Hope you are doing great today in this video. We are going to be talking about chain link and why everybody is referring to it as the internet of blockchain have you looked into?
Yeah, are you confused by what it is or how you can use it or what? It means for the crypto space as a whole. Well, don’t worry, whether you’re new to crypto or you’ve been around for a while and just haven’t looked into this one project yet. I will be breaking down and explain it to you as simply as I can. So sit back relax grab yourself a beer whilst I explain chainlink.
510 first for Big Country beginners, we’re all about sharing informative easy to follow and enjoyable content without showing any one particular project just our research and honest opinions. If you’re interested in doing your due diligence into this project, I’ve included all the links that I’ve used for research in the description below. If you enjoyed this video, please do give us a thumbs up whilst you’re there why not subscribe to the channel and hit the Bell icon to receive notifications of when we upload content. Okay, so I’m going to By giving you a brief overview of the chain the project so we’ll start with what is chain-link wealth. It’s basically a decentralized network of oracle’s and we’re probably all pretty familiar with the decentralized network part, but some of you may be confused by what an oracle is. Well an oracle is similar to a bridge crossing over from The Real World to the blockchain. So an inbound Oracle will be taking information from The Real World and passing that over to block. Check and enough chain Oracle would be doing the same but it would be taking information from a blockchain and transmitting it to real world entities over 80 percent of potential smart contract use cases require real world data in a present smart contracts are unable to access this data previously the inability to connect real world data to the blockchain has limited smart contracts to tokenization and the movement of tokens backwards and forwards this ability to
Access real world data and integrated into the blockchain will hopefully result in a smart contract version 3.0 possible future use cases could be Bank patrons retail payments utilization of events data web apis Market data as well as blockchain interconnectivity. Pretty much anything could be linked to the Oracle Network at present. The only other project that could be considered a competitor is Mobius. So there’s actually ample room for Both of these projects to succeed in the market. Let me know in the comments below if you can think of any other projects that you would consider to be a competitor to link. So while smart contracts and the blockchain have an inherent level low security to them that make it difficult to tamper with data on the blockchain. This is not the case for real-world data chain-link are well aware of this inherent security floor and have implemented Tes or trusted executable environment to combat this
Security ways either of chain environments where computational processes can happen whilst the data and the code can be protected from the outside environment. Now, this is a far more complex process than I can explain. What a good analogy that comes to mind would be a secure lock box and this secure lock box can process information without anybody being able to view what’s going on inside. The only difference being that even the owner of the lock box isn’t able to access the information and Temple with it another process that Chain-link have implemented is something called threshold signatures these allow the oracles to talk to one another to reach consensus before broadcasting it to a blockchain this system to bring the cost down. So rather than having thousands of individual transactions each recorded with the same outcome, the Oracle Network reaches consensus and only broadcast one final consensus to the network. There’s a lot of complex math involved and you can if you wish read further information on threshold signature, sir.
That you can have a better understanding of them. So now let’s talk about the team changing was founded by the company smart contracts, which is the brainchild of Sergei never ours and Steve Ellis team consists heavily of software engineers and Business Development experts, each of their individual career history is is easily discovered by just checking them out on LinkedIn if you’re inclined to do so the advisors for the project include the founder of DocuSign Tom Gardner who’s completely revolutionized Digital contracts ever It was co-founder of llvm who are responsible for generating the low-level machine code. Well in almost every Apple device as well as much of Intel Google and the video is also the director of engineering at Facebook as well as these two there are several well-known and highly respected researchers that are currently advising the project the list of projects partnering and implementing chain link is constantly grow and at present stands at 44 projects. These include Swift game decks one chain. Are you OST gold chain mattock and most recently silica the seems to be quite a bit of optimism about chain link from other projects existing in the space. So I’m going to briefly run through the token omics for you. For those of you that aren’t aware chain-link sticker is linked. It has a total supply of 1 billion tokens with 350 million tokens being in circulation at the moment. It’s market cap of nine hundred and five million u.s. Dollars results in a price of Nonsense, which at the time of recording was 22,000 satoshi’s this placed it at number 17 on coin market cap and with its IPO price of 11 cents. It means investors who bought it at the Ico price of made 1553 percent return. Although this is not Financial advice because I’m not financial advisor to me this project kind of feels like a no-brainer. There’s huge huge Community Support in it. There’s a lot of excitement. From other blockchain projects in the Spade want to implement this project into their own business models. It’s a working main there that works with the etherium network now, but we know that in the future they are looking to implement other blockchains as well. The potential use cases are kind of only limited by the imagination of the people wanting to utilize the project with that said there are certain things that are concerning although they are kind of minor the technology is relatively new.
And with test Nets and Main Nets being only just implemented we can expect to see hiccups. There are going to be flaws within the code. They’re going to be flaws within business models and team and all of this with cryptocurrency being a hyper volatile market like it is is going to just reflect tenfold in the price of Link. There’s no road map to check the progress of the developers against you know, what their targets are and where they’re at now this Is because the technology is relatively new and then they’re not sure how long it’s going to take for them to put these things out and I kind of see it only as a minor issue. I’d like to know what you guys think. Are you hopeful about this project or do you think there’s any red flags that I’ve missed? Let me know your thoughts in the comments below. Well, that’s it for this video. I hope you’ve enjoyed the content or the time and effort that I put into creating it for you guys. If you have leave us a like below if you’d like to see more videos.