Chainlink in a Nutshell! Chainlink is described as a technical pioneer of 2020!

Chainlink in a Nutshell! Chainlink is described as a technical pioneer of 2020!


Chainlink and a number of other blockchain projects have been chosen by the World Economic Forum(WEF) as tech pioneers. (https://www.weforum.org/agenda/2020/06/technology-pioneers-2020/). In the past, WEF has also named companies such as Twitter and Google as tech pioneers. In my view, this is a good sign that certain blockchain companies are now also gaining more recognition. Because the blockchain tech is a must for the future of various technologies.

In the past, Ripple has also been mentioned by the WEF. The point here was that Ripple is capable of executing millions of transactions around the world.

Well this piece is certainly not about Ripple but about chainlink. Now you may wonder what is the advantage of such an appointment? According to the website, this is the following:

"By joining this community, Technology Pioneers begin a two-year journey where they are part of the World Economic Forum's initiatives, activities and events, bringing their cutting-edge insight and fresh thinking to critical global discussions."


Chainlink in a nutshell

It is important to know what Chainlink does before you understand why Chainlink has been chosen as a tech pioneer:

Chainlink is a project that aims to make it easier for the world to provide smart contracts with data from outside the contract. Smart contracts can be a great addition to everyday use. But at the moment smart contracts cannot communicate well with the outside world. And according to them Chainlink has the solution.

Chainlink wants different systems outside the smart contract to be able to communicate with each other. This is done by allowing smart contracts to securely access resources such as data feeds, web APIs and traditional banking data. companies do not have to switch to a platform or system. But they can use smart contracts in a safer and more efficient way. Also, and LINK tokens can be earned by supplying data and APIs.

This tech is new

Chainlink is a project that aims to make it easier for the world to provide smart contracts with data from outside the contract. Smart contracts can be a great addition to everyday use. But at the moment smart contracts cannot communicate well with the outside world. And according to them Chainlink has the solution.

Chainlink wants different systems outside the smart contract to be able to communicate with each other. This is done by allowing smart contracts to securely access resources such as data feeds, web APIs and traditional banking data. companies do not have to switch to a platform or system. But they can use smart contracts in a safer and more efficient way. Also, and LINK tokens can be earned by supplying data and APIs

Whats the problem?

At the moment, smart contracts are not well made to deal with external information. Smart contracts are contracts that consist of information that is secured on the blockchain. It is therefore not yet possible to let these contracts communicate with the outside world.

This problem is normally resolved by using an Oracle. The Oracle that Chainlink uses is decentralized and uses the blockchain. This makes it possible for smart contracts to communicate with systems outside the contract.

What exactly is an Oracle?

An oracle makes it possible to consult data that is outside the smart contract. The Oracle ensures that this information is monitored and that information can be sent securely via the blockchain to a smart contract.

Final thoughts

I imagine this allows chainlink to develop itself even more. It is therefore also a very interesting project to keep an eye on. I'm definitely going to do this myself.

Chainlink has certainly not gone unnoticed because they have entered into several collaborations. For example with Google Cloud, DApps Inc, Oracle and Hedera Hashgraph. If Chainlink can bring in and retain more such partners, the project will certainly be much larger.

It is therefore important to always keep your knowledge up to date when you invest in a particular project, even if they are very good.

 

 

 

 


LiquidAttic
LiquidAttic

I’m a simple man and a simple crypto enthusiast.


LiquidAttic crypto blog
LiquidAttic crypto blog

My name is Marc and i’m from holland. I’m interested in crypto, blockchain, privacy and cybersecurity. And i wanted to share my simple thoughts about the crypto space. I will write about: News, cryptocurrency, tokens and much more.

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