Here is a ulog where i spoke about Chainlink on the spot. I used it as a case-study to show newbies to the world of digital-currency and blockchain and to explain to them how to taking on looking at it. Many times, when people come across digital-currency or websites like 'coinmarketcap.com', there are told most of 'trades, volatility and ROI'. It is easy to circumvent the beauty of the underlying blockchain backing these digital-currencies and the revolutionary use-cases behind these digital currency. Within ulog before, i look at Chainlink for the first time, without going in too deep, relying mostly on the information provided by coinmarketcap about Chainlink.
Here is a list of bullet points that discussed:
- Coinmarketcap has more depth than you know. It has enlisted more than 5,000 digital-currencies.
- Chainlink has a digital-currency called 'LINK'.
- Chainlink is popular for DEFI (decentralized finance). However, it has a broader revolutionary use-case in serving as an a 'decentralized oracle' that connects real world data applications with smart contracts and users of smart contracts to external world data.
- Chainlink uses its digital-currency called LINK to reward participants of its ecosystem. A portion of the total supply of link is allocated to reward Chainlink operators.
- A large portion of the total supply i.e some 30 percent of it, is reserved for further the development of the project.
- Chainlink also provides users a medium of exchange in the form 'LINK'.
- Growth can happen for Chainlink were many more mainstream enterprises avail of their world-data API to smart contracts in exchange for LINK rewards, connecting mainstream-users to smart contracts and digital-currencies (LINK) and blockchain-inclined users to external world-data.
The essence of this video is shed broader light into the true state of the world by virtue of the innovation called 'Chainlink'. With this insight, we become better equipped to evolve, as we can better find our place in a world that we have come to know. I looked at Chainlink in the mind's eye of a legitimate illiterate and discuss what i see in a ulog, relegating reservations.
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