ChainLink has developed oracles that allow smart contract creators to interact with data providers. See updated video (Sep 14, 2017) here: https://youtu.be/q0ad_GGvo5o
Full report by Crush Crypto: https://crushcrypto.com/analysis-of-chainlink/
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Note: This is not a paid review. We do not offer promotional or advertising services. Our content is based on our own research, analysis and personal opinion.
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What does the company/project do?
Most smart contracts that seek to mimic/replace securities, insurance and most other financial agreements, will require access to off-chain resources such as data feeds, APIs and any other sort of resource which exists outside of a blockchain network.
Oracles are the necessary middleware that provide this access/functionality to Ethereum smart contracts. With oracles, it is possible to provide programmable contracts that do payouts between two parties once certain criteria have been met, without involving a middleman.
ChainLink has developed oracles that can allow a smart contract creator a way to interact with different data providers, payment solutions, and the traditional banking system.
ChainLink’s LINK Network is the first decentralized oracle network which allows anyone to securely provide smart contracts with access to key external data, off-chain payments and any other API capabilities. Anyone who has a data feed, useful off-chain service such as local payments, or any other API, can now provide them directly to smart contracts in exchange for LINK tokens.
ChainLink supports Ethereum, bitcoin, and Hyperledger. As ChainLink is a decentralized network, users can receive the rewards of decentralization, trust, and immutability from using ChainLink oracle.
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What are the tokens used for and how can token holders make money?
LINK tokens are used to pay data providers, ChainLink node operators, payment providers, and other online service providers for their services. Smart contract users will compensate the data providers that they use with LINK tokens.
The vast majority of smart contracts need external data to execute. Currently, it is very challenging to get these data, which is why ChainLink exists. The token compensation system will both guarantee accurate data in addition to increasing decentralization across the network.
As LINK tokens are used as a currency on the ChainLink platform, the more usage the ChainLink platform has, the more valuable LINK tokens should be.
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Opportunities
– With oracle, blockchain technology and smart contract will become vastly more useful. People would be able to execute different kinds of contracts in a trustless manner. I believe ChainLink’s oracle will help blockchain technology reaching mass adoption.
– ChainLink’s partnership with SWIFT, which is used by over 11,000 banks worldwide, allows ChainLink to easily partner with other financial institutions going forward.
– The team has been working together in the blockchain space for a few years already and came up with functioning products in their previous venture.
– Network effect is present because the ChainLink platform is more useful when it is the go-to source for blockchain data feeds, so that users don’t need to go to several sources for different types of data.
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Concerns
The white paper has not been released yet as of September 1, 2017. However, we don’t think this would increase the chance of the ICO being a scam, because 1) if the project is a fraud, they would have released the white paper to make it less suspicious, 2) SmartContract has been around for 3 years and the team has a solid reputation in the blockchain space, 3) they closed the presale and stopped accepting any contributions until the crowdsale begins.
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Disclaimer
The information in this video is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments are volatile and high risk in nature. Don’t invest more than what you can afford to lose. Crush Crypto makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this video or any sites linked to or from this video.
