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LINK Explained with Animations Price Prediction how to mine chainlink on pcWhat is Chainlink?


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before we dig into this video lets go over a quick recap of what a smart contract is smart contracts are simply agreements written in code that are usually ran on a blockchain now you might be wondering why a blockchain well what happens on a blockchain cannot be changed so when you and someone else come up with a financial agreement to change that agreement you would have to change millions of computers all around the world its no longer just your word versus someone elses word or an agreement written on paper its an agreement shared with millions of other people who have a copy of it moving on smart contracts can be as simple as if i pay you ten dollars today youll pay me back one dollar every day for the next 10 days they can then get more complicated like if i give you ten dollars of ethereum youll give me ten dollars of doggy coins where basically the code can actually check if both people truly have ten dollars of each token that they want to trade and then automate the trading so if one person doesnt give all ten dollars or they change their mind the other person wont be left robbed finally financial smart contracts can be as complicated as if you give me ten dollars of usdc ill give you eight dollars of ethereum but you have to pay me six percent yearly interest now just like addition eventually becomes the building blocks for multiplication and even exponents these simple smart contracts can easily and quickly become the backbone of an entire nations financial system but there is one problem these smart contracts can only look at data on the blockchain they can only look at your past transactions your current account balance or what your friend has done on the blockchain in the past inherently this limits them but what if we could bond real life data into a smart contract that way we could create something like a sports betting app where we could bet on who is going to win a game or how many points a team may win by lets use a real life example where quarterback patrick mahomes throws a 50 yard touchdown to win an nfl game a sports betting app may use smart contracts to take up bets before the game and then at the end of the game in the traditional world at least a bookmaker would need to obtain the information about the game from a sports website to pay out the winners however in the new world of blockchain technology we dont want to rely on a single person inputting that data we dont want to put our money in the hands of a single error prone emotional by nature human what if the sports betting blockchain app had a way to gather real world data put it on the blockchain and in a way that we dont have to rely on a single person to hopefully give the blockchain truthful data welcome to whiteboard crypto the number one youtube channel for crypto education and here we explain topics of the cryptocurrency world using analogies stories and examples so that even your grandpa could understand them in this video were going to explain what chain link is how it works the problem that it solves as well as its tokenomics actually ive never done this before but if you stick around to the end of this video im going to show you how you can check out our pretty big research guide that weve put together on chain link including some price predictions chain link aims to create a network where data providers which are also called oracles are incentivized by money to provide truthful and reliable data to a blockchain chain link is ran by oracle so its really important that you know what an oracle is basically an oracle is a software that acts as an intermediary helping to do a two-way data transfer between smart contracts and the real world we actually have an entire video on what oracles are so we wont focus too much on how they actually work but in this video well focus specifically on how chain link uses them moving on what is chain link well chain link is a decentralized network of oracles that provide data from off-chain sources to on-chain sources and vice versa it allows smart contracts to access real-world information that exists outside of the blockchain in a secure manner now chain link also tackles the reliability problems associated with using a centralized data source but well get to that in a little bit launched in june of 2017 chain link is the brainchild of smartcontract.com a company co-founded by sergey nazarov and steve ellis although their innovation arrived when the crypto industry was actually booming with new projects chain link has continuously delivered on its promises coupled with plans to expand beyond just the ethereum network the chain link network acts as a bridge between the new and booming blockchain industry and the traditional administrative structures that drive economies to build more efficient secure and transparent processes and that was a little bit of jargon but well get into it in a minute it should be noted that chain link is an ethereum based network and is secured by a proof-of-stake consensus algorithm oh and by the way chain-link is a blockchain that was built to actually solve a problem to put off-chain data like temperatures and stock prices or how many views this video has and then to allow blockchain smart contracts to read that data the important thing here is that this is good news for investors since many crypto tokens are unfortunately solutions looking for problems to solve moving on how does chain link work now this is a great question why because if you google it youll find pages of really technical stuff that most people wont understand and if you go to youtube and try to find a video that explains it well none of the videos on chain link actually explain how it worked they explained the tokenomics or what problem chain link is solving or why you should invest in it just nothing truly explaining how it actually works so that you can understand it well grab a chair because im about to attempt to do so now the first thing you must understand with chain link is that it is technically replacing a bunch of middlemen think about a real estate agent nowadays a lot of people just go to a website like zillow find the house that they want and then move forward with that process opposed to hiring an agent to show them eight different houses the same is true with a travel agent they are a middleman even more so lets refer back to our sports betting example someone is collecting money on both sides of the bet and also being a referee to decide who gets the winnings well chain links oracles and the use of smart contracts will replace all of these people with code now the way they do that is very complicated but heres how it works first off how does data get onto the chain link network the answer is node operators and this is a fancy word for someone who locks up some of their money and says i want to be a trusted source of data ask me any question now you might be wondering why do they have to lock up their money well if we can prove that they are no longer being truthful we can actually take that money from them this incentivizes them to always tell the truth however the next question you might have is why would they take this risk in the first place heres a hint its to earn money people pay these node operators to give them reliable and truthful outside real-world data its a win-win situation in reality it gets a little more technical than that when someone wants a piece of data on the blockchain like maybe the weather they first have to set up something called a requesting contract which is the start of it all were about to get into some really technical stuff so if you grabbed that chair earlier you better sit down in it after setting up a requesting contract the chain link algorithm will register this request as an event after which it will set up a new matching smart contract known as a chain link service level agreement contract which will allow it to access data off the blockchain afterwards the service level agreement contract will create three more subcontracts a reputation contract an order matching contract and an aggregating contract were going to go through these next first chain links reputation contract evaluates the track record of an oracle to determine its performance history and authenticity and then well basically remove a bunch of unreliable or inaccurate nodes to put it in a way thats easier to understand this contract basically checks to make sure that wherever were getting the data from can be trusted the second contract is the order matching contract which sends the request contracts query or question to trustable nodes and then checks their bids from the list that it gets it then chooses the suitable amount and types of nodes to handle the question it should be said somewhere in here chain link converts the request contracts question into another programming language and then it can actually go into the real world and grab data from the internet finally chain links aggregating contract can validate data from both single and multiple sources using the previous nfl match as an example lets assume eight different nodes send one set of similar scores of the game and then another three nodes transmit a different game score while the aggregating contract will basically look at all these answers and then get rid of the ones that dont really make sense or in this case the three that transmitted a different game score the aggregating contract can repeat the validation process for many different sources after which it reconciles them by taking an average now it is worth noting that some answers to questions cannot be an average but thats outside the scope of this video with all of these processes combined chain link seamlessly and reliably provides accurate data for smart contract execution to sum it up in a whiteboard crypto manner basically all of these contracts work together to follow this simple formula you pay chain link to go find some trustable nodes which is the reputation contract then you give them a question that hopefully they can find the answer to and this is the order matching contract finally you let chain link aggregate all the data into a single answer which is the aggregating contract this is a good overview of how chain link actually works did i explain it well hopefully but lets move on to chain links tokenomics first off before i get into chain links tokenomics i want to share with you a project that ive been working on basically there are millions of people out there wanting a chain-link price prediction and then to help them make an educated guess ive actually created a chain-link price prediction webpage that hopefully will show up on the first page of google now i must say personally i do not like price predictions because theyre usually inaccurate they can become self-fulfilling prophecies and they can harm a persons reputation if theyre wrong so here at whiteboard crypto we have created a page for people that want price predictions but filled the page with a bunch of research before the very conservative price predictions that way its not complete click bait the idea here is to spoon feed anyone who wants a price prediction with enough truthful and accurate information that they themselves can accurately make an educated guess as to where the price of an asset may be going anyways if youd like to see that huge research page we put together on chain link you can help us rank in google by searching chain link price prediction and then finding whiteboardcrypto.coms page to view it i do want to say that this page has a ton of information that we had to dig for to put together and i think youre gonna love it anyways theres way too much stuff on that page to put into a video and it contains a lot of time-sensitive stuff so lets get back to the basic tokenomics of chain link the chain link blockchain has a native token called link and this token is used to fund the projects growth during links ico in september of 2017 the developers stated that there would be a maximum supply of 1 billion tokens at launch when they sold some of these tokens chain links price was 11 cents but today it trades between 20.30 representing a 20 000 increase from the launch price at the time of making this video link has a circulating supply of over 464 million tokens which is around 46 percent of the total supply its also worth mentioning that since the link token supply is limited it could be considered non-inflationary since an increase in demand will most likely make the price increase also chain links white paper reveals that 35 of links total supply will be allocated to people who help secure chain links network and actually run the oracles then another 30 will be channeled towards the development of the chain-link blockchain and the ecosystem and the remaining 35 were sold in public sales events like the ico since chain link is a decentralized network users can leverage it to become node operators themselves and earn link tokens by handling important data related tasks that ultimately lead to the blockchains success now in short and this is important the two main uses of link tokens are to pay the network including the oracles to give you some data and also to be used as deposit by node operators to ensure that they play nice and stay honest ending this video if you havent heard of our free d5 for beginners guide you should go to whiteboardcrypto.com where you can immediately enroll in it join our newsletter and find a few other custom tools that weve created and if you really want to dive into the rabbit hole of defy you can join whiteboard crypto club where youll gain access to a private community get a sign up bonus of twenty dollars of ethereum to jumpstart your journey be able to watch some premium tutorials that i put together and be supporting the channel in our future teams work no hard sell though the opportunity will be waiting when youre ready to learn anyways thank you guys for watching i hope that you enjoyed this video i really hope that youve learned something and most of all i hope to see you in our next video you What is Chainlink? Chainlink is a network of people and computers that help bridge real world data onto popular blockchains through the use of smart contracts. Join WhiteboardCrypto Club to claim your ETH bonus, NFT, and have immediate access to our community and private videos: Or join our newsletter for free to get access to our discord and free DeFi Guide: Explore More Whiteboard Crypto: Twitter: @whiteboardCryp1 Facebook: @whiteboardcrypto Instagram: @whiteboardcryptoteam