What Is LINK Coin? $LINK To 100$ In 2021? chainlink dell microsoftCryptocurrency Reactions - What Is ChainLink?

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hi my name is terry and welcome to your luggage tv thank you for being here uh yes this is another live stream and crypto u log uh where well be looking at chain link for the very first time so this is a series known as cryptocurrency reactions all the videos in this series will be on a playlist titled cryptocurrency reactions and im taking all the coins or cryptocurrencies on coin gecko one by one so im on chain link presently i think its a top eight cryptocurrency amongst thousands of cryptocurrencies so basically ive done bitcoin ethereum usdt xrp cardano uh polka dots i dont know if i did like yeah litecoin and then now we are on chain link so ill be looking at chain link for the very first time as a legitimate delete trade among the other things i want to inspire you who is neither tech savvy nor cryptic savvy uh to undertake an understudy of the nature of cryptocurrency and here to say that its simple and very easy to understand and its an empowering knowledge base if you can gather it so uh yes ill be sharing my screen and well see how much we can gather in the course of one live stream some uh 15 to 20 minutes long in the meantime let me show you a notebook that ive written im a legitimate illiterate and ive written this notebook called cryptocurrency and monish uselessness legitimate literacy explains it a no book about cryptocurrency it has 355 pages of in-depth knowledge knowledge that you will not find anywhere on the internet because every excerpt of that notebook was freshly created courtesy of a legitimate elite trade so it did not rely on secure secular knowledge so uh if youre new even if youre a veteran to this niche consider getting one on amazon its underneath in the description so lets go ahead to chain link now chain link became popular more recently uh its cryptocurrency native cryptocurrency called link rose in the ranks recently and then became popular but it is an old project as we will find out so our starting point is coin gecko a site that unleashed cryptocurrencies and ranks them based on their financial value uh so youll see that it currently has a list of 6126 cryptocurrencies and uh we are currently on number nine so were moving fast i thought it was number eight but number nine so yes ive also covered bitcoin cash okay so number nine chain link has a market cap in the billions 24-hour volume in the billions in the last seven days it has risen in price to for by 48 percent and in the last 24 hours by 17.9 now were not entirely looking at were not assessing uh chain link based on the price of its cryptocurrency each cryptocurrency has an underlying project and an underlying blockchain and thats usually the underlying driving factor especially if you are to invest in it whether financially or otherwise for the long term so here you are quickly told of the websites which ive opened somewhere here so ill leave that theres a twitter handle i think ill open this uh code is open source indicated by this github and here you can see the industry that it caters to so it says business services smart contract platform the centralized financing oracle dot ecosystem its popular for oracle but most of these other industries need an oracle to uh to function uh to function in an enhanced manner so in the sphere in the industry of oracle i dont think there is any other project that is as renowned as chainrink so but this oracle constitutes a trend one of the trend that has supported on the recent altcoin season so so uh all-time low it started out in 2017 some three years ago and had an all-time low of 14 cents and since then has risen to as high as 19.83 it attained this high some five months ago and its nearing that high one more time 18 and 24 hours high low of 15 and high of 18 so thats sufficient for but lets scroll down here we may find some information tangible here so now uh another thing you may want to look at you know is the circulating supply versus the maximum supply so it does have a finite supply uh meaning that at a particular time it was there will be there will be a halt to creation of new link tokens and uh its still emitting tokens currently having a circulating supply of 400 uh 400 million so i think well even be able to read about link right here on chain link now coin gecko they have something here i dont know what attributes to this whether they use ai or whatever but you can see the five hourly insight for purchases they said this is based on trading view so 13 buys nine are neutral six are on the sell side uh five minutes ago nine buys new trial cell one minute ago 15 are into selling 10 neutral now uh we all have various indices for determining whether a you know a cryptocurrency is a tangible buy and all that in my case one tangible and this is as a legitimate elite rate is you know innovation uh grit and grind history so history is already working for me the project is not new even though its entered the limelight a year ago rising up to 731 percent but i like that theyve stuck around even at times when the cryptocurrency price was low so that tells me a lot and they it also tells me a vision so they you know they envisioned a future for cryptocurrency where oracles will be needed and they were working on it pending when it will eventually be timely and thats how they entered the limelight so its no coincidence that they have reasoning price becoming ninth top cryptocurrency so so it already has a lot going for it on my side so chain link is decentral is a decentralized oracle network that brings off-chain data into an unchain format bridging the gap between the isolated blockchain and real-world data so let me see here yes so that is the definition looks quite simple and uh yeah so basically blockchain is a new industry lets refer to it as a lets just say its a public database but saved in a distributed fashion so there are copies of the same block of the blockchain on various servers so that uh you know yes so lets just keep it at that so all im saying is that blockchain is a new industry thats uh courtesy of by saying that it tells you that he may not have all the data you know needed except uh how do i put it how do i put it uh so lets lets use an example facebook does not make use of a blockchain currently so facebook is a centralized platform all the information on of facebook is private and in the handling of a central figure so lets assume that that is mark zuckerberg so you can only and uh api wise i dont know how much information it lets out you know but of course theres some information hosted on facebook that is private uh now the difference is on blockchain everything is public so everyone has equal access to the same information okay yes so on facebook you do not have access to mark zuckerbergs information like his transactional history only what he wants you to see on blockchain it is different so assuming facebook was on on a blockchain and mark zuckerberg uses facebook youll be able to get insight into mark zuckerbergs behavior same as he has about you now with facebook is just one-sided so uh chain link has come in as an oracle to bridge that gap so its looking like its i dont know if its a private company will you know work towards uh allowing reaching out to mainstream entities tell them you know forward up for a reward uh oh gosh im a bit disoriented uh okay okay okay lets lets just read unless lets just read on but this is uh it explains it a decentralized oracle network that brings off-chain data so that is referring to data that is not prevalent on blockchain into an unchained format so it does a conversion of off-chain data into one that a blockchain can can process making it making this information available to blockchain to enhance the functionality of blockchain so it aims to ensure the the external information such as pricing weather data event outcomes fed to smart contracts remains on tampered with so thats why theres a keyword here decentralized so lets call that private data uh which is inherently temporable uh but it adds a decentralized aspect to it making it just as it was got just as it was obtained is how it is fed to the smart contract so no tampering there so whether its pricing weather data event outcomes once it enters the chain link breach its fed to the smart contract as it is unlike you know like twitter can just uh stop deleted tweet or suspend an account thereby tampering the data once chain link comes in as a bridge the data the data reaches its destination uh as intact so thats it ethereum is built on top of the ethereum blockchain and f and chain link is the native token of the protocol link is used to pay chain link network operators for their service so its likely here that there are nodes that carry out this role of transmitting the data and then to you make use of that service link is paid so i dont know you know how um and i dont know what incentive chain link offers to the external parties you know for them to be able to afford that their data is feedable into blockchain i dont know that but as time goes on we will see so a brief history of chain link chain link is a product developer yes so a private company so thats why it will be easy for you to get you know get uh partner with different other private companies and offer them the proposal of uh you know interoperating with blockchain so like a bridge so the project raised a total of 32 million so this is and also another positive so they came out during the ico craze and they have become a project that didnt back out or exit scam they raised as much as 32 million and they kept building so thats tangible information there team behind chain link is a private company what is the purpose of chain link so here they are dividing it into the protocol and the token so i think well get more information here before we dive into the function of chain link protocol we need to understand the basics of smart contracts and how oracles work smart contracts are if these then what soft software code through which instructions will be executed when specific conditions are met however smart contracts can read only on chain data so here its saying that smart contracts can only work with data that is on the blockchain so hence the need for chain link if we are going to incorporate real world data theres going to be need for a chain link to to cant do the conversion into an unchain data for smart contracts to real read real world data they must find a way to connect and synchronize with external data sources this is where oracles are used as the bridge that allows off-chain data to be made available on-chain thats awesome the chain-link protocol is a decentralized network of nodes that enables real-world data to be made available unchanged protocol has two components a network of outbound nodes to request off-chain data and a network of inbound nodes that will synchronize the requested option data back on chain thats awesome so the data synchronization process begins when chain link requests the external information information via a smart contract known as a request smart contract thats a lot of learning there but its easy to understand the request smart contracts will then trigger a corresponding smart contract known as a service level agreement and further generate three more smart con sub smart contracts the chain link reputation contract the chain link order matching contract the chain link aggregates and contact contract lets see this so chain link reputation contact this keeps track of the oracles provider information no provider record and performance to authenticate the reliability of the data supplied okay uh chain link order matching them this is for relevant data so this matches the request made from the request smart contract based on the parameter set it will choose nodes based on the bids made and fulfill the request so bids is going to refer to some payment choose nodes made so its likely that there is some payments likely priced in link uh this will have to be footed by the smart contract that is requesting so lets say a project is making use of this chain link protocol i feel that they will need to pay some link so that their request goes in before others you know so maybe like a fee now the chain link aggregating contract once the request node is matched the information received from the choosing oracles will be aggregated aggregated on the aggregating contract the data received will then turn into a single weighted value before being sent back to the smart contract that requested the information once the aggregating contract returns the requested information to the request smart contract the information will be translated and parsed on the blockchain in return the node operators will be rewarded with link for their service so thats understood there so this i think this just happens in seconds you dont need the details here but its interesting to know how it works so im sure its like a specific type of smart contract build for enhanced for chain so uh for chain link i mean so it plays all these roles check that the source is reliable then match so that the the search result is relevant then another one to do the conversion and the node that succeeds in doing this is rewarded in link for their service so that means that link was paid or something so i dont know if they are rewarded in fee in fees and in blockchain rewards lets see if we can get anything here so at the moment link has two use cases internal payment this is the currency used to pay the link node operators for their work okay so staking chain link node operators have to stick in the network in order to participate and provide data services nodes with the higher stake have a higher chance of getting selected to provide the requested data so its actually stake based and for node operators to have a node that with a higher chance of fulfilling a request they have to stake ch link they also get a payment and return like i said i dont know if this is a combination of because i do feel that users of the chain link protocol theres going to be some payment and maybe thats where the external sources will get like an incentive to make their data available for blockchain use so thats what i think its only logical so uh now weve seen the uh the utilities of stake why people are buying stick it has been answered here why people are buying chain link i mean link it has been answered here first of all people that run nodes they need to compete to be able to satisfy requests and lets assume that there are thousands of requests or i dont know how many are requests then uh they to have a better chance at getting the resulting rewards they need to prove their stake and theres also another payment made so so utility is that who uses chain link chain links main users are project developers who want to integrate chain link into their projects or those who want to sell their data and become part of the participating nodes yes so like i mentioned uh there is likely an incentive because here it mentions sell so theyre not just giving this data out theyre likely page they likely have shares in link when they provide their data now they may also need to i dont know if they have to pay no they may not its not necessary they can run nodes instead so developers may want to incorporate chain link in their project so you know developers that want to build smart contracts that are more enhanced that can do you know they want to use way more parameters than is popular with generic smart contracts they will need chain link and chain link is the one that has the bridge you know access to the external data sources you know the marketing capabilities and whatever to you know derive those data that the developers may need some of the notable players participating in the chain link ecosystem include ave synthetic urine finance oh i get it now so these are defy protocols and yes thats where they need external data like because these are like loan based and stuff like that so you know the smart contract that handles this since its like automated loans well need to check some external data like you know price feeds conversion i have not to participate in but i see where they will need it and there was mention of price feeds earlier so lets proceed the video is very lengthy but uh its interesting so yes now can i long or short link yes you can open it longer short position on link on several derivative exchanges so they have this i dont know if its called futures or something so i think that adds to the reputation of the currency another additional outlets for advanced traders to participate you know those institutional type traders so thats it for them so that may be another reason why its a top cryptocurrency additionally you can purchase leverage etf on link from spot exchanges ive not really uh experimented with these advanced level trades and all that however the reason for recounting this as or highlighting this for me is it just adds reputation to the link cryptocurrency long term as a good buy and i dont think its too late to enter because i see a lot of future to this uh the the world of blockchain is just ripening for this interoperability and all that and this also spells interoperability you know and extending it to mainstream data outlets so however this anyway lets leave all this so weve covered what we want to cover here lets see what we have on the chain on the chain link website uh yes so chain link so this is an overview for someone who wants to run a note note i i scan through their website early and this they are ready for you know this is like uh that they are the grind is there everything is just organized and in-depth so running a this is an overview what were discussing earlier uh so lets see ethereum running a chain link node allows you to provide external data yeah so they mentioned two nodes one that attains the data and the one that parses the data and makes it unchain data so i think thats what is being referenced here running a chain link node so anyway this explains everything needed to run in node uh but note that when you run a node you also have to purchase stake link and stake it to have a better chance at participating in fulfilling request otherwise you may be able to run a node to just to um distribute the network keep it decentralized more now i dont know if lets not read this this is a bit too technical for uh lets see but if you have stake im very sure that its easy to implement a node you know click of a button without all the technicalities i think there is a platform like that that allows you to administer a node without the technical know-how so yes so these are examples of what you can available um external data that you can incorporate to enhance your smart contracts so here it says get crypto prices in your smart contract so like all those rv and this and all those d5 protocols that give out loans automated loans i think this is what they this is what they will use to incorporate generate verifiable random numbers so maybe all those gaming platforms or whether gambling platforms will need this call external apis from smart contracts so maybe this is a library of external data bases that chain link has access to that you can incorporate so anyway this is just powerful for programmers this is this will spare head on told innovations you know because smart contracts are self executing contracts so they rely on parameters fed into them and then they act on that basis so you know with access to more world real world data there will be dynamism to how much a smart contract can accomplish so thats aside i cant i dont even know where the chain link site is itself lets see better yes so very simplistic site and looking good connect your smart contract to the outside world um start building your universally connected smart contract integrated price feeds so i think for now i dont know how vast they are in terms of their partnerships with external data sources but i think for now of prominence is the defy aspect so there are certainly many d5 protocols that will be making use of chain link since they are likely the only one in the space that ive heard of that is decentralized there may be others but they may not have been able to pull off being decentralized so now its not like i verified that this is decentralized but theres a likelihood that it is so seamless connection to any api proving tested okay because i say that because they have age on their side so why chain link yes and these are testimonies from the various projects youre given for your celsius you see so celsius i i was thinking its in my mind that theyre likely to use it uh because this is a mobile app that gives out loans and you know to give out loans in an automated fashion typical routes people will want to check your your loan i mean your whether its tax information or your how you have dealt with previous loans but you know blockchain doesnt have that luxury so thats where it needs an oracle to get some extra information google google ad google i dont know who this is ample fort nexos mutual this is also a loan a defy up mobile application i think so i saw one um anyway they are ready to build and i think they are building long term so uh i saw one article here which was interesting medium article related to chain link lets quickly recap it so taking an in-depth look at the link token uh so yes starting from here smart contracts uh no from here chain link is the most decentralized oracle project at the moment more on why this can be seen in okay this the link token is an erc677 token giving its transfer and call function out sorry functionality which lets the token trigger a contract to be okay that aside staking and why does it matter chain link nodes yeah so we all know why staking is necessary for node operators so that they show their investment in the platform and they behave in a repeatable way and it makes you know collusion in a b to centralize the platform unprofitable because im sure theyll lose some rewards or theres a penalty on their stake or something when they misbehave so chain link node operators are essentially minting inputs and outputs just like miners on the bitcoin blockchain and are mining complex math problems so this is uh general knowledge you will understand this if you read my notebook uh yeah it doesnt take much to understand it if you understand bitcoin mechanism youll understand easily the others uh and ethereum as well anything proof of stake proof of work youll understand so currently what is the most decentralized oracle project chain link is the most decentralized oracle at the moment it has no real competitors one example of their decentralization can be seen with the fusd price aggregator with 18 nodes at the moment that is that this article was written gathering data for this decentralized price feed so i dont know if uh one of the data sources for chain link will be like this uh centralized exchanges like binance or beatrix so im thinking that will be one one avenue thats chain link bridges to provide the dexes with timely price data most of the blockchain projects that claim they were going to make their own articles have already partnered with chain link okay okay okay the oracle problem was the one that and the only real obstacle to widespread blockchain adoption and chain link solved it yes uh theres no doubts that the lets quickly read this chain link and hive mind are ranked as most permissionless in this chart but high mind is unlikely is an unlikely candidate to become the most widely spread because of its affiliation to bitcoin whereas chain link is entirely blockchain agnostic okay along with this hive 90s have mind is a prediction market so it would only work for things like gambling outcomes not onboarding external data as for the others on the chart town crier was acquired by chain link and oracle eyes oracle eyes partnered with corriday uses the same logo as chain link in his documentation and microsoft batchly criplets was confirmed to be working at chilling so these are big players theres no doubt im going to research these other things and so basically they are playing the role of facebook in the oracle sphere where they are capable of buying anyone that comes about and the ones that come about see how tough the industry is and they just end up partnering with chain link so this is just interesting im glad that i come to it and you know ive seen a lot in a very short video so we will not go further we will start to conclude this video uh will i get some chain some link uh why not like why do i see so amongst other things lets say that it just reached its high in five months ago so recent times and uh and now this is its all-time high 19. and its nearing that all-time high uh but not to look at all these trading indices i i rely mostly on the project the grid of the project what it offers and its evident that this is like a google in the space of oracles so one thing one may want to do is watch out for any other decentralized protocol you know thats is defining its own path and getting early or get something you know some um you know some link uh why do i say so because there are mention of uh its not yet a renowned industry overall its just becoming its just attaining popularity and its becoming welcomed and uh chain link is the household name in it and there are going to be many more projects coming about that will need chain link uh yes as long as they expand their network for sources of data theres tons more i mean theres tons more projects that will come about that will need chain link and it just needs an expansion of the network for more uh for more buys of the token so number of requests it does i dont know where to find all those indices and as long as chain link plays its own role of improving its network uh decentralizing its network further improved scaling its capability when it comes to handling requests then there will be demand for a link and yes ive now looked at the utilities indepthly but just on the name of the project alone why not uh reaching hundred dollars why not its currently at eighteen dollars so uh yes so amongst other things you know now you know another trend in the niche of cryptocurrency so your intuition will be alert for similar projects that comes about to get in early with them so um yes and theres also evidence that people are not like selling link like this kind of project i dont think people go into it to sell it you know its they kind they go into it for because of what they project for the future its not the type that people will go in just to sell you know thats the you know there are different types of projects there are some that people go in just to sell you know uh but this is like the hood like let me put it like that so people may go on the on the d5 projects to sell and move on to the next one but this is like the hood of it their base so uh people will project that oh many projects will come on it in the future and hold it you know so ill be stopping this stream here i apologize that it went on too lengthy uh but this was it this was in the topic uh this was the topic were discussing yes cryptocurrency reactions what is chain link what is link coin is it too late to enter link i misspelled uh misspelled but ill recorrect that so ill be ending this stream now thank you for being here kindly share this if you find any value in it kindly subscribe read about my own coin and my project on this link contact me if you need help with anything then you can also get a shirt to support the macro hard hub the macro hard hub is located in the philippines and it will gather programmers and experts in the philippines so that we can build on uh its just cheap and the small proceeds from it will go towards the evolution of the hub otherwise you can purchase a notebook the proceeds will also go towards the uh evolution of the macro hard hub so uh you can get that in the description on amazon so ill be ending this year thank you very much for being here here make sure to stay awesome im your boy terry and my username across the internet on uh most blockchain-based social outlets is surpassing google thank you Cryptocurrency Reactions - What Is ChainLink? 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