Chainlink: Cooler Minds Prevail
Updated
If blockchain technology is game changing, isn't the technology that will 'LINK' offchain data to the blockchain going to be pretty valuable?
We have seen many 'hyped' products and meme coins run amuck, we have observed incredible game changing financial products like Ethereum begin to dominate.
It is rare in an emerging market full of hype and memes to find a value play. But that is what we are looking at gents - a product that is fundamental to the long-term growth of the digital currency revolution.
Chainlink is the gold standard of oracles, with the only other peer perhaps comparable being CTSI. The smart contracts on Ethereum are game changing, but the bridge between offchain data and the blockchain is the game maker. And that bridge is two fold, getting off-chain data into the blockchain, and likewise acting as a gateway between the blockchain and offchain systems - like in all practicality integrated directly into a companies ERP system.
Let's say you are in a country with faulty institutions (the entire world takes a big sigh as we can all relate to insurance claims not being paid for any good reason for example) - through smart contract technology both parties can agree to the third party that provides the input determinant and then have a trustless insurance product for example make the payout. i.e.
Example 1
Example 2
I'm sure there are innumerable additional examples, and perhaps you could explain an even better one, or offer clarity on the two I outlined - the point is that the future is very bright and ChainLink is going to aid in rushing it in.
Plus, the technical analysis for Chainlink are fantastic right now and indicative of us being able to run with a value play in an emerging market.
One negative to be observed is simply the slope of the 20dma (red line)
We have seen many 'hyped' products and meme coins run amuck, we have observed incredible game changing financial products like Ethereum begin to dominate.
It is rare in an emerging market full of hype and memes to find a value play. But that is what we are looking at gents - a product that is fundamental to the long-term growth of the digital currency revolution.
Chainlink is the gold standard of oracles, with the only other peer perhaps comparable being CTSI. The smart contracts on Ethereum are game changing, but the bridge between offchain data and the blockchain is the game maker. And that bridge is two fold, getting off-chain data into the blockchain, and likewise acting as a gateway between the blockchain and offchain systems - like in all practicality integrated directly into a companies ERP system.
Let's say you are in a country with faulty institutions (the entire world takes a big sigh as we can all relate to insurance claims not being paid for any good reason for example) - through smart contract technology both parties can agree to the third party that provides the input determinant and then have a trustless insurance product for example make the payout. i.e.
Example 1
- A small farmer wants crop insurance.
- Agrees with a vendor online to make payments for crop insurance and if it does not rain in 20days he gets an automatic and timely payout via the smart contract.
- The smart contract almost like an escrow account holds the pending capital and the oracle finds an agreed upon third party that takes the offchain data (the weather) and bridges it to the blockchain
- 20 days of no rain, and the farmer gets his payout and the smart contract automatically executes, and he can spend his time worrying more about farming, then filing insurance claims with a poorly run institution armed with - people.
Example 2
- A gentleman wants to play a game of online poker vs a gentlewoman
- Both parties rather than relying on a faulty, untrustworthy centralized casino can play against each other directly via 'trustless' ai
- The draws online are actually fair, and the payout is made automatically as the capital is released from being locked up from the smart contract, as the oracle feeds the inputs of the draw
I'm sure there are innumerable additional examples, and perhaps you could explain an even better one, or offer clarity on the two I outlined - the point is that the future is very bright and ChainLink is going to aid in rushing it in.
Plus, the technical analysis for Chainlink are fantastic right now and indicative of us being able to run with a value play in an emerging market.
- Chainlink has already achieved it's 2017 goal of becoming the #1 oracle for decentralized applications.
- Chainlink already is underway with Chainlink 2.0 https://research.chain.link/whitepaper-v2.pdf
- ChainLink 2.0 will enable 'hybrids' which will essentially enable smart contracts to compute off the layer-1 blockchain and onto itself - the decentralized oracle network which will greatly mitigate down the excessive costs right now especially related to complex transactions in a heavily congested network.
One negative to be observed is simply the slope of the 20dma (red line)
Note
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