Review on Chainlink by Sergio Daniel Delgado
Chainlink and their smart contracts
Building a truly valuable smart contract requires the use of multiple inputs to test contractual performance, as well as multiple outputs to affect systems external and / or send the payment to complete the smart contract. Chainlink provides your smart contract with the inputs and outputs you need to reach your full potential.
Smart contracts provide the ability to execute tamper-proof digital deals, which are considered highly secure and highly reliable. To maintain the overall reliability of contracts, the inputs and outputs on which the contract is based must also be secure. Chain links provide a reliable connection to external data, which is demonstrably end-to-end secure.
Chainlink's decentralized Oracle network offers the same security guarantees as smart contracts themselves. By allowing multiple Chainlinks to evaluate the same data before to become a trigger, we eliminate any point of failure and maintain the overall value of a smart contract that is highly secure, reliable and trustworthy
Pros
- We will get the greatest positive from the path first. Chainlink has a partnership with SWIFT. SWIFT is the world's largest provider of secure financial messaging (transactions), you don't have to be a A genius to see why this is an incredible opportunity for the Chainlink Team. Through SWIFT, the Team will have access to hundreds, if not thousands, of high-profile banks and institutions all the world. While we've pointed out a possible concern about having a crutch strong enough to stand on, Chainlink has one foot in the door, which is much more than other fin technology projects can claim.
- Chainlink is very attractive due in part to the team's history of developing and delivering highly scalable and secure business software. SmartContractcom (parent company behind from Chainlink) started operating in 2014, but the domain name was registered in 2008, long before Bitcoin was created. The automation of contractual agreements / information is a specialty, a prominent feature on the teams' resume. 10 team members and 6 advisors are listed on the Chainlinks team page, it seems that each member will serve Chainlink well.
- From a fundamental perspective, Chainlink has a fairly simple goal. Decentralizing the way smart contracts are run will greatly increase accuracy and the security of the information / contracts launched using this method of agreement. Right now, smart contracts depend on data entry on "Side A" that matches what "Side B" requested. If "Side A" has been compromised, either by technical failure or malicious action, "Side B" could release confidential information / payments without verification. Chainlink embraces the idea of using multiple "oracles" as a way to pass that entry through various confirmations before reaching the destination. Very innovative things!
- Blockchain interoperability will be absolutely vital for blockchain technology to come to light where it can be used by a mainstream audience. Chainlink not only provides interoperability between chains such as Bitcoin and Ethereum, but even connects existing systems (banks, payment providers, etc.) without the need for major modifications to legacy systems. Financial institutions do not want to change, we already know that, but by offering a system in which the efficiency can be improved Without the need for a major change, Chainlink has a pretty attractive product on its hands.
- We will talk from the investors point of view here. The LINK token use case is pretty straightforward. In order for the information to be verified through the nodes, Through the nodes, these nodes must be compensated for their actions, Chainlink users will have to pay these fees in LINK tokens. When you consider the broad opportunities Chainlink has to grow and expand, the upside potential is incredible. It is worth noting that this type of project does not really depend on the adoption of ordinary people, but is more concerned with attracting institutions and leaders who can really use the technology. Your "Marketing" is in your ability to effectively network.
Cons
- Many people will have this same concern, so let's get it out of the way first. Chainlink is not doing much marketing.
- Although Chainlink's partnership with SWIFT is an incredible opportunity for the project to branch out and develop other partnerships / cooperations, This could also be a crutch that Chainlink relies on. Investors need to consider what would happen if their company dissolved or simply did not exist anymore. Technology wouldn't change, but would a failed partnership have a lasting effect on how the Team connects and markets with future partners? Something to think about.
