Polkadot ecosystem, the Ethereum’s Contender – Crypto Academy / S4W7 – Homework post for @albert.
INTRODUCTION TO CHAINLINK
Chainlink is a project on the polkadot ecosystem that expand the capabilities of different smart contracts by enableing interaction with off-chain data and real-world data and are highly secured and reliable by blockchain technology security . it provide temper- proof inputs, output and computations to support smart contracts on different blockchain
Chainlink is a decentralized Oracle network that provide input on a variety of external sources of data.
let's explore the Chainlink project together and know more about the projects.
EXPLAIN IN YOUR OWN WORDS WHY YOU CHOSE IT AND WHY DO YOU THINK IT IS RELEVANT TO THE WORLD.
I chose Chainlink because it is relate to real world data. It enable data sharing between different blockchain. Chainlink link is very reliable that it extends the functionality of blockchains by connecting smart contracts to real- world data, events and off-chain in highly tampe-proof way. The purpose of this network is to provide input on different sources of data. Chainlink can provide input to smart contracts.
This smart contracts helps the network to respond to wide range of input that Bitcoin blockchain can't respond to. we know Bitcoin blockchain only response to small range of inputs.
Chainlink network has a native token called Link. Created with the aim to help finance the growth of the project. The cryptocurrency works on the Chainlink network. This cryptocurrency works just like BTC and it can be mined.
DESCRIPTION OF THE PROJECT AND ITS PLATFORM
Chainlink is an oracle network created on the polkadot ecosystem to ensure smart contracts can access real-world data in a highly secured and time cautioned way. It has a native currency called Link that run in the network to improve the growth of the system. The chainlink uses secured oracles in order to send information in a tampe-proof and reliable way.
FUNCTIONALITIES AND REAL-LIFE APPLICATIONS
Chainlink is a decentralized network that provides data from off-chain sources to varieties of blockchain smart contract through oracles. Chainlink provides a means for blockchains to enable communication with with the real-world. chainlink provides features like
- End-to-End Decentralization
- Probably Secure Nodes
- High- quality Data
- Crypto-economic Security
- Defense in Depth
- Open-source Community
- Blockchain Agnostic
- Off-chain Computation
REAL-LIFE APPLICATIONS
- Google Cloud uses chainlink to take in data from the Google cloud Query, where weather data form the United States National Oceanic and Atmospheric Administration (NOAA).
- Data Sports Group incorporate chainlink Oracle services into it's API service which make it's the first service to deliver sports Data to smart contracts on- chain.
- ETHA works with Chainlink to enable off-chain data feed and API access. ETHA is a blockchain based platform that allows its users to use their digital asset to send Fiat globally to banks.
There are many other Real-life application of chainlink network.
FUTURE DEVELOPMENT AND ASSOCIATED PROJECTS
The chainlink team is working with different smart contracts development team to expand the use of chainlink as a way to add external data to their contract. They also plan on using it to generate contract on their platform.
Chainlink aims to increase the adoption of smart contracts as the dominant form of digital settlement by enabling them to utilize Defi.
ASSOCIATED PROJECTS
Chainlink is connected to many blockchains project. It is integrated projects. some of which are.
- AAVE
- SYNTHETIX
- ARBOL
- CELSIUS
And many more.
MAKE A TECHNICAL ANALYSIS OF THE TOKEN OF THE SELECTED PLATFORM, THEN THROUGH YOUR VALIDATED EXCHANGE ACCOUNT MAKE THE PURCHASE OF THE TOKEN (15 USD AS A MINIMUM). SCREENSHOTS AND AN EXPLANATION OF THE PROCEDURE ARE REQUIRED.
From my binance verified binance account I searched for LINK/USDT. I opened the chart then I draw a horizontal lines to show the support line below the chart. Then I added moving average and RSI to the chart. Looking at the moving average they have crossed that a perfect signal for an UPTREND so I placed a Buy order using $46 USD I got 1.5 link in return.
Screenshots from my binance verified account
CONCLUSION
Chainlink is a project on the polkadot ecosystem that expand the capabilities of different smart contracts by enableing interaction with off-chain data and real-world data and are highly secured and reliable by blockchain technology security . it provide temper- proof inputs, output and computations to support smart contracts on different blockchain
This smart contracts helps the network to respond to wide range of input that Bitcoin blockchain can't respond to. we know Bitcoin blockchain only response to small range of inputs.
Chainlink network has a native token called Link. Created with the aim to help finance the growth of the project.
Do not use the #club5050 tag unless you have made power-ups in the last 7 days that are equal or greater than any amount you have cashed out.