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// $LINK is chainlink a blockchainChainlink Cryptocurrency: The ULTIMATE Guide to Chainlink!


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ladies and gentlemen in this video Ill be breaking down what you need to know about chain link what problem does it solve how does it work how strong is their solution and all that good stuff todays chain link deep dive is part of a series that I like to call Tech Talk Tuesday where I break down cryptocurrency projects in an in-depth but also easy-to-understand way so make sure you subscribe and you have notifications turned on down below so you dont miss any of these deep dive videos thanks in advance and without further ado lets hash it out so with chain link whats the problem at hand here well in the world of blockchain one of the most touted inventions is the smart contract which is quite literally a piece of software written code that lives and executes on the blockchain in a decentralized manner smart contracts have the ability to revolutionize processes like escrows asset transfers and etc because of the pure deterministic logical method by which they issue funds and perform actions determinism means that given a certain criteria or input the result will be predictable and constant same it put in same output out in the context of an escrow for example the smart contract will distribute the escrowed funds when and only when the conditions are met and will pay in full as the agreement states no single party within the agreement facilitated by a smart contract can simply choose to break the terms the code will govern what is allowed and what is not however theres a problem here because 99% of the time not every piece of information needed for the contract to make these critical decisions or measure the criteria for certain actions is on chain and accessible at the time it needs it for this we need external data for example if you want to set up an application that will deduct 5% penalties on a payout for produce shippers for every hour that the produce temperatures during transit rise above the target holding temperatures you need to feed the temperature sensor data into the contract somehow for the contract to do its job this external data feed to contracts is called an Oracle now a lot of hype is given to smart contracts but the reality is is that they arent smart they only do what the developer tells them to do and the conditional logic can only execute with quality results when quality data is input through an Oracle in our example its not as simple as making the shippers submit the data because as a single data Oracle theres incentive for them as the shipper to fake the data to avoid the penalties you then lose the core benefits of a smart contract the decentralization and the disintermediation by making the decisions and the criteria by which the data is processed unilateral and centralized the value was lost this is where chain link playing and this is where theyre solving the problem at its core chain link is designed to provide a trusted decentralized oracle infrastructure and framework for smart contracts on multiple block chains the goal is to provide reliable tamper proof inputs and outputs on multiple blockchain networks that can be used to build complex and valuable smart contract ecosystems chain link is led by CEO Sergey nazarov an experienced entrepreneur and Steve Ellis a software engineer who was formerly at pivotal labs in my opinion the team looks pretty darn solid and as someone who developed some our contracts for a living I think the concept behind chain link has a real value and honestly I would use it myself Ive actually started developing with it personally fairly recently I will admit I was a bit skeptical about chain link when it came into the scene because of the sheer volume of Oracle projects springing up and quite frankly there were a lot of bot comments on Instagram and on YouTube but as a dug deeper during research for this video my tune has really changed I think theres something really powerful here and quite frankly I havent experienced this type of excitement about a project or product thats been delivered in quite a while so thats really positive news of course the idea is one thing the use case is one thing but the execution is the important part so lets talk about chain links execution and how this all works now that we know what its all about so how does chain link work Id like to preface this by saying that chain link is currently live on the etherion main net and operating today among other block chains so thats good news there are of course more and more and more chains integrations in the pipeline to support chain link as well so this is not limited to aetherium on its own as Im explaining this stuff however Ill likely keep it in the context of aetherium that doesnt mean its aetherium exclusive chain link is working to link up pun intended with other block chains like icon and cava the project on the cosmos blockchain with that said lets break it down to create an environment where data inputs to smart contracts on the etherium block team can be facilitated in a decentralized manner theres a need for both on chain and off chain components a chain link network is really made up of several chain link nodes who can carry out data oriented jobs coordinated by the on chain Oracle contract or contracts plural these Oracle contracts use linked tokens as an incentive to chain link node operators to execute the specified jobs that smart contract developers contracts need to be done in terms of data feeds these link tokens are also the financial deterrent for chain link node operators to falsify data accept jobs they cant deliver and so on and so forth more on that later now question of the day really quickly do you hold linked tokens let me know up in the pole above or down in the comments below alright lets unpack B on chain components we just talked about first the core functionality of the chain link ecosystem is encapsulated on chain within the oracle smart contract this chain link oracle contract serves as the core interface for DAP developers to interact with the off chain chain link node operators think of the oracle contract as the bridge that connects the on chain contracts and components developed by adapt developers to the data providing chain link network nodes that reside off chain this brings me naturally to the second big on chain component which are the custom contracts created by DAP developers themselves that interact with the chain link Oracles I like to call these the consumer contracts because they consume Oracle data feeds from the chain link network in essence these consumer contracts are developed to integrate the core library of chain link functionality and communicate with an Oracle contract to send job requests to the off chain chain link nodes the data job request sent by the consumer contracts are the means by which off chain chain link nodes can pick up the data jobs these requests in general usually contain the job ID the link token payment amount the data job execution parameters like what data they want and the contract address or addresses plural that the data should be sent to upon job completion the job ID identifies specifically the off chain chain link node that needs to handle the request and subsequently defines the specifics of the data job thats being requested now another thing to note here is that there can be more than one Oracle contract on the network quite frankly there is this allows both consumer contracts to choose which Oracle contract to send job requests to and it also allows off chain-linked modes to register with one or many on chain Oracle contracts to be able to decide where theyre going to process and what jobs are gonna pick if this is confusing now dont worry its gonna make more sense when we get to the off chain components but first theres one final on chain piece that needs to be mentioned here the link token contract the link token that I mentioned before is used in the network both to incentivize Oracles to fulfill job requests with rewards but also to deter Oracles or these off chain Oracle notes from performing poorly or acting maliciously in the network so this link token contract minted 1 billion thats billion with it be linked er C 20 tokens which are also compatible with the ERC 677 token standard which is cleverly designed to allow transactions of tokens to also include a data payload that can be used to invoke smart contract functions passed data and all sorts of other cool stuff this makes the ecosystem a lot more efficient and friendly because what used to take two transactions now can be done in one this way contracts implementing chain link functionality can transfer link tokens and perform an action without sending these two transactions it can be done in one Im seeing more and more projects implementing this way and Im really stoked about it its awesome so to review the on chain components heres what you need to take away the oracle contracts are responsible for the following controlling which chain link nodes can fulfill data job requests much like role management a bridge communications between the on chain consumer contracts and the off chain chain link network nodes and they communicate data job results from the Oracles back to the consumer contracts they also control punitive link token lock ups for poorly performing or malicious chain link network nodes that are off chain among other things now the key function in the oracle contracts is to really transmit on chain job requests from the consumer contracts to the off chain chain link network nodes using aetherium event calls now the consumer contracts are simply custom contracts created by DAP developers that send Oracle data job requests to the off chain chain link nodes through the Oracle contract then they receive the requested data back for whatever use they need the link token contract handles the core transaction functionality of the link tokens on that are used to pay for data jobs and determinist Network activity boom that is the on chain stuff we are making progress so now lets talk about the off chain part chain links off chain network consists of several community run Oracles that sit outside the blockchain network or networks plural and these handle the data processing jobs and the submission of the requested data back to the consumer contracts on chain at a high level a chain link Oracle connects to the external data sources that might be it processed that data according to the job spec sent by a consumer contract then they provide that data back to the requester on chain there can be many many chain link nodes that connect to the blockchain and each of them operate independently to process job requests so when I say the off chain Network Im referring to the totality of these chain link nodes that are off chain that are run by a variety of operators on a variety of different data sources these chain link Oracle nodes are each composed of several distinct pieces that are necessary to do their job that said an operator of a chain link Oracle will have infrastructure thats generally as follows number one a chain link node itself this node software really handles the data requests from the consumer contracts on the blockchain scheduling data jobs executing each jobs individual tasks then passing a signed blockchain transaction back to the requesting consumer contract with the results to a blockchain node this blockchain node is part of the Oracles infrastructure that allows it to watch the blockchain for new requests from consumer contracts these are watching events more so and then to broadcast another signed transaction back to the blockchain to fulfill the data requests and then three external adapters these are custom pieces of logic that performs certain operations on a data set these adapters are extra tools that can be integrated into an Oracle to help massage and manipulate the data before its returned to the requesting consumer contract adapters are a common architectural tool used in modern enterprise tech to manipulate data and translate it between multiple sources and stores and then finally data sources these are the ever-important data sources that the oracle retrieves data from to provide to the requesting consumer contracts these can be public apis or a privately held data store for example the public IP API can provide geolocation data about IP addresses that can be used as an oracle to prevent the issue of centralized data feeds however many Oracles are built to aggregate data from multiple sources to get a more trustworthy data set what you need to take away from this is that the off chain chain link network is composed of the multitude of independently operated chain link Oracle nodes that can connect to the chain watch for their job IDs handle request for data and earn link tokens for their work boom well done you now have a variety of Oracle options to choose from and each of these Oracles can pull data from multiple aggregated sources to make sure the data is trustworthy more on trustworthiness and decentralization of Oracles later on so stay tuned now to wrap this all up in one nice cohesive package lets walk through an example end to end lets say that I operate a chain link Oracle node to provide current weather data to consumer contracts and Ive deployed an Oracle contract to the blockchain that identifies different job IDs for requests or job specs my node will handle then lets say that youve created a consumer contract for your DAP from which you need to request weather data within your consumer contract you will specify in the code which Oracle contract to consume data from in this case lets say its mine and then youll also notify the address of the link token contract this allows your contract to connect to the correct Oracle in this case mine then you would write functions that invoke each of the different data jobs by their job IDs and define the necessary handling functions or handler functions rather to process the return data now lets say you want to request the current weather by zip code you would initiate a transaction from your consumer contract to my Oracle contract containing the job request for the data identified by its job ID and containing any information or specifications needed for the data again the critical component in that transaction that you send is the job ID which tells the Oracle contract which particular data job youre requesting and then sets the job specifications accordingly when the Oracle contract receives your trends it broadcasts an event to the blockchain that contains a job ID and parameters for your request of course my note is watching for these events so then this event is picked up by the blockchain node that resides in my chain link Oracle node setup and that job is picked up from my node to handle in terms of the request the job ID provided in the request pertains to a job specification that my chain link node will execute and within this specification itself it tells all the steps that need to be performed on the data by my chain link node each chain link node itself has a unique job ID for each job spec which makes sure there is a clarity in which jobs are handled by which Oracles next my chain link node retrieves the requested weather data from the weather comm API for example performs any necessary operations on the data based on that job spec and then returns the results via a signed transaction back to the Oracle contract on the blockchain this matches up the requestor ID for the job with the callback address or any other addresses added to the job request which in this case would be your address because youre the one who is receiving the data back finally your consumer contract will have a function that handles the returned data as required which will be triggered as a callback from the Oracle contract this is a high-level lifecycle of a chain link Oracle request so if youve made it this far thank you very much weve got a lot more awesome stuff in store about chain links so stick with me now I do want to touch on the link token just a bit more as we discussed the tokens are used for two distinct purposes one to pay for data feeds from the chain link Oracles and to establish deposits and penalties for bad actor Oracles the first purpose is self-explanatory consumer contracts that request data from Oracles use link to pay the off chain Oracles for data feeds however the other purpose for link tokens that we have not yet addressed in detail is that consumer contracts can request deposits of link to be made almost like a security deposit from a chain link Oracle as collateral until their job is fulfilled this is to fight against potentially nefarious data feeds this structural design is there to establish a disincentive for chain link Oracles off chain to supply false or poor we managed data or to just not deliver at all because they can then lose the link deposit that they must provide to fulfill a consumer contracts requests this is clever my only concern here is that when chain link is used on other chains it will be reliant on the etherium network to manage issuance of link tokens based on its current implementation if Im missing something here I invite the community to correct me but interoperability between chains can help solve this challenge ie cosmos polka dot etc now in this video so far Ive described what is very much so the current state of chain link thats live now with a few caveats however there are some big features that are coming to bring things even closer to the vision outlined in the white paper that I want to address as well currently we addressed already that consumer contracts must directly issue a transaction to an oracle contract for each data request this means that to aggregate data from multiple Oracles it will require multiple transactions to multiple Oracle contracts with different job IDs and then you must aggregate that data back when it comes in receipt the biggest upgrade thats coming to chain link is the ability to coordinate request for data using service level agreements this will all happen within a coordinator contract of sorts in essence the service will be deployed to handle requests for data from consumer contracts and then route them to a variety of different chain link nodes that have signed up these chain link nodes then be able to bid on these data jobs this would make the ecosystem far less reliant on each chain link Oracle node deploying their own Oracle contract and shopping that and shipping that out to handle all of their own jobs this results in better experience for consumer contract developers allowing them to specify a job and then get matched with the basket best Oracle for the job without having to lock into a single Oracle contract upfront so generally the process for automated matching and service level agreements would be as follows one a consumer contract will draft an SLA defining what data is needed how many Oracles must contribute and how that data will be aggregated theyll even be a reputation measurement system built-in to prioritize more trusted Oracles for your data requests then from there the coordinator service will broadcast that SLA to the event logs where oracles can identify potential matches and bid for the right to fulfill that data request bidding chain-linked Oracles are then matched to the requests based on the parameters in the SLA and their bids in link will be locked in as collateral for the request fulfillment the selected chain-linked Oracles fulfill the request for data according to the job spec and the results are provided back to the or aggregation contract specified in the SLA this can be used to post process data for whatever purpose the consumer contract requires so think of it like that adopter yet again so any Oracle then providing false data or failing to deliver on the SLA will lose their bid and forfeit any rewards in link that they would have received for successfully delivering on it this will also be something that feeds into negative feedback for the reputation score as well as an Oracle so the whole thing is set up as it truly decentralized processing mechanism for providing data on chain this process is more efficient because it not only removes the need for self managed and fragmented to be quite honest oracle contracts for each chain link node it also creates an effective micro economy for Oracle services with bidding on SL As this also solves the centralized Oracle problem in a way because this system would further enable multi Oracle requests where one job is processed by five maybe even more Oracles and then the results aggregated get passed back to the consumer contract this doesnt mean that manual requests for Oracles is no longer viable quite frankly I feel that a manual selection of Oracles will still be the predominant way that consumers get data but having the option to do automated matching and fulfillment when manual selection is not feasible is a killer feature now one minor concern or clarifying question that I have in this regard is a proportion of chain link functionality is native to the blockchain it resides on and thats just natural which in the current state is aetherium because the smart contracts are predominantly used on aetherium this is really good for performance however this also means that every blockchain chain link wants to integrate with they need to adapt their core contract functionalities to that particular chain scripting language like Zilla cos Silla language for example but thats not as complete or powerful as solidity is despite the flaws maintaining a code base for one on chain and off chain tool is plenty but then adding multiple chains and multiple languages and multiple scripting languages and multiple virtual machines you get the idea gets really arduous the good news and sort of a semi answer to my question at least what I think is happening is that chain link is targeting interoperability chains like icon like cosmos to solve this problem using icons cross block chain communications protocol for example chain link Oracles could serve data to a variety of blockchain networks without having to custom develop for each one this could put Oracles in more hands on more chains with a relatively low level of effort opposed to custom builds for each chain great move this is the idea then please let me know all in all Im really excited about what chain link is building and some of the notable partnerships and development teaming theyve done are going to be paramount to their success Im not gonna go through every single partnership because the list is way too long but there are significant significant names on that list and Im sure in the comments down below people will be commenting their favorite chain link connections their favorite chain link partnerships and hopefully you guys can read that list down below so Im a huge fan of chain link and their work and I have high hopes for the future development of their decentralization features and as always folks I hope you can stick around to check out one of these other videos here I have awesome Tech Talk Tuesday videos for you to check out other protocols thank you so much for watching and until next time Cheers If youre into crypto, youve likely heard of the Chainlink cryptocurrency, LINK. In this video, Hashoshi breaks down everything you need to know about Chainlink including what problem it solves, how it works under the hood, and where the project is going in the future. In this Tech Talk Tuesday, you will learn exactly how to Chainlink works all the way down to the LINK cryptocurrency that fuels the ecosystem itself.Ever wondered What is Chainlink?; This is the video you need to watch! TIMESTAMPS: 0:42 - Why is ChainLink Necessary? What Problem Does It Solve? 4:13 - How Does ChainLink Work? Deep Dive 5:34 - QOTD 5:39 - The On-Chain Components 9:39 - The Off-Chain Components 15:22 - The LINK Tokens True Value 16:39 - Where ChainLink Is Going 20:04 - My Prediction For ChainLinks Biggest Challenge // JOIN THE MOVEMENT // ---------------------------------------------------- Check out the Hashoshi Merch collection: // GET STARTED WITH CRYPTO // ----------------------------------------------------------------- Earn free bitcoin while you shop with Lolli: Get your first bitcoin with Cash App: Get more crypto on Cryptodotcom app: ️ Build your coding skills: Try the best web browser, Brave: // PROTECT YOUR CRYPTO // --------------------------------------------------------------- Get a Ledger Nano S & Nano X Here: Get a Trezor Model T wallet here: Get a Trezor One wallet here: Get a BC Vault wallet here: Get a KeepKey hardware wallet here: // DISCLAIMERS & TRANSPARENCY // This description box contains affiliate links, which means that if you click on one of the product links, I’ll receive a small commission. Most often, I include links to products when I do product reviews, but I do not allow brands to dictate my message in relation to a product or service. You will always get my personal and honest opinion. Thank you. The information in this video is an opinion and is for informational purposes only. It is not intended to be investment advice, nor does it represent any entitys opinion but my own. Seek a duly licensed professional for investment advice. I am not guaranteeing you gains on your investments and the content I produce is my own personal approach, opinion, and strategy in this highly speculative market. // CONNECT WITH ME ON SOCIAL // I am @hashoshi4, lets hang out! Twitter: Instagram: Hashoshi Cryptocurrency Chainlink Cryptocurrency,Chainlink,Hashoshi,