Chainlink Review 2020: LINK Potential

0
163

β–Ί Complete Review: https://www.coinbureau.com/review/chainlink-link/
β–Ί What are Oracles: https://www.coinbureau.com/education/what-are-blockchain-oracles/
β–Ί Best 10 Etheruem dApps: https://www.coinbureau.com/analysis/best-ethereum-dapps/
πŸ“© Get Top Crypto Tips In My Weekly Newsletter πŸ‘‰ https://signup.coinbureau.com/newsletter
β–Ί BTC Tipjar: 35YDYtYAB999JxiXQXewzLvMGX4ki2d3WL

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

⏰ Time Stamps ⏰

0:56 Introduction
1:49 Real World Use Cases
3:23 Blockchain Oracles
5:08 How it Works: Offchain
6:17 How it Works: Onchain
7:28 LINK token & Price Performance
9:25 Chainlink Team & Roadmap 2020
11:00 LINK Markets & Wallets
12:05 Conclusion

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

⛓️ πŸ”— Helpful Links πŸ”— ⛓️

β–Ί Website: https://chain.link/
β–Ί Whitepaper: https://link.smartcontract.com/whitepaper
β–Ί GitHub: https://github.com/smartcontractkit/chainlink

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

πŸ“±οΈ Socials πŸ“±

β–Ί Official Blog: https://medium.com/chainlink
β–Ί Twitter: https://twitter.com/chainlink
β–Ί Telegram: https://t.me/chainlinkofficial

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

πŸ“ Project Overview πŸ“

Chainlink is a project that is attempting to connect smart contracts across blockchains.

Chainlink plans to do this through the use of off-chain resources like web APIs, data feeds, and even traditional bank payments. It will allow on-chain smart contracts on other blockchains to interact with off-chain data through the Chainlink network.

βš™οΈ Technology βš™οΈ

Since Chainlink wants to create a link between off-chain and on-chain resources, there are two primary pieces to the Chainlink architecture.

The off-chain pieces are oracle nodes that exist off the Chainlink network. However, these nodes are still connected to the external blockchain.

Requested data passes through Chainlink Core, which is the software that establishes a connection between the off-chain data and the Chainlink network.

At that point, Chainlink Core takes the processed data and hands it off to the on-chain oracle.

The on-chain smart contracts are the piece of the architecture which house oracles. These oracles accept and process data requests.

On-chain oracles take user requests for off-chain data submitted to the blockchain, then process them. The requests are routed to the appropriate smart contract which matches the request up with the correct off-chain data.

There are three contract types that aid in matching the offchain and onchain data: aggregating contracts, order-matching contracts, and reputation contracts.

πŸ’°οΈ Token πŸ’°

Chainlink created the LINK token as a way to compensate offchain needs within its system. The token is used to pay Node operators.

LINK is necessary to perform this type of functionality. Value and demand of the tokens are derived from the number of operators available that provide offchain services to Chainlink.

Although these are ERC20 tokens they do have additional ERC223 “transfer and call” functionality.

The Chainlink ICO took place in September of 2017. The project raised about $35 million dollars while distributing 350 million LINK tokens.

The number of tokens distributed makes up 35% of the project’s total supply.

πŸ‘¨β€πŸ’»οΈ Team, Partners & Development πŸ‘¨β€πŸ’»

The CEO of Chainlink is Sergey Nazarov, who started his career with FirstMark Capital.

Steve Ellis serves as the Chainlink CTO and was a software engineer prior to joining the project.

For their Roadmap, Chainlink’s goal is to contribute to any oracle network using the data sets they’ve already established. They recently announced the release of seven new public reference data sets.

They are working on developing large amounts of data sets that they know users need, such as ETH to USD or BTC to USD.

Chainlink is interested in enabling new categories of activity like decentrailzed finance, decentralized insurance, fraud-proof gaming, and much more.

πŸ“ˆ Trading & Wallets πŸ“ˆ

LINK is a popular token and does over $100 million dollars a day.

Chainlink does this volume on a wide variety of exchanges, including popular ones like Binance, Bithump, and Coinbase Pro. The token does at least a million dollars in volume every day on most of these exchanges.

This means that there is broader liquidity for the token and price discovery is easier. Given that this is an ERC20 token you have a lot of storage options although a hardware wallet is perhaps your best bet.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

πŸ“œ Disclaimer πŸ“œ

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.

#Chainlink #LINK #crypto #Ethereum #Review #ERC20 #Oracles #Defi #blockchain #data

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here