Review on Chainlink by Alex Martakov

Name: Chainlink
Item: Chainlink
Rating: 4

April 08, 2019

Further development of the ChainLink platform, however, has demonstrated a…

 Further development of the ChainLink platform, however, has demonstrated a serious approach on the part of developers. The success of the project is highlighted by the partnership with the interbank system of data transfer and swift payments. This structure includes about 11 thousand banks around the world and the formed cooperation simplifies the use of smart contracts by these financial institutions.
﻿
Further development of ChainLink is focused on increasing the practical application of smart contracts. Their interaction with the outside world and the data provided, according to the developers, is a vulnerable aspect and at the same time a barrier to their active use.
﻿
The ChainLink project and the proposed Oracle system are designed to change this aspect. In case of successful implementation of the investment in cryptocurrency will bring a good income. However, analysts doubt about the short-term prospects of such development, focusing on long-term investments.
﻿

Pros

In the role of the Oracle ChainLink can be any organization that can provide relevant information. For example - stock exchange, payment system or banking structure. Within the smart contract and transactions, the accuracy of the data provided by financial institutions plays a special role. Matching and synchronizing smart contracts and external data will not only help avoid network errors, but also speed up information exchange. With the exception of mediation and the formation of direct communication channels, such processes will become more optimized, which will increase the attractiveness and ease of use of smart contracts.

Cons

At the same time, it is planned to issue up to a billion cryptocurrency tokens. According to experts, such a volume exceeds the potential activity of the user, which creates conditions for maintaining the low cost of coins. A negative factor is isolated and held ICO ChainLink. The planned crowdsale campaign failed, as a result of which the auction ended 10 minutes after their start. Many investors considered themselves deceived, which negatively affected the reputation of the developers and the project.