Review on Chainlink by gregori cordova
one of the most promising projects, which could replace bitcoin in the future
In the cryptographic world, there are constantly a series of advances and technologies on different platforms, which help to create ecosystems that are increasingly accessible to users. In this context, the chainlink project comes into play, which aims to collect all these updates, data and resources to incorporate them into smart contracts and modify or activate them depending on the circumstances, thus allowing them to connect with these key resources, off the chain. To achieve this, they use a series of decentralized oracles that are in charge of collecting that information to incorporate them into smart contracts and in this way modify them when certain conditions are reached and after some security checks. The oracles on the market are centralized devices that are not part of the consensus system of a blockchain and that are mostly unreliable, but chainlink seeks to eliminate this problem, by using decentralized oracles that allow users to provide these data needed in smart contracts in exchange for Link tokens, functioning as intermediaries between nodes and filtering correct and precise data in real time.
The possibility to improve smart contracts with chainlink is enormous, and already many major projects use its services to improve their contracts. Such is the case of coinbase, which added chainlink to its service in June and in just 24 hours Link increased its value by 400%. This news caused the unstoppable and exponential growth of this cryptocurrency that in recent months has attracted a lot of attention in the community due to its great performance and that has positioned it in the number 5 position in coinmarketcap in the ranking of cryptocurrencies with the highest market capitalization, surpassing many other cryptocurrencies of the highest caliber and many have even said that it may become the next replacement for bitcoin
In general, I can say that Chainlink is a great project, aiming to promote smart contracts as we know them, giving the opportunity to many institutions and companies to use its services, while offering the opportunity to users and developers to obtain Link tokens, in exchange for their services
Pros
- it's An extraordinary project, which seeks to revolutionize smart contracts, making them more secure and constantly updating them
- It uses decentralized oracles that act as intermediaries and provide correct and reliable data to smart contracts in exchange for lik tokens
- Since its association with the popular Exchange coinbase, the cryptocurrency has had unstoppable growth, which has positioned it in 5th place in the market capitalization ranking, with a price of approximately $ 15
- There are defi protocols that are already associated with chainlink and its possibility to boost this type of projects is enormous, in addition, it recently partnered with Binance's Smart Chain and the German conglomerate Deutsche Telekom's T-Systems.
- Many users already foresee that chainlink can be the substitute for bitcoin, due to its excellent performance and potential in the crypto market
Cons
- none
