recent announcement from two Tezos teams that they will be using Chainlink’s network in order to reference offchain data in Tezos smart contracts.
📈️ Exchanges & Community 📈
They managed to secured a much coveted Coinbase Pro listing in June of last year. The listing saw an explosion in trading volume and price.
There are also a number of other exchanges that they are listed on including the likes of Binance, Okex, Huobi, Bittrex etc. There is strong liquidity across these exchanges which means that LINK trading is well structured.
LINK was also able to secure a Gemini listing a few weeks ago which means that those in the Empire state can now legally buy LINK with their USD.
LINK also has a passionate community of “Marines” which are powering the project forward. They are also growing in number.
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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