kylin vs chainlinkTHE TRUTH ABOUT CHAINLINK - Should You Hold $LINK?

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kylin vs chainlink GitHub - dynamicstrategiescardano-wallet-connector: Cardano DApps It... THE TRUTH ABOUT CHAINLINK - Should You Hold $LINK?
this is the truth about chain link were gonna reveal some crazy facts about chain link that you havent heard of welcome to the beanpod this is your place for all things stocks and crypto from beginner tips to expert picks use this as fuel for your investing journey because when youre in the know your money will grow this episode of the bean pod is sponsored by kyber swap kyber swap is a dex and dex aggregator which is built to facilitate all your define needs in one single platform fast cheap and safe user experience is kyber swaps sole focus to make everyones life better in d5 welcome to the beanpod this is shane aka the jolly green investor and this is josh the nifty investor today were going to be revealing the truth about chain link weve done a lot of research on chain link i know its a project thats been around for a while now and were going to reveal some facts that you may not have heard of or know about chain link and at the end were gonna say whether we think its a good buy or not thats right so lets dive into it chain link three billion dollar market cap does it deserve it i mean a fully diluted market cap is seven billion sitting at number 27. its up there right in terms of ranks right its always one of those if you if you ever meet someone that doesnt really know a ton about crypto theres a chance that chain link is one of the ones theyve heard of it was launched in 2017 by a russian it went on a massive run-up during this last bull run and in a lot a lot of these um smaller crypto exchanges chain link is one of the few cryptos that you can buy you know i remember as canadians there was a few the old school exchanges and there was you know bitcoin ethereum xrp chain link yeah right so it gets a lot of exposure for better for worse um but i dont know why that is maybe its because its kind of a unique project right i think its the one like its chain link so its the one project that almost links everything together so you think hey look chain link has partnered with absolutely everybody or partnered quote unquote because its just a necessary technology to bring in information and data but i mean you dive into it and im not sure like whats going to drive the price whats going to move it up yeah you had a really theres a guy with sergey nazarov right yep hes the is there some connection to bitcoin there yeah there was that bitcoin conspiracy video i made that he potentially is the founder of bitcoin because theres some weird things about him logging onto certain websites with his ip address at certain times at the same time that satoshi nakamoto was posting in the forums so theres that to think about but lets bring it back to basically what chain like does so chain link is whats called an oracle it connects blockchains and crypto companies with off-chain data and apis so when you think about the internet theres all this data floating around whether it be financial data weather data sports data you know data data data it takes all that from the traditional web 2 and makes it usable in web 3. so right away you think wow thats genius right everyone needs the data from web 2 to build the new internet economy of web 3. theres not a lot of oracles that are doing the same thing theyre the industry leader they are the oracle so if you just learned that about them youd be like oh thats a no-brainer its a buy right like youre going to add that to for sure yeah i mean i remember getting into crypto and thinking like chain link is used by everybody why not why is why not just invest in the company thats eventually half its going to have to you every web 2 project you know whatever information that they could eventually have to move into web 3 and onto the blockchain this would be the perfect company to do it so why not invest some money into it right i mean when you go through the website and you see the partners and you see the use cases um when you really familiarize yourself with what shane link actually brings to the table it is quite astounding and makes for a compelling investment case so heres a few quick examples theyre partnered you know coin gecko and coin market cap use chain link for their data and they distribute their data both ways theyre partnered with accuweather to bring weather data onto the blockchain theyre partnering with a bunch of sports analytics companies to bring sports scores and player stats you know for all these companies that are building sports nfts and um you know fantasy sports in the blockchain theyre all using chain link for that data theres so much data out there right and one of the great things about them because its decentralized it provides a ton of advantages over centralized data providers so currently with web 2 if youre using whats known as an api so if i want to grab sports data from espn im using the espn api im relying on their data but it might be wrong in certain cases but because chain link grabs a bunch of data from a whole bunch of different providers and autonomously gets consensus it gets the right data more than relying on a centralized provider which really is you know the spirit of crypto decentralization yeah theres more nodes available instead if something happens to that centralized server then next thing you know the information cant be passed over to where it needs to go and thats probably why googles using it ibm microsoft a lot of the bigger names i think google was one of the first large companies to actually work with chain link yeah you look at that partner list and it is impressive as you mentioned all those big companies they recently over the past few months had a partnership new partnership with ap news so bringing news data onto the blockchain theyre bringing everything onto the blockchain and i came up with how this is really cool like a real world example of showing you how how chain-link data can have a financial impact on like an everyday business so lets say a farmer purchase drought insurance that means that if the yearly rainfall total should not exceed a certain level a drought the farmer gets a payout from the insurance company right right so you can automate this with a smart contract too little rain you know x x value below rainfall level farmer gets paid automatically through this smart contract that chain link will enable however the ethereum network cant measure the rainfall on its own so chain link is aggregating data from all the weather sources that its partnered with and figuring out the correct rainfall data now if youre just relying on one source say the weather network what if they get that rainfall data wrong and then the farmer doesnt get paid out thats the the downfall of relying on one centralized source but with chain link theyre theyre getting data from all the weather partners and they make a consensus automatically to provide the most correct data thats pretty cool yeah i mean chain link i mean look it seems like its a really its a technology thats necessary but is there anybody else who can do the exact same thing like yeah like who would be a competitor who can you know overtake chain link and then disrupt everything that theyre trying to do can can these companies not just create their very own oracle and then you know start onboarding the data via their own system or is there any players who are stepping into the game now who might be better for alternative reasons you know you mentioned something before the podcast may sound like a mean a protocol yeah right could something like that replace a chain link well thats so thats now were getting into the case against chain link right so for on the surface layer after we describe all the great things it does it seems like you know this company is going to succeed but when you think about it the first thing you mentioned is can companies do it themselves and i think we will see that so when companies like amazon and google and oracle these companies really start getting into the blockchain these are companies that they dont rely on third-party partners for things that are such as valuable as data theyll build it themselves right so theres always the risk of the company the big companies that are other partners now bringing it in-house and there are theres not many you know we talk about layer ones theres like dozens and dozens and hundreds hundreds layer twos theres a lot whatever player and theres tons and everything but with oracles theres not many but its interesting you mentioned mina protocol because its a project that weve been diving into a lot recently and their their new oracle that is yet to really be launched could provide some potential advantages over chain link which could make it a more compelling investment case than chain link i mean at this point it seems it doesnt seem like theres anybody else whos really taking too much market share from chain link i think theyre doing some like 1.3 integrations per day or something like that they have over a thousand different partners or businesses that theyve onboarded onto their platform at the start of 2021 total value secured on chain link was seven billion dollars at the end of 2021 in a one year time 75 billion dollars wow total value secured on their network 10x so theres nobody when you look at charts and you you investigate other players in the space you know like an api 3 or whatnot theres just nobody else onboarding at that speed and you know im wondering if im a business and you know im trying to get my data transferred onto web 3 from web2 who am i going to go with the one thats a trusted source in which ive seen it time and time again successfully and everybody and and their mom you know with the ibm googles of the microsofts are all using chain link it seems like maybe this is the clear-cut winner and itd be tough to take market share from chain link at all first mover advantage is difficult to fight against when youre a new entrant into a sector so when you have so lets list the competitors we have api three which is a new competitor much smaller market captain chain link mean to protocol which is a layer one and an oracle those would be the two biggest ones that i would look at theres a few other smaller ones but yeah when you look at chain link you know its its in the top 30 its its a household name within crypto it went from two dollars to 52 all-time high in the last bull run now its back to about six dollars man yeah crazy right so there is theres not that much competition but there are a few strong competitors like mino we like mina for sure and theres the risk of companies bringing it in-house but lets take a look at the actual token from an investment perspective you know when im talking about the truth about chain link is link a good token that you need to add to your portfolio well lets dive into it so the one thing that it doesnt have that a lot of other tokens have is an ecosystem you know youre never going to see a play to earn game built on chain link which is going to drive adoption youre never going to see a metaverse built on chain language oh everyones like oh this metaverse is on chain link well we gotta buy chain link right yeah you know ethereum solana these things have massive run-ups because ethereum have teas and solana played earn games right its not sexy exactly so without that ecosystem growth its tough and you see that in other layer ones like you know we love hedera hashgraph but wheres the ecosystem growth so maybe thats why h bar never really saw that massive run that solana did because there is no ecosystem growth yet there will be yeah hopefully yeah its slowly occurring now but those with chain link there never will be that ecosystem growth so to speak so i think that kind of from a widespread adoption hypey bull run kind of thing that kind of goes against them i think yeah i mean well the link token is the currency thats used for interacting across all the different networks depending on the the demand you know maybe if you go more into a bear market and companies arent really looking to transition on the web 3 its probably going to affect the price a bit but if theres a ton of different nodes who are staking to be you know node operators and you have a ton of its like a bull market everybodys trying to get back on from web 2 onto web3 all the hype is in the space you could see a little bit more of the token being used if the tokens being used and its being staked because you need these validators then maybe you could see an increase in price because of so much demand right yeah so we were talking about this before is there is a parallel between link and chain link as the company yeah and then xrp and ripple as the company right whereas in the past when we did the truth about xrp i think we kind of agreed that ripple will most likely be successful but the xrp token itself which may not eventually be needed for the network yeah so link could maybe suffer the same fate where the link token actually becomes antiquated out of the system and the chain link apis and that whole oracle remains a very successful company but the link token may never see that run-up that it just did right and im not sure if people knew this or not but chain link is actually owned by a company called smart contracts right so what could end up happening is chain link becomes the foundation a foundation within smart contracts and basically its just the technology for that to occur so right yeah i could see that happening um you know smart contracts is the business theyre the money theyre the ones who are you know obviously gonna be making the money im not sure whether the link token will go up in price other than the i dont know its tough its its certainly a tough one and thats why i think we picked this because i can see both sides of the the argument you know its such a great company and the technology is very much needed but there are competitors and this risk of disruption is the token needed so going back to competitors for a bit i was doing a bit of a deep dive into mina versus chain link and theres a few things that really stood out to me when comparing the two so chain link requires so what source website so its drawing data from web 2 right so say it requires the websites to be turned on and im doing parentheses for those um me so the website has to kind of provide permission mean a protocol can connect to any public website without needing needing an agreement from the website is that a bad thing though like for the web does the website want like you know what i mean like yeah so i havent actually researched into exactly how that works because i feel like thats quite technical right um but from the surface layer it could mean that media has access to more data right um so thats one thing that stood out to me and then another thing was chain link potentially exposes sensitive sensitive user data to counterparties thats whats going to say because anytime information is being is being passed across different contracts or different networks thats typically when hacks occur right right and then when we were talking about mina in a previous episode they use that proof of data right so its not exposing the data in the same way that chain link does thats the key point right there yeah thats the one thats the kicker so when my mina gets going watch out like i think i would probably rather have mina in my portfolio than chain link especially when you look at market cap potential technology and yeah all those reasons i just described maybe maybe we should be shifting our focus to mina instead of chain links okay well have to do an episode on it the truth about mina truth about mina yeah thatd be an interesting one yeah i think that could be good and and one last point that kind of has now and you know if youre following along here i think youre kind of seeing the way were moving on on chain link two i think its about two-thirds of the total supply is in hands of the the founding team yes the company used one billion link token 35 percent of tokens went to incentivize the note operators and then there was a pre-sale the company reserves the the company reserves the remaining 30 link tokens so its not really something you love to see and theyre using those tokens to compensate the pro so theyre using it to compensate the project developers and the staff so youre right theyre still 30 within their possession and they can use it however they they see its its not a red flag but its something to keep to take note of for sure when youre when youre you know researching these projects on 30 35 in the pre-sale at 11 cents i mean yeah anybody whos holding it from that that time frame is up tremendously even at six dollars yeah they can always dump on you right yeah still yeah so i dont know what do you think you have anything else to add or are you gonna is there time to draw a conclusion i mean they are right now they are the leader um you know with the 75 billion that they have secured and im not really seeing anybody else taking market share for them yet other than the fact that weve alluded to you know something like mina the protocol is being used by the biggest players in the space by avalanche finance smart chain ethereum i mean its built on ethereum its an erc20 token so the fact that the technology can be utilized you dont you may not necessarily have to use the link token itself knowing what we know about another project im going to be leaning away from not buying link at this time yeah i i think even though it is the leading oracle and i think i oracles definitely have a place in in the future of blockchain providing data from web 2 to web3 it just it just seems like a you know a technology that will continue to grow give it the market cap of where chain link is even though you know its down from four to 54 to six its a great buy and dont get me wrong you know when we do these truths about tokens and we say you dont want to buy it it doesnt mean chainings not going to go up yeah when the crypto market pumps chain will go up just as much as any other token but it already has a seven billion dollar fully diluted market cap its already pumped even though its down now its still up right its still in the top 30. so for me i would say no to chain link and i would say yes to mean a protocol one of their new competitors the other thing too is like we see so much theres going to be a lot of institutional adoption once we see regulation and because chain link is such an og company im wondering if theyre able to update their technology because theres other companies working within the sector who are eventually going to be bringing something revolutionary to the table like we talked about with mina and im wondering if once these institutions start to come onto the blockchain more frequently if theyre going to go to something thats a little bit more adaptable theyve only talked about casper and other networks how they have the pro programmability so they can theyre future proof so that they can upgrade the contracts thereafter if chain link is kind of stuck in you know the technology that currently has will new companies coming on choose chain link are they going to choose one that can move with the times yeah they definitely will and have been yeah i think theyre on chain link 2.0 right now so you know theyre going to keep upgrading you know like ethereums always upgrading every project is always upgrading so you will see chain link 3 4 5.0 eventually every every company improves the technology over time so you cant write them off obviously but for now i think im just going for a competitor with a much smaller market cap with which at the moment has better technology thats what im doing as well yeah so forget forget chain link go meet a protocol i mean this is this is what this was was one of my core holdings in the past its like theyre on boarding everybody yeah it makes sense web 2 web 3 you bring smart contracts you know i thought it was the be all and end all and after digging a little bit deeper theres just some other competitors out there who bring more to the space i think i mean look im interested to know more about it if youre a chain link fan if you dont like it let us know in the comments you know if we missed anything about chain link let us know and make sure to hit that like and subscribe button and then make sure you tune in to the next episode that ones going to be a banger all views expressed by speakers on the beanpod are solely their opinions you should not treat any opinion expressed on the beanpod as a specific inducement to make a particular investment or follow a specific strategy it only has an expression of their opinion this podcast is for informational purposes only you Is Chainlink a good cryptocurrency to hold in your portfolio? We dive into one of the most popular and controversial projects, finding out everything you need to know. Today, we break down what Chainlink does, how it works, what problems it solves, and finally give our opinion on if it is worth of holding. Beanstock Discord : Jolly Green Investor : The Nifty Investor : Kyberswap: . crypto cryptocurrency bitcoin ethereum invest investing defi blockchain binance coinbase altcoin altcoins chainlink cryptocurrency,ethereum,invest,