LINK Re-Formed Wedge Upside Breakout of $38
Updated
Updating the chart as LINK has re-formed a larger wedge, with higher upside.
blog.chain.link/44-ways-to-enhance-your-smart-contract-with-chainlink/
Some Use Cases that LINK enables:
“Derivatives smart contracts deployed on Opium Exchange are connected to Chainlink’s price reference data feeds, reading pricing data at execution of the derivatives contract to calculate payouts. By virtue of Chainlink’s open visualizations of the Price Reference Data oracle networks, traders on Opium Exchange can independently verify the accuracy and on-time delivery of prices at contract maturity.” –Opium + Chainlink integration
Decentralized Finance
Money is the common medium used today to value and exchange assets. Financial products provide different vehicles in which people can maximize the value of their money via different strategies like hedging, speculating, earning interest, collateralizing loans, and more. However, traditional finance is often gated, wherein well-capitalized entities have disproportionate control over the issuance of money and the creation/offering and settlement of financial products. The result is a lack of universal accessibility to certain financial products and the introduction of counterparty risk, where the larger entity has more influence on whether the financial product is fairly honored according to the pre-agreed upon terms.
Blockchains and smart contracts bring deterministic execution to financial products, eliminate moats around financial product creation, and provide tamper-proof monetary policy for on-chain assets. Chainlink oracles play a critical role in creating advanced smart contracts representing financial products and monetary instruments, particularly those that execute based on market data like FX rates, interest rates, asset prices, indices, and more.
Stablecoins
Stablecoins are on-chain tokens that are pegged 1:1 to fiat currency, commonly the US dollar . They provide users with the ability to hold a non-volatile cryptocurrency. While centralized stablecoins are backed by fiat in an off-chain bank account, decentralized stablecoins are commonly overcollateralized by on-chain cryptocurrencies and require price data to maintain full collateralization (e.g. a user’s collateral is worth over 150% the value of their loan).
DeFiDollar is an example of a decentralized meta-stablecoin (a stablecoin backed by multiple stablecoins) that uses Chainlink Price Feeds to track the price of the underlying assets including sUSD, USDT, DAI, and USDC . In the event that one or multiple of these tokens deviate from their 1:1 USD peg, thus causing DUSD to also lose its peg, a rebalance is triggered between the four reserves in order to preserve the dollar parity of DUSD.
Bonds
Bonds are a financial agreement that enables the raising of short term capital by issuing debt to be paid back at a later date. Traditional bond contracts can be replicated as an automated smart contract through the use of Chainlink oracles, which provide the data required for settlement such as interest rates, debt scores, fiat payments, and more.
Chainlink has already demonstrated such capability with a POC with SWIFT, where oracles were used to aggregate interest rates from five major banks, fetch debt score data from S&P , and generate an interest payment in the form of an ISO20022 SWIFT payment message. As a multi-trillion dollar industry, bringing bonds onto the blockchain can greatly reduce counterparty risk and lower operational costs across the board.
Tokenized Portfolio Management
A unique use case for smart contracts are non-custodial “smart portfolios” that automatically rebalance user portfolios by executing trades on their behalf based on preset conditions. This provides users with advanced financial products that programmatically manage investments based on the current market wide price of specific assets and tokens. These trading strategies can be tokenized, allowing users to transfer and use these tokens within other smart contract applications.
Tokensets is one such example of a protocol that uses Chainlink Price Feeds to generate various “Sets,” tokenized positions that execute trades on the behalf of users. These Sets are based on Technical Analysis (TA) metrics such as the RSI or moving averages, designed to catch key price action trends. Additionally, users can use their Set tokens as collateral within other protocols, such as the Aave money market, to gain additional capital efficiency.
Real-World Assets
As discussed in our recent education piece, tokenized real-world assets are among the most promising use cases for blockchain and smart contract technology. They take real-world assets and represent them on the blockchain as a token. Compared to traditional assets, tokenized assets benefit from global accessibility, permissionless liquidity, on-chain transparency, and reduced transactional friction.
DeFi Money Market (DMM) is a project that represents real-world assets on-chain and allows users to invest in the revenue streams of these assets through mTokens, which pay a stable fixed yield to holders. DMM uses Chainlink oracles to calculate the valuation of its real-world assets, which initially consist of car equity loans, before minting any new mTokens to ensure full collateralization by assets existing off-chain.
Proof of On-Chain Reserve
Wrapped cross-chain assets—cryptocurrencies/tokens native to one blockchain that are locked into a contract and then “unlocked” on another blockchain—are becoming increasingly popular due to their ability to increase the collateral types available within the DeFi ecosystem. However, in order to ensure the integrity of DeFi applications supporting wrapped asset deposits, Proof of Reserve reference contracts can be used to supply data regarding the true collateralization of these on-chain assets.
Two protocols using Chainlink to power Proof of Reserve reference feeds include BitGo’s WBTC and Ren Protocol’s renBTC , representing over 90% of the wrapped Bitcoin on Ethereum and representing billions in USD value. These Proof of Reserve reference feeds provide DeFi protocols with the data they need to autonomously verify collateral reserves and swiftly protect user funds during an undercollateralization event. Proof of Reserve reference feeds can also be used to track the collateralization of assets beyond cross-chain tokens includes stablecoins and real-world commodities , further increasing the collateral available within DeFi.
Proof of Off-Chain Reserve
Bringing real-world assets onto the blockchain provides a large potential to expand the economic activity of DeFi, as seen with the adoption of fiat-backed stablecoins. However, this requires the underlying collateral to be held by a central custodian , disconnecting the on-chain tokenized representation from the actual off-chain asset itself. Through Chainlink Proof of Reserve, smart contacts are able to autonomously audit the collateralization of real-world asset backed tokens, protecting users during black swan events.
An example of this is the TUSD Proof of Reserve reference feed that provides DeFi applications with data regarding the true amount of US dollars backing the stablecoin TUSD held by TrustToken’s off-chain escrowed bank accounts as reviewed by Armanino, an independent top 25 auditing firm in the United States. This collateralization data can be checked against the total amount of circulating TUSD tokens on various blockchains, as reported by the complementary TUSD Proof of Supply feed, to determine the collateralization of TrustToken’s tokenized USD.
Decentralized Exchange
Decentralized exchanges (DEXs) are on-chain trading venues that allow users to trade cryptocurrencies without taking custody of those assets or giving out personal information to a centralized institution. As DEXs grow in popularity, the desire for traditional trading strategies and advanced features currently available on traditional centralized exchanges grows in importance.
0x Relayer Bamboo Relay is an example of a decentralized exchange that uses Chainlink Price Feeds to power stop-loss order functionalities—conditional trading functions based on the price action of an asset. With aggregated market data from Chainlink, each trader’s stop-loss order will only be executed when the market-wide price of the asset surpasses a certain predefined threshold, preventing market manipulation attacks from falsely executing trades.
Staking
Many protocols rely on some form of staking—the locking of cryptocurrency collateral into a smart contract—in order to secure their crypto-economic networks. Staked collateral might help signal where rewards should be proportionally distributed, or it can be “slashed”—programmatically taken under certain conditions as a means of disincentivizing malicious behaviors.
For instance, AdEx requires its validator nodes to stake collateral and maintain high availability. AdEx uses Chainlink oracles to monitor node uptime and trigger the slashing of collateral should any node fall below the uptime requirements. This ensures that only high-quality node operators participate in the network, which in turn enhances the security of the entire platform.
Rebasing
Rebasing is a new financial primitive within DeFi that involves the act of adjusting the supply of a token as a means to maintain its peg to a specific reference asset, such as the US dollar . If the price of the token is above its peg during the rebase, then more tokens are minted and given proportionally to all token holders with the goal of lowering the per token price. Conversely, if the price of the token is below the peg, then a certain percentage of each holder’s tokens are burned to raise the per token price.
Ampleforth is an example of a protocol that uses Chainlink Price Feeds to power its native rebasing functionality. The total supply of AMPL is rebased on a daily basis to track the current Consumer Price Index ( CPI ) rate, an index from the Bureau of Economic Analysis on the current value of the inflation adjusted 2019 US dollar . Both the volume weighted average price of AMPL and the CPI index is provided to the Ampleforth protocol by Chainlink oracles.
Yield Farming
Yield Farming is a new financial primitive within the DeFi ecosystem that is used to bootstrap liquidity and facilitate the fair distribution of a protocol’s governance tokens. In most yield farming applications, users who provide liquidity to the protocol are granted a reward in the form of the protocol’s native governance token, serving as a growth subsidy.
Two protocols using Chainlink oracles for their Yield Farming mechanism are Plasm and StrongBlock. Plasm uses Chainlink price oracles to determine the amount of value users have locked into the protocol and distribute rewards accordingly, while StrongBlock calculates the USD value locked in Community pools at the end of every 24 hours.
blog.chain.link/44-ways-to-enhance-your-smart-contract-with-chainlink/
Some Use Cases that LINK enables:
“Derivatives smart contracts deployed on Opium Exchange are connected to Chainlink’s price reference data feeds, reading pricing data at execution of the derivatives contract to calculate payouts. By virtue of Chainlink’s open visualizations of the Price Reference Data oracle networks, traders on Opium Exchange can independently verify the accuracy and on-time delivery of prices at contract maturity.” –Opium + Chainlink integration
Decentralized Finance
Money is the common medium used today to value and exchange assets. Financial products provide different vehicles in which people can maximize the value of their money via different strategies like hedging, speculating, earning interest, collateralizing loans, and more. However, traditional finance is often gated, wherein well-capitalized entities have disproportionate control over the issuance of money and the creation/offering and settlement of financial products. The result is a lack of universal accessibility to certain financial products and the introduction of counterparty risk, where the larger entity has more influence on whether the financial product is fairly honored according to the pre-agreed upon terms.
Blockchains and smart contracts bring deterministic execution to financial products, eliminate moats around financial product creation, and provide tamper-proof monetary policy for on-chain assets. Chainlink oracles play a critical role in creating advanced smart contracts representing financial products and monetary instruments, particularly those that execute based on market data like FX rates, interest rates, asset prices, indices, and more.
Stablecoins
Stablecoins are on-chain tokens that are pegged 1:1 to fiat currency, commonly the US dollar . They provide users with the ability to hold a non-volatile cryptocurrency. While centralized stablecoins are backed by fiat in an off-chain bank account, decentralized stablecoins are commonly overcollateralized by on-chain cryptocurrencies and require price data to maintain full collateralization (e.g. a user’s collateral is worth over 150% the value of their loan).
DeFiDollar is an example of a decentralized meta-stablecoin (a stablecoin backed by multiple stablecoins) that uses Chainlink Price Feeds to track the price of the underlying assets including sUSD, USDT, DAI, and USDC . In the event that one or multiple of these tokens deviate from their 1:1 USD peg, thus causing DUSD to also lose its peg, a rebalance is triggered between the four reserves in order to preserve the dollar parity of DUSD.
Bonds
Bonds are a financial agreement that enables the raising of short term capital by issuing debt to be paid back at a later date. Traditional bond contracts can be replicated as an automated smart contract through the use of Chainlink oracles, which provide the data required for settlement such as interest rates, debt scores, fiat payments, and more.
Chainlink has already demonstrated such capability with a POC with SWIFT, where oracles were used to aggregate interest rates from five major banks, fetch debt score data from S&P , and generate an interest payment in the form of an ISO20022 SWIFT payment message. As a multi-trillion dollar industry, bringing bonds onto the blockchain can greatly reduce counterparty risk and lower operational costs across the board.
Tokenized Portfolio Management
A unique use case for smart contracts are non-custodial “smart portfolios” that automatically rebalance user portfolios by executing trades on their behalf based on preset conditions. This provides users with advanced financial products that programmatically manage investments based on the current market wide price of specific assets and tokens. These trading strategies can be tokenized, allowing users to transfer and use these tokens within other smart contract applications.
Tokensets is one such example of a protocol that uses Chainlink Price Feeds to generate various “Sets,” tokenized positions that execute trades on the behalf of users. These Sets are based on Technical Analysis (TA) metrics such as the RSI or moving averages, designed to catch key price action trends. Additionally, users can use their Set tokens as collateral within other protocols, such as the Aave money market, to gain additional capital efficiency.
Real-World Assets
As discussed in our recent education piece, tokenized real-world assets are among the most promising use cases for blockchain and smart contract technology. They take real-world assets and represent them on the blockchain as a token. Compared to traditional assets, tokenized assets benefit from global accessibility, permissionless liquidity, on-chain transparency, and reduced transactional friction.
DeFi Money Market (DMM) is a project that represents real-world assets on-chain and allows users to invest in the revenue streams of these assets through mTokens, which pay a stable fixed yield to holders. DMM uses Chainlink oracles to calculate the valuation of its real-world assets, which initially consist of car equity loans, before minting any new mTokens to ensure full collateralization by assets existing off-chain.
Proof of On-Chain Reserve
Wrapped cross-chain assets—cryptocurrencies/tokens native to one blockchain that are locked into a contract and then “unlocked” on another blockchain—are becoming increasingly popular due to their ability to increase the collateral types available within the DeFi ecosystem. However, in order to ensure the integrity of DeFi applications supporting wrapped asset deposits, Proof of Reserve reference contracts can be used to supply data regarding the true collateralization of these on-chain assets.
Two protocols using Chainlink to power Proof of Reserve reference feeds include BitGo’s WBTC and Ren Protocol’s renBTC , representing over 90% of the wrapped Bitcoin on Ethereum and representing billions in USD value. These Proof of Reserve reference feeds provide DeFi protocols with the data they need to autonomously verify collateral reserves and swiftly protect user funds during an undercollateralization event. Proof of Reserve reference feeds can also be used to track the collateralization of assets beyond cross-chain tokens includes stablecoins and real-world commodities , further increasing the collateral available within DeFi.
Proof of Off-Chain Reserve
Bringing real-world assets onto the blockchain provides a large potential to expand the economic activity of DeFi, as seen with the adoption of fiat-backed stablecoins. However, this requires the underlying collateral to be held by a central custodian , disconnecting the on-chain tokenized representation from the actual off-chain asset itself. Through Chainlink Proof of Reserve, smart contacts are able to autonomously audit the collateralization of real-world asset backed tokens, protecting users during black swan events.
An example of this is the TUSD Proof of Reserve reference feed that provides DeFi applications with data regarding the true amount of US dollars backing the stablecoin TUSD held by TrustToken’s off-chain escrowed bank accounts as reviewed by Armanino, an independent top 25 auditing firm in the United States. This collateralization data can be checked against the total amount of circulating TUSD tokens on various blockchains, as reported by the complementary TUSD Proof of Supply feed, to determine the collateralization of TrustToken’s tokenized USD.
Decentralized Exchange
Decentralized exchanges (DEXs) are on-chain trading venues that allow users to trade cryptocurrencies without taking custody of those assets or giving out personal information to a centralized institution. As DEXs grow in popularity, the desire for traditional trading strategies and advanced features currently available on traditional centralized exchanges grows in importance.
0x Relayer Bamboo Relay is an example of a decentralized exchange that uses Chainlink Price Feeds to power stop-loss order functionalities—conditional trading functions based on the price action of an asset. With aggregated market data from Chainlink, each trader’s stop-loss order will only be executed when the market-wide price of the asset surpasses a certain predefined threshold, preventing market manipulation attacks from falsely executing trades.
Staking
Many protocols rely on some form of staking—the locking of cryptocurrency collateral into a smart contract—in order to secure their crypto-economic networks. Staked collateral might help signal where rewards should be proportionally distributed, or it can be “slashed”—programmatically taken under certain conditions as a means of disincentivizing malicious behaviors.
For instance, AdEx requires its validator nodes to stake collateral and maintain high availability. AdEx uses Chainlink oracles to monitor node uptime and trigger the slashing of collateral should any node fall below the uptime requirements. This ensures that only high-quality node operators participate in the network, which in turn enhances the security of the entire platform.
Rebasing
Rebasing is a new financial primitive within DeFi that involves the act of adjusting the supply of a token as a means to maintain its peg to a specific reference asset, such as the US dollar . If the price of the token is above its peg during the rebase, then more tokens are minted and given proportionally to all token holders with the goal of lowering the per token price. Conversely, if the price of the token is below the peg, then a certain percentage of each holder’s tokens are burned to raise the per token price.
Ampleforth is an example of a protocol that uses Chainlink Price Feeds to power its native rebasing functionality. The total supply of AMPL is rebased on a daily basis to track the current Consumer Price Index ( CPI ) rate, an index from the Bureau of Economic Analysis on the current value of the inflation adjusted 2019 US dollar . Both the volume weighted average price of AMPL and the CPI index is provided to the Ampleforth protocol by Chainlink oracles.
Yield Farming
Yield Farming is a new financial primitive within the DeFi ecosystem that is used to bootstrap liquidity and facilitate the fair distribution of a protocol’s governance tokens. In most yield farming applications, users who provide liquidity to the protocol are granted a reward in the form of the protocol’s native governance token, serving as a growth subsidy.
Two protocols using Chainlink oracles for their Yield Farming mechanism are Plasm and StrongBlock. Plasm uses Chainlink price oracles to determine the amount of value users have locked into the protocol and distribute rewards accordingly, while StrongBlock calculates the USD value locked in Community pools at the end of every 24 hours.
Note
zerohedge.com/markets/swift-sets-joint-venture-china-central-bank-ahead-imminent-digital-yuan-launchThe new SWIFT joint venture pilot project with the Chinese CBDC is actually bullish for LINK. There will have to be some headlines released eventually if SWIFT is going to connect properly with the CBDC using the ISO 20022 standard that LINK helped develop specific functions for:
What is ISO 20022 and how is it related to ChainLink:
reddit.com/r/LINKTrader/comments/a2edk9/what_is_iso_20022_and_how_is_it_realted_to/
A single headline from SWIFT or LINK on further developments would propel LINK to untold heights... it is coming eventually, the SWIFT logo is all over LINK's website
Note
From the ZeroHedge article (posted today 2/4/2021) above:"This also means that China is well ahead of the curve when it comes to adoption of ISO 20022, the global "standard" that will ensure a uniform rollout of digital currencies across the world as paper currencies are banned and as the entire world goes under the de facto control of a handful of central banks, making politicians obsolete."
As a reminder, according to tentative estimates for the rollout of ISO 20022, which is the required universal transaction standard which will make payment in digital currencies possible, we are looking at a 2022 launch date, although China may be looking to go live as soon as this year.
Note
Chainlink - SWIFT's answer to RipplePart of their project is Hyperledger, the other part being Chainlink. Hyperledger is a private permissioned blockchain, but Chainlink is built on Ethereum and currently available on Binance.com
"Moving forward, the PoC blockchain application will undergo testing over the summer months, with the results scheduled to be published in September and presented at Sibos in Toronto in October."
SIBOS is the 16th, and I expect a considerable pump in anticipation, even more so if SWIFT officially adopting Chainlink. Now see this.
"In this session we hear how the 2016 Innotribe Industry Challenge winner proposes to bridge DLT platforms with ISO 20022-compliant SWIFT messaging. SmartContract.com will present a live demo of a Proof of Concept where a DLT platform manages ISO 20022-compliant bond instruments, while an ISO 20022-aware Smart Oracle settles coupon payments off-ledger through ISO 20022 payment messages over SWIFT."
Now see this
"Specifically as it relates to Swift, though, Cunha noted the CLS consortium's work on a project designed to work in harmony with the payments messaging system, and even the work done by Swift itself, using both as examples of how blockchain is pushing financial incumbents to become more cutting edge." He ends with, "The partnerships will be where the ultimate success is."
Instead of having to revamp their whole infrastructure (banks are very slow to move), Chainlink provides a "plug-and-play" integration with current SWIFT messaging... but Chainlink proposes something much bigger than just bank applications: they propose to bring external data to Ethereum via decentralized network of API datafeeds. Currently Eth is isolated from the outside world, as there is no way to reliably and securely bring in outside data. This is absolutely necessary if Ethereum is to ever become useful. Here are relevant whitepapers for the tech-savy. Note that Ari Juels is working on TownCrier, former chief scientist at RSA and one of the most reputable names in cryptography.
Chainlink whitepaper
Town Crier whitepaper
At 140m market cap I believe it's criminally undervalued. Keep in mind OMG hit 1.2B with zero working product and nothing but hype and a McDonalds partnership. Chainlink is demonstrating a working proof of concept, the implications of which outweigh most other coins. I got in at $0.20 and $0.33, and plan to pyramid more on the coming dip (as of Oct.7). In my opinion this is an opportunity to get in early on a potential game changer. This is one the Wyckoff family should not miss...
steemit.com/chainlink/@weverton/chainlink-swift-s-answer-to-ripple
Note
Is a full Swift Chainlink integration closer than we think?Are Chainlink already integrating into the Swift GPI? Is the 'Chainlink Swift Node' already being used by Swift?
Chainlink do not shy away from global partnerships, Oracle, Google Cloud, Binance and China’s Blockchain Service Network, just to name a few. However, what’s going on with Swift? The name has been thrown about for years, with many in industry thinking this could be the biggest and most significant partnership yet.
We’ve taken a look at the evidence that suggests a full Chainlink and Swift integration could be a lot closer than we think. Could there be a reason for the Swift secrecy on their work with Chainlink?
Who are Swift?
The Society for Worldwide Interbank Financial Telecommunications. Swift is the world’s leading provider of secure financial messaging services. But what does this actually mean?
They don’t hold funds or even manage any accounts on behalf of customers and it’s not a payment network, but 33.6 million transactions go through the network every day?
Swift passes messages between banks in a very secure manner, these messages state the details of all international transactions. It’s crucial that Swift is secure because if the platform gets hacked then transactions can be redirected to different bank accounts.
Ever made a transfer or received money from overseas? You may have used a Swift code or number in order to complete these transactions. These codes are made up of a bank, country, location and branch codes.
It is considered to be the current standard for international transfers and is used across the world, with over 11,000 institutions using Swift daily.
However it isn’t invincible. In recent years companies such as Ripple (XRP) have launched competition to Swift. With critics stating that the Swift messaging service is both slow, expensive and out dated.
Swift and Blockchain development
Swift understands how Blockchain could threaten their business model. Companies such as Ripple allow for money to be sent across the world without the need for any 3rd party such as Swift, and in just a fraction of the time. Ripple already has over 300 financial institutions that are using their service including big names such as Santander and American Express. Take a look at this piece written by Mike Faden at American Express that explores Ripple vs Swift GPI.
This had led to Swift investing in Blockchain Technology. In 2016, Swift published a Position paper on Distributed Ledger Technology, this included their stance on the importance of Smart Contracts in financial services.
Are Swift working with Chainlink?
Chainlink have always been relatively secretive about their work with Swift in terms of releasing details about the partnership. The Smart Contract website states that “We’re proud to be working with SWIFT on their own SWIFT Smart Oracle. Allowing smart contracts on various networks to make payments, send governance instructions, and release collateral with over 11,000 banks.” Swift have also never confirmed on their website that they are working with Chainlink or Smart Contract.
The Swift Chainlink partnership started back in 2016 when Smart Contract (Chainlink) won an award at the Innotribe Industry Challenge, an event run by Swift.
Take a look at this presentation from the Sibos 2017 conference showing how SWIFT embarked on a project with Chainlink in order to connect off chain data with the Blockchain. The project was a success and it allowed Smart Contracts to make payments using the Swift Network, this was done with huge financial institutions such as Santander, Barcalys, BNP and Fidelity. When fully implemented this would allow Smart Contracts to pay money to thousands of bank accounts, these Smart Contracts would require a link to bridge the gap between the Swift API and the Blockchain on which they are stored on.
Note
At the Chainlink meetup in Paris 2019 it was announced how the Swift Chainlink partnership would work with a dedicated “Swift Chainlink Oracle” for making payments. You can see more details about the Swift Chainlink integration here.Furthermore, Swift announced last year that they will let Blockchain products use their GPI platform for near real time payments. These Blockchain products will all need to be connected to the off chain Swift API. This is another huge opportunity for Chainlink, who could bridge this gap for these Blockchain products.
Hold up, aren’t Swift GPI working with R3 and Corda?
Yes, Swift have partnered with R3 and their Corda platform to interlink trade and e-commerce platforms with Swift GPI. This happened in January 2019.
R3 runs the largest blockchain ecosystem in the world, and is an open source Blockchain Project designed for large enterprises.
After the partnership, R3 published a live webinar with Tom Pope the Distributed ledger project manager at Swift. They discussed the integration with Swift GPI in detail, with R3 being asked to demonstrate how a transaction would work on the network. R3 said that “The Swift GPI is actually manifested as an oracle service….which would have access to the GPI link”.
In October 2019, R3 also published a video presentation on open banking and Blockchain. At (10:41) R3 talks again of a decentralised oracle that connects the on chain world with the off chain world.
What Oracle service could R3 be referring to here? Chainlink are not the only oracle service on the market. However, if you dig a little deeper you start to see some interesting evidence.
Chainlink and The Accord Project
The Accord Project is described as “open format, tools, and ecosystem for building technology neutral smart agreements”. It hosts high profile members such as IBM, IEEE and R3.
Chainlink have been part of the Accord Project since 2018 (see technology section on their site). This was also announced on Twitter. Accord also wrote a piece on Medium on how Chainlink would help smart contracts ‘come alive’ and help bring more real data into these contracts. In the last year or so this has been deleted, you can read the original Accord Chainlink article here, using the WayBack machine.
At face value this doesn’t mean that every project has to adopt all the tools and resources offered by Accord. However, take a look at this article by R3 talking about Corda (which has integrated with Swift GPI). It states that they have built Corda using the Accord Project Stack. This stack includes using Chainlink for validating external data.
Could Chainlink be working under the hood at Corda to provide secure and trusted oracles? Is the ‘Swift Chainlink Oracle’ already working within this?
Does this mean anything for XRP?
You may have heard that the Corda platform can send and receive XRP transactions, with this being the first crypto that was brought into the Corda Blockchain. Swift has denied any links to XRP with their Chief Marketing Officer stating that “there is still little appetite for settlement in crypto-currencies and a pressing need for fast and safe settlement in fiat currencies”. This cements the need for trusted oracles so that off chain fiat currencies can be sent over the Blockchain.
What would the Swift Partnership mean for Chainlink?
Full integration with Swift would significantly broaden Chainlink’s use cases on the global stage. In 2019 alone, $77 trillion in value was sent over Swift GPI. This could dramatically increase the demand and need for Chainlink oracles across the sector.
Could Swift be trying to hide or white label Chainlink behind their GPI? What do you think this would mean for the project as a whole? Would the price of
LINK be affected without the public awareness?Sergey Nazrov once said he thinks that Chainlink will become the standard Oracle Solution for Smart Contracts. Could Swift be the next step in Chainlink becoming this standard?
Note
3/ Chainlink will connect the old infrastructure with the new one(DLT). Off-chain payments for digital assets will be done in the following way: Digital asset solutions will tokenise assets on the public blockchain. The DAS will tokenise an asset on a public chain.4/ In the demo, they showed how you can deploy your own nodes through the SkillZ BaaS platform. The nodes will be able to be deployed and become reliable by the customer using this platform, but the customers will not be able to take them down.
5/ When a bank has done an off-chain payment through SWIFT, the information will get passed on from the SWIFT API to the Chainlink nodes. The nodes will then respond to the DAS smart contract. After this payment, the token will be transacted to the bank, on-chain.
6/ It is not anymore a matter of if, but when connected smart contracts will reach their adoption. Either way, I think we can safely assume that Chainlink is pushing the adoption of this technology as hard as they can while working on their solution for off-chain data.
7/ If you're interested in the demo, it was streamed live tonight at twitch.tv/videos/482730049. The CEO of SkillZ is talking about the integration with SWIFT and Chainlink around the 17 minute mark.
twitter.com/81000_OKLG/status/1174427711982526467
Note
Schematic from a LINK presentation showing how LINK and SWIFT would work using ISO 20022 standard:twitter.com/ChainLinkGod/status/1081680115363282946/photo/1
Note
Also if you recall, LINK has major inroads into China already with the BSN Network that China uses for businesses and enterprises to interconnect:BSN Integrates Chainlink Oracles, Bringing Real-World Data Into Its IRITA Powered Network
SHANGHAI, June 23, 2020 /PRNewswire/ -- China's recently launched national Blockchain Services Network (BSN) is bringing Chainlink oracle functionality to its network. This key integration will enable governments and enterprises to incorporate validated real-world data into their BSN applications using Chainlink oracles via the IRITA interchain service hub. Professional Proof of Stake (POS) operator SNZ Pool will run nodes to support the operation.
This integration of Chainlink provides BSN users additional security, reliability, and interconnectivity to help fuel even greater growth and adoption of blockchain applications in China and around the world.
BSN is a blockchain infrastructure service layer designed to be a one-stop-shop for companies to access ultra low-cost blockchain cloud computing services. It's supported by major Chinese entities and corporations, and its founding consortia partners include China's State Information Center, China Mobile, China Unionpay, and Red Date Technologies.
Chainlink is the world's leading oracle network that works with enterprises such as Google and Oracle. Its technology enables on-chain blockchain applications to incorporate off-chain real-world data in a highly secure and reliable manner. As such, BSN selected Chainlink as the preferred oracle network to enable BSN applications and smart contracts to access data from outside the blockchain (e.g. weather, financial asset prices, IoT data, location information, and much more).
As part of this integration, Chainlink, IRITA, and SNZ Pool are contributing to the fundamental development and growth of BSN. Chainlink will be integrated into BSN via IRITA's interchain service hub. IRITA is a consortium blockchain product built using the Cosmos/IRIS SDK. The IRITA service hub will allow BSN blockchains to receive external off-chain data through Chainlink oracles. SNZ Pool, a professional node operator will provide node services to run the network. This multi-party collaboration will enable developers who build on BSN to access high-quality data through Chainlink which will make their applications more useful and connected with the real-world.
prnewswire.com/news-releases/bsn-integrates-chainlink-oracles-bringing-real-world-data-into-its-irita-powered-network-301081572.html
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Sergey Nazarov, co-founder of Chainlink, stated, "We're excited to help build out BSN's global infrastructure project by providing secure and reliable oracle services. By connecting BSN applications to real-world data, smart contracts can bring new levels of automation and trust to global agreements.""As a founding member of BSN, the China Mobile team welcomes Chainlink and IRISnet to the BSN family," said Xiang Dai, Deputy Secretary of the BSN Development Association and Director of Planning and Consultation with the China Mobile Group Design Institute Co., Ltd.
"The interchain service hub that Chainlink, IRISnet and Red Date are building is the first step toward achieving easy and convenient interoperability among all DApps deployed on the network," he added. "Using Chainlink and IRISnet networks, it will also connect them to off-BSN trusted data sources. We believe that this integration will transform blockchain applications and foster greater growth of the BSN ecosystem – in China and around the world."
About BSN
BSN is a cross-cloud, cross-portal, cross-framework blockchain-based infrastructure network, which integrates cloud resources, underlying frameworks, operating environments, certificate management, development SDK and gateway API together to provide developers one-stop-shop to deploy and manage all kinds of Dapps conveniently and at low cost. Red Date Tech oversees the R&D and daily operation and maintenance of the BSN. To learn more about BSN visit: bsnbase.com/ (Chinese) and global.bsnbase.com/ (English).
About IRISnet
IRISnet is an interchain service hub for next-generation distributed applications and its consortium blockchain product is called IRITA. Built with Cosmos/IRIS-SDK, IRISnet enables cross-chain interoperability through a unified service model. IRISnet's core development team includes Bianjie, a national award-winning blockchain technology team based in Shanghai.
About SNZ Pool
SNZ Pool is a professional POS operator and provider dedicated to providing professional Proof of Stake (POS) mining pool services. We are committed to minimizing the complexity of working as a POS validator, and to maximizing the stability and security of running a POS validator. Since 2018, we've been running nodes for over 20 major POS projects. We aim to make the POS validator as easy as possible.
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More about IRISNET / IRITA (posted 1 day ago):IRITA Hub Completes the Mainnet Integration of Chainlink Oracles on BSN
IRITA Hub, developed by the IRISnet core development team Bianjie, has completed a native integration of Chainlink Oracles on the Blockchain-based Services Network (BSN). The integration is a joint effort between BSN, SNZ, Chainlink, and IRISnet, and was made possible through a Chainlink Community grant awarded to the IRISnet team.
At present, the Chainlink oracle services supported by IRITA Hub are integrated live on mainnet and ready for use by projects and enterprises in the BSN ecosystem as a means of securely and reliably utilizing real-world data in their blockchain applications.
Chainlink is the world’s leading blockchain oracle network, securing numerous top blockchain applications like Synthetix and Aave and working with large enterprises such as Google and Oracle. The Chainlink oracle technology enables blockchain applications to use real-world data stored outside the blockchain (off-chain) to trigger on-chain smart contracts, such as using asset prices to trigger financial smart contracts or weather data to settle a crop insurance application.
IRITA Hub is the consortium blockchain implementation of IRISnet, designed to support the interoperability requirements of China’s enterprise blockchains. IRITA Hub was launched in the BSN environment on Oct. 31, 2020. Similar to IRISnet, which aims to offer an interchain service platform through its iService framework, IRITA Hub currently supports interoperability among various consortium blockchains such as Hyperledger Fabric and FISCO BCOS, as well as public blockchains like the Ethereum testnet and IRISnet mainnet. On the other hand, iService is an HTTP-like protocol that allows dApps to define, bind, request, and respond to interchain services.
The Chainlink integration leverages both IRITA Hub and IRISnet’s iService to make premium Chainlink oracle data available to dApps in the BSN ecosystem. Any blockchain connected to the IRITA Hub can use iService’s interchain function to interact with Chainlink and obtain off-chain data, ultimately bringing Chainlink’s trustworthy data and oracle services to Chinese consortium blockchains. Documents about how to deploy Chainlink oracle services and consume them on BSN can be found on both the BSN portal and GitHub.
To illustrate the process, two demo oracle services have currently been deployed to IRITA Hub and are operated by the SNZ Chainlink Node operator. These two oracles provide near real-time price information for the USD prices of gold and ETH.
The upcoming IRIS Hub upgrade projected for this month also features a Chainlink integration through iService, creating a convenient way for Chainlink nodes to provide data and oracle services to all interconnected blockchains in the IRISnet ecosystem.
This integration of Chainlink into the BSN IRITA Hub is the first step towards showing how real-world data can provide immense value to interconnected blockchain systems. As part of the integration, Chainlink oracle services can be used in a variety of blockchain environments via IRITA Hub. Moreover, enterprises and developers from the BSN ecosystem in China and around the world can easily access trusted data at any time with the support of IRITA Hub, Chainlink, and SNZ nodes as a means of securely connecting their applications with the traditional systems currently powering modern economies.
medium.com/irisnet-blog/irita-hub-completes-the-mainnet-integration-of-chainlink-oracles-on-bsn-c66f4aa36abc
Note
About BSNBSN is a cross-cloud, cross-portal, and cross-framework global public infrastructure network used to deploy and operate all types of blockchain-based distributed applications (dApps). Its blockchain infrastructure service layer is designed to be a one-stop-shop for companies to access low-cost blockchain cloud computing services. It’s supported by major Chinese entities and corporations, and its founding consortia partners include China’s State Information Center, China Mobile, China UnionPay, and Red Date Technologies.
About IRISnet
IRISnet is an interchain service hub for next-generation distributed applications and its consortium blockchain product is called IRITA. Built with Cosmos/IRIS-SDK, IRISnet enables cross-chain interoperability through a unified service model. IRISnet’s core development team includes Bianjie, a national award-winning blockchain technology team based in Shanghai.
About Chainlink
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow Chainlink on Twitter.
About SNZ Pool
SNZ Pool is a professional PoS operator and provider dedicated to providing professional Proof of Stake (PoS) mining pool services. We are committed to minimizing the complexity of working as a PoS validator, and to maximizing the stability and security of running a PoS validator. Since 2018, we’ve been running nodes for over 20 major PoS projects. We aim to make the PoS validator as easy as possible.
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There are WAYYYYYYY MORE price data feeds than I realized already up and running with LINK.... LINK is SERIOSLY undervalued still....data.chain.link/
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If you're interested in running your very own LINK Node (a major use case of the LINK token) then read this:docs.chain.link/docs/running-a-chainlink-node
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LINK is setting up perfectly right now as it is retesting the top of the wedge which is expected in breakouts of wedges for 100% confirmation signal... once it bounces off the top line near 20.40ish, LINK will head to measure move of $38!Note
And a link to the ChainLink ecosystem ... notice MANY DeFi apps listed:chainlinkecosystem.com/ecosystem/
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and the "U" key on my keyboard barely works ... so if there's a word without a U, that is why - apologies for the Ape like spelling due to my bad keyboard
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