chainlink competitors 2022Chainlink Review: Cryptos Biggest Bank Partner!

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chainlink competitors 2022 Crypto Price Today: Bitcoin holds $30,000; Ethereum, Solana Cardano... Chainlink Review: Cryptos Biggest Bank Partner!
this is one of the biggest Partnerships between cryptocurrency and traditional Finance one in four Banks globally use Swift swift averages 45 million daily Financial messages which allows trillions of dollars to safely transfer between Banks daily and Swift has just partnered with chain link and if youre not familiar with any of this you probably want to know what is chain link what is Swift what does this partnership mean and what all this means for the chain link token all this and More in todays video now to me this seems like a very good thing for crypto adoption especially if you are investing in cryptocurrency creating the framework for large financial institutions to safely access crypto might fuel the next Bull Run but at the moment this is still in the proof of concept stage we are working on an initial proof of concept together with swift so were gonna have to wait and see where it goes from here but before we jump into anything else Im just some guy on the internet this is not Financial advice just educational material of whats going out there in the crypto Finance world now for full disclosure I am invested in chain link but that doesnt mean you should too so be aware of that so Swift is a comparative is an international comparative we run perhaps the biggest Network in financial services today for Capital markets for payments for effects for trade its a system that Banks use to securely send messages to each other so Banks within the network can make secure automated payments to each other Im gonna steal a lot of Graphics from cnbcs video on this so if you like it uh help me out by hitting that like button so technically you like their video as well but we can stay on this channel because uh because uh were here and I also do make videos alright so digging into the details Swift was established in 1973 so theyve been around for almost 50 years now heres a picture of flags Swift connects over 11 000 banks in over 200 countries and through Swift trillions of dollars are moved daily and Swift is just a messaging platform between Banks so this is how Banks can communicate securely think of it as an exclusive group chat that only contains Banks foreign money between two banks in two different countries you would get your bank account number and the unique Swift Code of your bank and you would provide that to the person that needs to send you the payment or if you need to send them money you need their bank account number and their banks Swift number Swift sends the messages between the banks the bank authenticates the request then processes the transaction if the bank doesnt have a direct relationship through Swift then they have to go through intermediary Banks essentially all of this just means Swift helps Banks make secure automated payments with each other what is chain link now their main product has been data oracles where you could get market and data feeds and bring that into the blockchain world and they also have a verifiable tamper-proof random number generator so you could use these for lotteries that are true lotteries that cant be manipulated then you have automation for smart contracts proof of Reserve cross-chain communication so blockchains can talk to each other now one of the newest developments with chain link has been their ccip thats the cross train interoperability protocol the new standard of interoperability and token bridging for all blockchains so instead of a protocol or bank trying to support multiple blockchains and onboarding each individual blockchain you can go through chain link ccip which will connect you to every blockchain and every blockchain created in the future basically Outsourcing interoperability future proofing it while also maintaining a high level of security so lets take a quick look at the chain link ecosystem and if we kind of add everything up there are over 1 000 apps that are currently using Chain Link services and if you use Chain Link services you have to pay in the chain link token now as a regular user you dont need the chain link token it doesnt really provide you much service I mean it will in the future when they integrate staking thats not available to everyone at the moment but it is in the works but for developers anyone that wants to use Chain Link services you have to pay using the chain link token and chain link is in the Oracle space so if we kind of search by category we can see the top oracles by market cap and there is a 4.3 billion dollar market cap and there is a 3.5 billion market cap for chain link and thats specifically just for data oracles and then everything else is a competitor they have the majority of the market cap now again simply data oracles they take information that happens on the internet something that happens not on a blockchain and they bring it to the blockchain so for example lets say youre betting on a basketball game and you bet in a decentralized app whos gonna win that game that dap is gonna need that information so they would turn to chain link and say hey get me the results for the basketball game once we have the results we are going to determine the winner and through chain Links automation we are going to provide the winner those funds thats what chain link is doing it is integrating the blockchain world with the real world so you can have unlimited possibilities when integrating real world data into the blockchain this video was sponsored by walking they are a move to earn app I did a detailed video on them and I will do another one in the near future basically you can earn cryptocurrency for moving and it costs nothing to get started its free to play there are more freemium features but if you want to earn just a little bit of cryptocurrency passively all you have to do is download the app and to earn cryptocurrency in the game your in-game avatar challenges other people based on your stats and steps to get started check out the links in the description now lets talk about the Swift and chain link partnership because the partnership is currently in its proof of concept stage so we dont exactly know how the financial relationship will work when it comes to the chain link token are they going to get that involved what are they gonna charge are they gonna cut them a deal because this is how it normally works if you want to use any of Chain Link services you have to pay for those services using the chain link token and at this time we dont know if chain link is going to see any of those 45 million daily Financial messages and what chain link will charge to secure those messages but this is the door opening to Global crypto access with chain link facilitating interoperability with any existing blockchain and any blockchain to be created in the future this makes it a lot easier for more financial institutions to get involved without having to manage onboard and secure blockchains individually just making it easier to stay up to date and yeah its just a simple solution and since we already see Swift moving money between Banks we could potentially see the movement of cryptocurrency between Banks too and I know you can already do that instantly with a blockchain through your own crypto wallet but there are are a lot of people that arent that tech savvy and they would be more comfortable moving cryptocurrency through a familiar platform through a trusted service like a bank so think of your grandparents how difficult do you think it would actually be to teach your grandparents how to use a crypto wallet versus a bank their actual bank account and just moving one asset to another account so think about it that way not everybody is tech savvy not everybody trusts cryptocurrency and we still need these services to bridge Global crypto adoption but this is not the first proof of concept test that Swift has had with chain link they also work together on a bond issuance and Redemption program Swift and chaining work together on the first POC that we did on bone issuance and Redemption Im gonna guess it was quite successful it was quite successful and when you are looking at the the traditional finance and crypto space Swift and chain link arent the only Partnerships out there so there is some competition and lets take a look this is an article about quants now for The quick summary Quant stands out for its focus on the financial service industry Quant has become a vocal supporter of cbdcs and is starting to lay out its vision of how it can help central banks connect their digital currencies with the rest of the modern Financial system so pretty similar to the Swift and chain link partnership and then you also have JPMorgan and Visa teaming up Visas B2B connect is a similar Network to link that was built for institutional grade use and now has been integrated with onyxs system and what is Onyx Onyx is pioneered the worlds first bank-led blockchain platform for the exchange of value information and digital assets so JP Morgan and Visa have teamed up to also build in the blockchain space and Quant is another competitor now we can go into a deep dive on those in another video just let me know if you want to see that in the comments so there are competitors in the space and they could all be winners or losers depending on if its a bear Market or a bull market and if you think about ccip it is interoperability for all blockchains and all blockchains that may exist in the future which is pretty awesome that is just a service that is being provided there are competitors in the space but with chain link being one of the leaders with swift being one of the leaders in traditional Finance if this goes well this could bring on more partnership more trust more adoption thats just what I think dont consider that Financial advice but thats what I see with all these different headlines and things happening with the cryptocurrency adoption so even though were in a bear Market things could turn out really well in the future so if this video has been helpful feel free to hit that like button check out walk-in links in the description as well as the video right here and with that I hope you got your full value for today and that that was maybe the uh the first steps of this sort of Love Story between Swift and chain link which continues today Chainlink is providing its CCIP service to SWIFT, one of the biggest messaging services for banks globally!And thats because Chainlink provides the interoperability and security. Instead of SWIFT partnering with any single blockchain, by going through Chainlink they have the interoperability to work with any existing blockchain and any that may be created in the future.Future proofing the infrastructure of financial transfers with blockchain. Useful Links: Website: Twitter: Discord: Telegram: iOS version of Walken: Android version of Walken: Walken Interview: Walken Tutorial: Timestamps: 00:00 SWIFT and Chainlink News 01:23 What is SWIFT? 03:16 What is Chainlink? 06:35 What is the Chainlink and SWIFT partnership? 08:57 Who are the competitors? How to do your own crypto research: Full Value Referral Links: Not a Financial Advisor Dan YT: Twitter: Discord: Social Media: Nothing in this video is financial advice. Please do enough research to form your own opinion. Disclaimer: Some links may be affiliate/referral links where I would earn a commission. [Scam Warning] All comments/replies that lead you to Whatsapp, Telegram, Instagram is going to be a scam. Please be careful and never trust anyone with your personal information, including me because it might be a scammer.