xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11The only way
Technology isn't always directly translate to what we desire it to become. For example, we wish social media to become a place to keep in touch of others but it created another whole new level of distrust and misinformation that spread like a Pandemic. Be careful of your wishes! Like AI we think they can bring up a new level of the game in the creative industry and possibly to replace writers like you and me, but can they? It seems they are very powerful to execute what we want them to, ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11The only way
Technology isn't always directly translate to what we desire it to become. For example, we wish social media to become a place to keep in touch of others but it created another whole new level of distrust and misinformation that spread like a Pandemic. Be careful of your wishes! Like AI we think they can bring up a new level of the game in the creative industry and possibly to replace writers like you and me, but can they? It seems they are very powerful to execute what we want them to, ...
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Chainlink is a decentralized oracle network (DONs) that runs a tunnel to feed real work data into smart contracts. It is one of the most technologically advanced blockchain projects and has increasingly become a more significant part of Decentralized Finance through improving smart contracts to become more dynamic.
Here is a 1 min summary of the article if you want to skip the reading.
What is Chainlink
Created in 2017, Chainlink is a decentralized oracle network (DONs) that provides real-world off-chain data and submits it into smart contracts to improve its functionality. It is a data blockchain to the blockchain. It makes smart contracts smarter. It makes digital agreements dynamic by feeding live data so that smart contracts can continue adopting the real-world data and becomes more relevant to execute.
Why Choose Chainlink
Chainlink is one of the first blockchain applications to integrate off-chain real-world data into smart contracts. Furthermore, it makes smart contract automation feasible. A smart contract is programmed to be a conditional program with sufficient specific conditions to execute.
Goals of Chainlink
Chainlink provides a way to improve smart contracts by feeding off-chain data to improve the smart contracts. It creates a path to communicate with smart contracts to improve the execution. It makes smart contracts more connected to the real world. It becomes a bridge between the internet of things, big data, and blockchain. It becomes a validator of billions of dollars in transaction value worth of data and is facilitated into the blockchain.
Chainlink Focus on Data
Chainlink automates the transfer of data between blockchains and off-chain systems. Their data focus is similar to Google as a provider to the blockchain system. They focus on data quality and enable smart contracts to remove any centralized point of failure. The Oracle networks are collaborative networks run by multiple nodes to reduce the chance of a single failure. They provide high-quality data to improve smart contracts.
Holders From Chainlink
Holders are not equally distributed among different users. However, since Chainlink is heavily technological dependable, node operators have the largest stack of tokens. The second-largest holders are Chainlink developers. As a result, they heavily controlled the tokens. Both node operators and developers held over 50% of the token supply, making Chainlink a centralized influence by their operators and developers.
Risks With Chainlink
Even though Chainlink tries to resolve a single point of failure on the smart contracts, their token supply is largely controlled by node operators and developers which may create a single point of failure on the operational aspect. In addition, there is no third-party security audit from their codes. Although developers are increasingly active in their code development, you aren’t likely to know how code performs and how secure their blockchain is.
In Conclusion
I think Chainlink makes a bridge between off-chain data to blockchain smart contracts. It creates possible ways to improve smart contracts and makes them more dynamic. However, the way Chainlink operates will create a single point of failure in supplying quality data that defeats the purpose of the blockchain.
Chainlink is a decentralized oracle network (DONs) that runs a tunnel to feed real work data into smart contracts. It is one of the most technologically advanced blockchain projects and has increasingly become a more significant part of Decentralized Finance through improving smart contracts to become more dynamic.
Here is a 1 min summary of the article if you want to skip the reading.
What is Chainlink
Created in 2017, Chainlink is a decentralized oracle network (DONs) that provides real-world off-chain data and submits it into smart contracts to improve its functionality. It is a data blockchain to the blockchain. It makes smart contracts smarter. It makes digital agreements dynamic by feeding live data so that smart contracts can continue adopting the real-world data and becomes more relevant to execute.
Why Choose Chainlink
Chainlink is one of the first blockchain applications to integrate off-chain real-world data into smart contracts. Furthermore, it makes smart contract automation feasible. A smart contract is programmed to be a conditional program with sufficient specific conditions to execute.
Goals of Chainlink
Chainlink provides a way to improve smart contracts by feeding off-chain data to improve the smart contracts. It creates a path to communicate with smart contracts to improve the execution. It makes smart contracts more connected to the real world. It becomes a bridge between the internet of things, big data, and blockchain. It becomes a validator of billions of dollars in transaction value worth of data and is facilitated into the blockchain.
Chainlink Focus on Data
Chainlink automates the transfer of data between blockchains and off-chain systems. Their data focus is similar to Google as a provider to the blockchain system. They focus on data quality and enable smart contracts to remove any centralized point of failure. The Oracle networks are collaborative networks run by multiple nodes to reduce the chance of a single failure. They provide high-quality data to improve smart contracts.
Holders From Chainlink
Holders are not equally distributed among different users. However, since Chainlink is heavily technological dependable, node operators have the largest stack of tokens. The second-largest holders are Chainlink developers. As a result, they heavily controlled the tokens. Both node operators and developers held over 50% of the token supply, making Chainlink a centralized influence by their operators and developers.
Risks With Chainlink
Even though Chainlink tries to resolve a single point of failure on the smart contracts, their token supply is largely controlled by node operators and developers which may create a single point of failure on the operational aspect. In addition, there is no third-party security audit from their codes. Although developers are increasingly active in their code development, you aren’t likely to know how code performs and how secure their blockchain is.
In Conclusion
I think Chainlink makes a bridge between off-chain data to blockchain smart contracts. It creates possible ways to improve smart contracts and makes them more dynamic. However, the way Chainlink operates will create a single point of failure in supplying quality data that defeats the purpose of the blockchain.
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