Chainlink acts like a middle man between cripto and the outside world of money, things like banks, stock exchanges and news feeds.
Our Joke Name
ChainLink = Middle Man
Link to the main website
Link to price/market cap
Exchange Ticker (LINK)
Coin or Token
Block time (Under 60 seconds)
Market Cap Ranking
ChainLink is trying to bridge a gap in functionality in smart contracts. Say you wanted to sell the currency you were holding if there was a news piece on something like Ethereum now in third place. The only way you would know if this happened is constantly watching news and coin market cap.
With ChainLink you could connect a news feed to your smart contract with some keywords that could cause you to sell Ethereum and buy ripple. (Ethereum now in third place,Ripple passes Ethereum). Some kind of data set like that. There would be many other uses for this kind of connection to news feed.
Looking from the outside in, this looks overly confusing and hard to use. I think it will be best to wait till bigger currencies have this functionality built in. Seems like this kind of functionality is best suited for a die hard crypto user or a big business. Time will tell, will have to see how there development and user cases pan out.
ChainLink is still very new, I will update this review in 6 months.
ChainLink is secure blockchain middleware that allows smart contracts on various networks to connect with the critical resources they need to become useful for 90% of use cases. We’ve been creating secure oracles for Bitcoin and Ethereum for over 3 years, connecting smart contracts on various networks to critical external data feeds as triggers, and the many off-chain systems needed to become operational.
- Connecting Data
- Solving problems
- Too many moving parts