Chainlink Review 2020: LINK Potential

► 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

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

⛓️ 🔗 Helpful Links 🔗 ⛓️

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

📱️ Socials 📱

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

📝 Project Overview 📝

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.

⚙️ Technology ⚙️

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.

💰️ Token 💰

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.

👨‍💻️ Team, Partners & Development 👨‍💻

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.

📈 Trading & Wallets 📈

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.

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

📜 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.

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

[rvnmedic]

This was THE most informative Chainlink vid I've watched so far. I've asked the question on other channels "what is Link used for?". Your vid explained it clearly and concisely. And you took the time to summarize the Chainlink process in the description. I do have a question, though: what do the node operators do with the Link tokens they receive? Are they recirculated into the Link supply through selling or trading? Oh yeah, I liked and subbed your channel. I'm tired of the other "used car salesmen" guys. Cheers, Bob

[OriginalPeterPan]

Nice easy explanation with no complicated wording. Ideal for new people in the space. Like it. 👍

[coryr]

It's crazy how I never know how to explain crypto or blockchain to friends and family but when I hear other people explain it, it makes total sense to me and I'm like "why is everyone not investing in this!!"

[yes]

It's obvious you've done your homework! Looking forward to more crypto reviews from you.

[jean-micheldaumas]

Yes, you are right... CHAINLINK, IEXEC, and ENIGMA... All 3 are a very good investment.

[Mdx]

Thanks for making me buy Chainlink 2 months ago. $$$

[TheMotoKing]

Thanks for explaining Chainlink, I was searching for this video!

[papasofie]

i like the logic....i think People should consider to invest in Chainlink. I think Chainlink can reach more than $ 3000 after this pandemic season end..Lot of people start to invest in it.

[greenlightcrypto]

Great job! Would like to see one on cardano, enigma, & iexec!

[shadamazeez]

I’m New to the crypto world.. there much info and jargon out there and not a lot of clarity. this Chanel does such a good job of breaking the some of the more complex concepts in the crypto world. Great work! Love it ❤️

[mitp]

Finally a video that explains chainlink well, great job and now i will go and invest in a few coins..

[s.l.]

so nice to have these bundled recaps !

[Jdog]

Chainlink will be over $10 before summer. The only decentralized oracle which all blockchains need to run their smart contract correctly.

[luumaven]

I absolutely love your videos, i watched a lot of them today! Very informative. Thank you.

[SanguineSet]

Link is interesting. I never understood oracles prior to your review today. Thank you.

[JoseRodrigues-gyyk]

I do love all coments you delivery very good keep up w good job.

[MrTnice]

Good non biased review. Sub and a like

[The.ARCHITCT]

Bro i owe u a beer! Watched this video back in march; bought-in in April, and now I'm about to retire. My man!

[anandKumar-hwqd]

Great.... I get all information through you and it is easy to select the coin to invest.... Great job

[SilentStratergist]

please make 2021 chainlink LINK potential review