Oracle Problems? - Buy 1 ETH worth of Chainlink (LINK)!

What is Chainlink?

Chainlink is a decentralized solution built on Ethereum for the verification of so-called Oracles. Oracles are used by smart contract platforms to map external "real world" information necessary to execute a contract. Chainlink's approach promises to improve the selection and availability of reliable Oracles.

It also provides a universal cross chain communication. CCIP provides a single-messaging interface for all cross-chain communication. It enables easy integration into any smart contract application with only a few lines of code, ensuring developers don't waste effort in writing custom code to integrate separately with each chain.

What problem is Chainlink solving?

Implementing smart contracts based on blockchains continues to pose challenges for developers. Executing contract transactions within a tightly defined ecosystem is the least of these problems. After all, this is precisely what the concept of the blockchain was ultimately developed for. However, it becomes more difficult as soon as external factors or data are to be included in the contracts. The successful delivery of goods by mail, for example, or the result of a soccer match that is to be evaluated for a sports bet. Then so-called oracles are needed: Impartial persons or institutions on whose reliability the partners agree before concluding a contract. Such oracles sometimes represent a weak point in the contract: Be it because they are nevertheless biased, unreliable or simply too expensive to meaningfully support a simple contract in its execution. The Chainlink platform attempts to address this problem by building a decentralized trading platform for Oracle services. In doing so, the developers are initially relying on the proven Ethereum network, but want to outsource large parts of the functionality from the blockchain in the medium term. This is intended to keep the costs of using the marketplace low. On-chain transactions must be paid for with the Ethereum token "LINK".

How do the oracles work at Chainlink?

Much like the oracles in mythology that promised knowledge and divination to those seeking help by invoking a higher authority, oracles in smart contracts serve as a reliable, external source of information pertaining to the contract. For example, in the case of the soccer bet described above that is mapped in a smart contract, this may be a website that provides game results in machine-readable form. A smart contract can read this information and, depending on it, pay out one of the contracting parties at the end of the match.

Chainlink is an approach to arrange the offer of Oracle services via blockchain and to put it on a trustworthy basis. The solution, implemented via Ethereum, is intended to provide three important mechanisms in particular on-chain to enable the selection of suitable Oracles. The first is reputation management for the Oracle providers. As part of this, the three criteria defined in the last section for a reliable Oracle are evaluated: Integrity, Availability, and Confidentiality. Secondly, Chainlink has the necessary features to firstly enable matchmaking between smart contract partners and Oracle providers and secondly to map the aggregation of contract offers.

LINK Token:

The LINK token was launched in late September 2017 and was unnoticed for a long time, so the LINK price did not climb above the 2-USD mark until mid-2019. Before the Corona low dragged the price down in March 2020, Chainlink was able to approach the 4-USD mark. The DeFi summer of 2020 marked the beginning of Chainlink Blockchain's meteoric rise, with the Chainlink share price standing at 11.27 USD at the end of 2020. The beginning of 2021 brought another strong DeFi rally, and the LINK price also benefited from this. On May 9, 2021, LINK reached its all-time high at USD 52.2. However, this was followed by a rather abrupt decline in the price, with the crypto hitting a low of below USD 20. Since then, however, the LINK price has been able to stabilize again, and overall the price has increased more than fivefold in less than a year. The current price at around 13 USD.

The Chainlink founders:

Sergey Nazarov is a co-founder and CEO at Chainlink Labs. He graduated with a degree in business administration from New York University, with a focus on philosophy and administration. His professional career began as a teaching fellow at NYU Stern School of Business. In 2009, Nazarov co-founded ExistLocal, a peer-to-peer marketplace for authentic local experiences. In 2014, he also co-founded CryptaMail, a completely decentralized, blockchain-based email service. In 2014, Nazarov teamed up with Steve Ellis and launched SmartContract, a platform that brings smart contracts to life by connecting them to external data and widely accepted bank payments. SmartContract was one of the entrepreneurial ventures that led Sergey Nazarov to the founding of Chainlink. Steve Ellis graduated with a degree in computer science from New York University in 2010. Right after graduating, he became a software engineer at Pivotal Labs. In 2014, he co-founded the Secure Asset Exchange, a company facilitating easy web access to a decentralized asset exchange.

Whitepaper:

https://chain.link/whitepaper

Proposal:

I suggest we buy 1 ETH worth of Link Token and hold it through 2022/ first half of 2023. When the price has increased at least 100% relative to ETH, we can resell half of Link Token and keep the rest for further profits. Sell other half in range between 2-3x relative to ETH.

Long Live the Corp!