Daily VeChain Discussion - July 15, 2023 : rVechain - Reddit There is a node manager in the hardware wallet on VeForge, but it doesn’t seem to work. I recently obtained a strength node and the best route is to create a wallet in the mobile app, transfer your VET to that wallet, wait the ten days for the upgrade, then transfer the node + the VET back into the hardware wallet within 4 hours of each other. Buy Ethereum Before the Price Moves Back Above $4,000 Jan 5, · Buy Ethereum Before the Price Moves Back Above $4,000 Ethereum is down but not out, and many crypto bulls expect it to outpace Bitcoin again this year By Joel Baglole, InvestorPlace chainlink s Chainlink: LINK Still Any Potential? DEEP DIVE!!
as the crypto industry expands so too does the demand for the off-chain data that makes most of cryptos use cases possible chain link is the undisputed leader in the oracle crypto niche and now the project is looking to go beyond basic data delivery today im going to give you a quick recap of what chain link is bring you up to speed on what chain link has been up to explore some of chain links new and upcoming features and why they could take link to new all-time highs before we proceed there are two disclaimers you must heed firstly i do not have any financial advice for thee education and entertainment are my creed secondly i hold link in my personal portfolio which makes me a link marine if you want to know what else i hold stick around until the final scene now a warm welcome to any newcomers in the crowd my name is guy and this channel is where the highest quality crypto content can be found coins tokens news reviews exchanges tutorials d5 protocols and yes meme coins too if this sounds good to you subscribe to the channel and ping that notification bell to stay in the groove note that you can skip around using the timestamps below if youre short on time if you stick around to the end you might just be surprised at what you find okay thats my shtick lets get started with chain link if youre unfamiliar with chain link heres what you need to know chain link was founded in 2017 by steve ellis and sergey nazarov chain link was built by chainlink labs a for-profit software company based in san francisco but incorporated in the cayman islands chainlink raised 32 million in a 2017 ico and its main net went live in 2019 chain links purpose is to provide off-chain data to cryptocurrency blockchains namely the price of various coins and tokens without this off chain data most decentralized applications wouldnt work chainlink provides offchain data using a series of oracles think crypto exchanges like binance crypto price websites like coin market cap and even some crypto venture capitalists these oracles will provide pricing data about various cryptocurrencies and chain link essentially uses the average of their answers as the so-called trusted answer for what the price of that coin or token currently is this ensures that off-chain data cant be manipulated and it also preserves the decentralization of decentralized applications since a centralized data feed would present a single source of failure oracles are paid in link tokens for the data feeds they provide and this payment comes from crypto projects companies and developers who need these data feeds for their operations in addition to data feeds chain link provides other services including verifiable randomness functions or vrf which are required for random number generation or rng used in gambling and video games chainlink also offers proof of reserves which makes it possible for crypto companies such as stablecoin issuers and cryptocustodians to prove to their users that theyre holding certain assets off-chain chainlink recently announced another service called keepers which allows developers to automate certain smart contract tasks and functions that involve off-chain input or data it should come as no surprise then that chain link provides off-chain data for just about every single crypto project that needs it hence why link is the largest oracle cryptocurrency by market cap now if you want a deeper dive into chain links history and how it all works you can watch my last video about the project by using the link up there in the top right it has been a fair old while since i last covered chain link and a lot has happened since then so shortly after my last chain link video hit the tube the project announced that it had joined the united nations educational scientific and cultural organization or unesco to increase global education about smart contract technology in february kraken announced that it had joined chainlink as provider of crypto price feeds chainlink also introduced its off chain reporting or ocr protocol which makes it possible for oracles to securely aggregate their data off chain before submitting it to the blockchain as reported by cointelegraph the ocr upgrade reduces the cost of chain link data feeds tenfold due to the ethereum gas fees it saves in march greyscale announced the greyscale chainlink trust and it has since accumulated around seven million dollars of link in april greyscale added link to the grayscale digital large cap fund and it currently accounts for just over 0.5 percent of the funds 540 million dollar allocation chain link also partnered with the united nations childrens fund or unicef to fund blockchain-based startups and initiatives in developing countries another thing that happened in april was the release of the chain link 2.0 white paper which ill get into later in june chainlink announced a collaboration with the institute of electronic and electrical engineers or ieee to develop international standards for data oracles in august swisscom became the second major telecom giant to start providing chain link data the first being deutsche telekom chain link also integrated with phantom solana and arbitrarium one of ethereums most popular layer 2 scaling solutions in september iohk announced that cardano would be using chain link oracles for its off-chain data something which took many people by surprise this is because iohk had initially planned to create its own in-house oracles for cardano and cardano founder charles hoskinson had noted significant friction between link marines and the cardano community during one of his many amas in october the associated press announced its plans to provide news data on chain link specifically quote economic sports and race call data chain link also announced a partnership with amazon web services to create chain link click start this makes it possible for any individuals or institutions looking to provide chain link data to set up an oracle node in minutes instead of days in november chainlink became a matching donor for round 12 of ethereums gitcoin grants a crowdfunding dow that incubates up-and-coming ethereum projects in december former google ceo eric schmidt became a strategic advisor to chainlink labs to help chainlink scale its operations accuweather also spun up a chain link node to provide weather data to cryptocurrencies setting the stage for new decentralized applications with novel use cases now despite all of chain links announcements partnerships updates and developments link is only up around 50 since the start of 2021. this is much less than just about every other cryptocurrency and even some stocks so what gives well for starters link is a defy token now d5 was hot in 2020 and early 2021 but the hype has worn off over the last half year or so case in point other d5 tokens like uni and arve havent performed very well over the last year either and their price action is almost identical to links the only difference is that uni and ave are still up more than 2x since the start of the year which means that the primary driver behind links poor price action must be something else thats specific to chain link those of you who watched my last chain link video will know that the chain link team has been selling millions of link to finance chain links current operations and future expansion now back then links circulating supply was around 400 million today links circulating supply is slightly north of 467 million now assuming an average price of around 20 per link this works out to over 1.3 billion dollars of cell pressure which is honestly insane even though this money likely means more gains for link in the long term this cell pressure is likely doing lots of damage to links price in the short term to be fair though there are dozens of other high profile crypto projects that have been spending billions of dollars on development notably polygon which has made multiple multi-million dollar acquisitions over the last few months these massive expenses were paid for with matic tokens however youve probably noticed that the matic token has performed quite well even with all this cell pressure this is because matic has something that link doesnt have and thats lots of demand links primary use case is to pay for decentralized data feeds which are required for almost every decentralized application to function in theory this creates lots of demand for link which should push up its price but in practice it had next to no effect because link isnt legal tender as such any link thats used to pay for data feeds is subsequently sold by node operators and this selling pressure offsets the buying pressure created by the dapps which initially purchased the link right now the only real demand driver for link is speculative investment and it looks like a lot of retail investors have taken their money elsewhere now while link is available to institutional investors via greyscales trust it looks like there hasnt been much interest in greyscales chainlink trust and links share of the greyscale large cap fund has likewise been declining over time with all that said though link is still in a clear uptrend unlike many other cryptocurrencies that never fully recovered from the massive crash in may if this uptrend continues chain link could reach new all-time highs in the coming months assuming the bull market sticks around this is of course not guaranteed which is why you should watch my video about the different crypto bear market scenarios and how to survive them if you havent already and that is up there in the top right as with other cryptocurrencies chain links long-term success ultimately depends on its future plans most of these are detailed in the chain link 2.0 white paper and they all revolve around decentralized oracle networks or dons chainlink describes dons as being analogous to layer 2 scaling solutions in that they will provide secure off-chain computation in addition to off-chain data provision for cryptocurrency blockchains dons will allow for the creation of hybrid smart contracts which combine on-chain and off-chain computation to create new use cases for cryptocurrency to ensure the security of dons chain link will introduce link staking which is expected to be rolled out any day now chain links explicit staking will leverage a super linear staking model inspired by ethereum founder vitalik buterins quadratic funding and quadratic voting heres how that works suppose you have 10 chain link oracle nodes staking one million dollars in link normally youd only need slightly more than 10 million dollars to corrupt all 10 oracle nodes however chain links staking model means you would need 100 million dollars to corrupt these 10 chain link oracle nodes this is because each oracle node must communicate its dishonest decision to other oracle nodes and if one of those nodes decides to be honest they earn the link being staked by the dishonest nodes in other words if nine chain-link oracle nodes are corrupted then the tenth oracle node will stand to gain 10 million dollars of link if it reports the dishonest behavior its seeing instead of following along because chain link has hundreds of oracle nodes this staking setup means that chain links oracle nodes will be next to impossible to corrupt to my knowledge only chain link oracle nodes will be allowed to stake and the staking rewards have yet to be determined another milestone chain link is hoping to meet in the coming months is the implementation of the cross-chain communication protocol or ccip which was first announced back in august as the name suggests the ccip will facilitate interoperability between different cryptocurrency blockchains chain link founder sergey nazarov hopes that ccip will become a new open source international communication standard on the internet like tcip interestingly the ccip will feature an anti-fraud network which will quote monitor ccip services for malicious activity that could lead to financial loss if this kind of malicious activity is detected by the nodes which make up the anti-fraud network quote an emergency shutdown is automatically triggered to stop a particular cross-chain service the chain-link website notes that quote incorrect or excessive funds transfer are two things that the anti-fraud network would interpret as malicious now these conditions sound eerily similar to the fat fs crypto recommendations and you can learn more about what those are by using the link in the top right as part of chain links pivot to provide a broader range of crypto related products the projects mission has evolved to include quote creating an economically fair world this is noted as chain links explicit goal in a february blog post where it announced that it will be expanding its community grants program to include so-called social impact projects in june chainlink announced that it would be accelerating its social impact investing and was looking to partner with more non-profits and ngos now if social impact investing sounds familiar thats because it falls under the umbrella of esg for those unfamiliar esg stands for environmental social governance and its become the investment template for just about every asset manager in the world as i mentioned in my video about esg this initiative was initially set up by the united nations in tandem with the worlds largest corporations esg criteria were standardized by the world economic forum shortly afterwards given that institutions are keen to invest in and collaborate with companies that commit to esg its safe to assume chain links new mantra is a means of getting on the good side of institutions this would make sense since chain link co-founder sergey nazarov has been hyper focused on defy 2.0 which involves the use of non-crypto assets such as real estate and corporate debt obviously these next generation d5 protocols are going to need oracles too and chain link is likely looking to be the oracle of choice in this new crypto niche now thats going to require a bit of knee bending to get institutions on board and this is something that almost every major crypto project has had to do in order to secure institutional investments and partnerships the last point of focus for chain link going forward seems to be the metaverse in a blog post from november chainlink explained that oracles will be required for metaverse worlds to reach mainstream adoption especially those built on cryptocurrency blockchains not only that but its very likely that blockchain metaverse worlds will become interoperable and transferring both fungible and non-fungible tokens between blockchains will require elaborate cross-chain data protocols such as chain links ccip in one of the final paragraphs of chain links metaverse blog post it also seems to hint that it will be looking to partner with tech giants like meta and microsoft to help them with their metaverse endeavors it looks like this could happen because metas incoming cto recently mentioned that theyll be looking to become interoperable with cryptocurrency blockchains now you can learn more about the metaverse by watching my video about it and that is of course in the top right so when it comes to the concerns i have about chain link my primary one has to do with the growth of chain links ecosystem ill start by saying that chain link has one of the largest ecosystems in cryptocurrency with over 1 000 integrations partnerships and collaborations chain link also secures close to 80 billion dollars in cryptocurrency a 10x increase since the start of 2021. the thing is that chainlink has basically integrated with every single crypto project thats out there its the equivalent of a company that successfully sold its product to every person on the planet now this is admittedly amazing but it begs the question of how chain-links ecosystem can continue to grow one of the answers is to provide new kinds of data feeds that will make it possible to create new kinds of decentralized applications such as accuweathers aforementioned weather data chain link co-founder sergey nazarov believes these unique data feeds are a sort of solution to the chicken and egg problem if there are no new dapps to integrate with thats because there are no new data feeds now that there are new data feeds there will be more daps to integrate with a second solution is to secure more integrations with entities outside of cryptocurrency and this is also something that chainlink is doing the problem there is that institutions are obsessed with compliance and many of them are obsessed with esg as well i fear that the ccips anti-fraud network is just the first of many compliance tools that chain link will put in place to appease its institutional partners and im also worried about how much of chain links operations will go off-chain to meet the scalability demands of institutions on that note chain link could have some data delivery issues if most of its nodes opt to use amazon web services for their operations recall that aws has gone down twice in recent times as for esg it looks like chainlink has spared no expense funding social impact projects this is all well and good but this money is coming from sales of link which was originally intended for chain links development now you could argue that chain links social impact spending is helping expand its ecosystem but i would argue that this spending is doing more harm than good since its creating excess selling pressure which is hurting links price and thats creating a lot of tension in the chain link community to say the least on the bright side it looks like chain link has a big year ahead chain link 2.0 is in development and i have a feeling that it wont be long before some of its revolutionary technologies are released the most important of these is the introduction of chain link staking which could be the catalyst to take link to new all-time highs this is because it would incentivize oracle nodes to hold on to their link rather than sell most of these oracle nodes are run by institutions and as i mentioned in my video about fidelitys crypto report there is nothing that institutions love more than yield when chain link staking finally comes around i believe link will rise to meet the expectations of its holders and when chain link 2.0 is complete i predict link will finally realize its full potential thats it for today my friends if you liked what you saw let me know by hitting that like button and be sure to subscribe to the channel and ping that notification bell if you havent done so already ive got a lot more content on the way and not just here coin bureau eclipse is where i give you emergency crypto market updates and serve up some behind the scenes outtakes you can also find me on twitter tiktok and instagram where i share my thoughts and my favorite crypto memes i even have a free telegram channel that recently surpassed 170 000 subscribers i reckon thats expected given that i give you the kind of juicy crypto updates that will supercharge your portfolio and speaking of which if you want to see what other cryptocurrencies i hold besides link all you need to do is subscribe to my weekly newsletter thats where i give you my roundup of the most important events in the crypto market and tell you what to expect going forward the coin bureau merch store is where you can find nifty shirts like these and ive even got water bottles beanies and hoodies as well links to all of this and more are waiting in the description below thank you so much for hanging around my gratitude is most profound ill see you all real soon and until then you know what to do hoddle on stay crypto stay cool you Insider Info in my Socials Get The Hottest Crypto Deals “Coin Bureau Basics” T Shirt TOP Crypto TIPS In My Newsletter ~~~~~ Essential Videos Previous Chainlink Update Crypto Bear Market Scenarios FATF Cryptocurrency Recommendations ESG Explained Metaverse 101 Fidelity Crypto Report ~~~~~ ️ Useful Links ️ ► Chainlink Written Review: ► Chainlink Off Chain Reporting Protocol: ► Chainlink Grayscale Trust: ► Grayscale Large Cap Fund: ► Cardano Chainlink Partnership: ► Chainlink Google CEO Advisor: ► Chainlink 2.0 Whitepaper: ► Chainlink Explicit Staking: ► Chainlink CCIP: ► Chainlink DeFi 2.0: ► Chainlink Metaverse: ~~~~~ - TIMESTAMPS - 0:00 Intro 1:32 Chainlink Explained 3:58 Chainlink Updates 7:12 LINK Price Analysis 10:38 Chainlink Roadmap 13:50 Chainlink Mission 16:44 Chainlink Concerns 20:03 Outro ~~~~~ Disclaimer The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome. Chainlink Link oracles crypto blockchain data blockchain,Chainlink,crypto,
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