What Does ChainLink Do? submitted by
In a nutshell, ChainLink aims to solve the connectivity problem, a key limiting factor for smart contract usability, and whilst it's an ERC-20 token it will not be limited to just the Ethereum blockchain.
What makes $LINK so special? Well, it's the first decentralized
oracle network; allowing anyone to securely provide smart contracts with access to key external data, off-chain payments and any other API capabilities. Anyone who has a data feed, useful off-chain service such as local payments, or any other API, can now provide them directly to smart contracts in exchange for LINK tokens. Partnerships
I will keep this brief, as you can see a full list of current and potential partnerships on https://www.reddit.com/LINKTradecomments/7mob78/list_of_chainlinks_partnershipsprojects_using/
But the main ones to look at are
- Zeppelin OS
- Town Crier
- Request Network
- SWIFT (we know SmartContract, the company behind ChainLink, are working with SWIFT on improving the efficiency of their bond payments, but nothing official regarding LINK & SWIFT yet).
ChainLink has steadily been gaining traction ever since its downfall after the 4chan/reddit SIBOS hypetrain crash (post September). It's remained around the 90-100 rank mark and has yet to really "moon".
- One of the strongest and most technical whitepapers out in the space atm (https://link.smartcontract.com/whitepaper)
- Team has been working on this for 3 years and initial testnet is due to be released in Q1
- Zero competition and first mover advantage even if there was (other oracles are currently centralized)
- Etherscan shows that soon 95% of all available circulating LINK will be consolidated into less than 15,000 wallets and that continues to shrink as more people try to chase pumps, they're being shaken into stronger hands. As soon as Sergey's saved up LINK is finally handed over to institutions we'll see the price jump by increments of dollars and it'll be way too for most people by then (https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca)
- Team is actively hiring more developers and a head of marketing
- Only on one major exchange, so price likely to increase when listed on further exchanges
So what makes ChainLink valuable?
- Team is focused on development rather than shilling (take TRON for example) so lack of news/tweets to get normies on board (can be taken as a pro as you're still considered early)
- The 4chan meme token
- GitHub is private whilst the team work on moving from RoR to GO for Q1 Intitial Testnet release.
- Not all team members listed on the website
The LINK token is used by smart contract owners to pay chainlink nodes for getting data from them and the more LINKs an oracle node has, the more reputable it is. So oracle node providers are incentivized to hold as much LINKs in their chainlink nodes to appear more reputable to the chainlink network, gaining more usage and profit
(Taken from a comment on https://www.reddit.com/CryptoCurrency/comments/7nwis4/why_i_believe_chainlink_link_is_the_most/
Most importantly, LINK can (and will be) used for data request penalty payments to ensure that node operators provide the requested data. Penalty payments are LINK tokens that are required to be held in escrow by the smart contract. They are paid to the smart contract creator in the event any of the node operators do not meet the required data requests as stated in the smart contract. This provides an incentive for smart contract creators to trust node operators, knowing that they have a form of financial insurance (the penalty payment) in the event a node (or nodes) submit bad data.
For information that will trigger high value smart contracts, smart contract owners will want to require a proportionate amount of link to be held in escrow as penalty payments by the node operators. When link is tied up for penalty payments, it is released over the life of the contract. For example, let’s say party A wants an API snapshot sent every day for 30 days. If the penalty payment for the contract is 300 LINK (per node operator), then each node operator will have 10 LINK released to them at the end of each day – receiving the full 300 LINK at the end of the 30 days if they successfully performed the data request the smart contract asked for. Now imagine the smart contract creator wanted 10 node operators. That means 3000 LINK is taken off the market immediately, and 100 of that 3000 is released each day from the smart contract to the individual node operators (10 each per operator, assuming they provided the requested data). A cycle will be created where more and more smart contracts will make requests and node operators will be limited only by the availability of their LINK tokens to be used for penalty payments.
Add it all together and you have a singular payment method for a desired network (the most secure external data oracle), lots of supply constantly locked up to have enough link for signaling purposes (the reputation boost for a node operator), financial insurance for smart contract creators (penalty payments) for increasingly valuable triggering data in a wide variety of smart contracts, and a network poised for growth as more adapters are built and more API’s become available so that dapps can thrive on any blockchain network. Yes LINk is an ERC20 token, but it is blockchain agnostic and the adapter network can continue to grow. LINK can also be staked!
LINK staking is another big thing that will do wonders for Chainlink's valuation. Turns out Chainlink oracles can be made into pools, similar to mining pools on bitcoin and ethereum where multiple people come and put their LINKs together to run a more secure oracle node and distribute the profits fairly between each other. This will be huge as it will effectively allow you to stake your LINK tokens and earn more of them passively without doing anything. One such pool in development is LinkPool (http://www.linkpool.io/
). Where do i buy and store LINK?
You can currently buy LINK at the following exchanges;
As an ERC-20 token, you can store LINK on your ledger or MEW wallets.
Here is a well written guide on how to purchase LINK https://www.reddit.com/LINKTradecomments/7gglfv/how_to_buy_link_chainlink_token/ Sources of Info For Own Research
P.S CEO Sergey Nazarov speaks at Bitcoin super conference next month too https://www.bitcoinsuperconference.com/speakesergey-nazarov/
as well as speaking at SXSW in march alongside Tom Gonser who is the founder and former chief strategy officer of DocuSign. https://chainlinknodes.com/smartcontract-ceo-sergey-nazarov-speak-sxsw/ Sorry, All sounds great but i only invest based on TA
Good news, if LINK breaks 7k sats we're in for a moon too!
Edit: updated TA https://uk.tradingview.com/x/GEBhGcKz/ Added from comments
Don't forget that AXA Insurance and Sony Corp did a test smart contract on their platform last week: https://create.smartcontract.com/#/contracts/fa4703cb68e3c152a9f47bafd57fe1fa
AXA Insurance has announced that they will be implementing blockchain: https://group.axa.com/en/newsroom/news/axa-goes-blockchain-with-fizzy
Facebook Director of Engineering joins ChainLink: https://www.financemagnates.com/cryptocurrency/news/facebook-director-engineering-joins-chainlink-advisory-board/
Zuckerberg says he will be studying crypto make Facebook better: https://www.coindesk.com/zuckerberg-to-study-cryptocurrency-in-quest-to-decentralize-facebook/
Welcome everyone! The future of Stellar Lumens is bright!
Today we will look at the accomplishments of Stellar.org
. . 2017 Round Up
/ Stellar Partnership
• Kik Messenger’s KIN coin
to move from Ethereum to Stellar in 2018
• Stellar ATM
introduced in Singapore
• Jed McCaleb confirms IBM/Stellar has 30 banks
on board (Youtube Video)
enables forward thinking financial entities to easily join the Stellar ecosystem.
• IBM adds 8 new validators from 8 different countries onto the Stellar network (article)
calls Stellar “venmo, but on a global scale - and for larger bodies like banks and corporations.”
• Stellar Lumens Is Up 6,300% Since March and Is Aiming for Big Blockchain Partners (article)
• Many new partnerships (listed below) that will be using the Stellar network in 2018.
Exchanges Adds Stellar
• Ledger Nano S
support is now available for Lumens (XLM)
• The next coin to break into the top 10 cryptos (article)
. 2017 Partnerships & Financial Institutions
- is an American multinational technology company headquartered in Armonk, New York, United States, with operations in over 170 countries
. IBM partnered with Stellar to help financial institutions address the processes of universal cross-border payments, designed to reduce the settlement time and lower the cost of completing global payments for businesses and consumers.
- a web payment system
that helps online publishers monetize digital assets like news articles, videos, or PDFs in tiny increments without friction.
- is a FinTech software company
based in Switzerland
currently working to integrate its platform and its first technology adopter Euro Exchange Securities UK Ltd. into the Stellar network. This addition to the Stellar network will bring access to currency markets of South
and Central America
and a number of EU countries
• Novati (ASX:NOV)
- is an Australian
-based software technology and payment services provider
. Novatti is currently working to integrate it’s platform into the Stellar network with the ultimate aim to build a global money transfer solution to provide cross border, cross currency and cross asset payments.
• Pundi X
- is an Indonesia
based fintech company
that provides POS device, debit card, multi-currency wallet that empowers individuals to buy and sell cryptocurrency at any physical store in the world
. They say "buying cryptocurrency should be as easy as buying a bottled water
- is a Malaysia
based fintech startup
that provides a fully-digital peer-to-peer currency exchange platform for customers to transfer and exchange foreign currencies with complete ease and at great value
. The company plans to integrate with the Stellar network and enable pay in and pay out from Malaysia.
- is a Korea
based fintech company
that offers blockchain enabled cross-border remittance service and recently launched a cryptocurrency exchange. The partnership extends both on the exchange side and remittance operations.
- is developing and marketing trading solutions for big brokerage
firms in Korea
and extends its business to blockchain based applications. Neoframe
developed high performance centralized cryptocurrency exchange as well as secure wallet solutions and is working with big financial players
. The company is planning to launch a remittance business for ASEAN countries
(Thailand, Vietnam, Indonesia, Malaysia, Philippines, Singapore, Myanmar (Burma), Cambodia, Laos, Brunei) using Stellar.
- is a Nigeria
based global non-cash remittances company
. SureRemit leverages the Stellar blockchain platform to connect immigrants abroad directly with merchants that provide the services needed by their loved ones back home. With Remit tokens, immigrants
all over the world can access digital shopping vouchers that can be spent on goods and services
at accepting merchants wherever they are.
• Cowrie Integrated Systems
- is a Nigerian
based Value Added Service Provider
. Cowrie provides services at the intersection between telecoms and finance. Cowrie recently joined the Stellar network to bring novel fintech services to the African market.
- is a Stellar-based platform designed to create a new class of low-risk tokens, secured by real, profitable assets in the real-world economy. Smartlands
is designed to promote investments in the agricultural sector
by allowing investment in individual projects, agricultural companies or indexes of groups of projects. These investments will be fully collateralized by agricultural real estate, other productive assets such as fruit or nut trees or, in some cases, the actual crop.
- is an award winning regional cross-border payments system
delivering financial infrastructure for emerging markets. It has been responsible for dramatic uptake in digital financial services in unbanked regions of the world, and lowering costs for banks, central banks and consumers in low liquidity currencies. Its key presence is in the Pacific
, and it is a founding member of www.APFII.org
processing more than 775,000 transactions per second
, per billion of population (source)
connects any app, device, and data stream to the blockchain ecosystem. Our simple and easy to use bidirectional API allows non-blockchain developers to easily connect resources to smart contracts and more. The Mobius MVP acts like Stripe for Blockchain by introducing innovative standards for cross-blockchain login, payment, smart contract management, and oracles. The Mobius Team includes David Gobaud, Jed McCaleb (Stellar.org founder), Jackson Palmer (creator of Dogecoin), and Chandler Guo (notorious Bitcoin & blockchain investor).
- Chaineum, the first French
ICO Boutique, will use the Stellar network for upcoming ICOs. “Chaineum is positioned as the first “ICO Boutique” in France, providing a range of end-to-end services to companies and international start-ups wishing to develop with this new funding mechanism. Chaineum is preparing 8 ICOs
by the end of 2017, for European
, North American
companies, of which cumulative amount could reach € 200 million." (source)
• Poseidon Foundation
will simplify the carbon credit market with the creation of an ecosystem built on Stellar.org’s blockchain technology. This technology will prevent double counting of carbon and will be consistent across jurisdictions, making it easier for companies to deliver and measure progress towards their climate targets or other goals such as deforestation-free commitments.
is a global platform for cross border payments, licensed in Canada
. Remitr uses the Stellar network for international settlements for businesses as well as other payment partners. Remitr’s own payout network of 63 countries
, comprising several currencies, is extended onto the Stellar network.
• MSewa Software Solution (MSS)
- MSewa Software Solution (MSS)
Payments provides a one-stop digital payment service available across the Globe. MSS Payments aims at serving the consumers (Banked, Unbanked and Underbanked
) with mobile banking facilities on the move from anywhere by transferring funds in their mobile phone.
is a leader in international bill payment services
for the African diaspora
. PesaChoice aims at making international bill payment process easy, seamless, secure, with reasonable and competitive service fees, and up to date technological advances.
, in partnership with Stellar, is the better way to move money worldwide. The SendX team believes that the future of transactions is decentralized and distributed, bringing true equity to everyone across the value chain.
, with offices in the United Kingdom
, is partnering with Stellar to become the cheapest and most efficient way to send money between the United Kingdom and Nigeria
. In the coming months, they expect to expand this service to other selected African countries.
consultants build financial solutions for banks and financial institutions over blockchain. We leverage the Stellar platform to build products that vastly improve the remittance and payments experience for banks and their customers. Transfers happen lightning fast at a fraction of current rates and operational cost is significantly reduced. HashCash is headquartered in India
, with operations across South Asia
and the Gulf.
. Stellar Lumens vs Other Cryptocurrencies
• Lumens vs. Bitcoin:
Jed McCaleb spoke at Distributed Markets in 2017 about the advantages, but more importantly, the disadvantages of Bitcoin. Listen to the talk here
. Jed said, “Bitcoin is this awesome innovation. The first thing it does is converts a real world resource, electricity, into a digital asset. So it takes something from the real world and puts it into the digital realm. The second thing it does is provides immutable public record. It’s basically a database that everyone can see but no one change arbitrarily… That’s great, Bitcoin solves the double spin problem [ of proving possession and transmitting volume]… [However, to fix the problems of bitcoin] you might think well maybe we’ll just kind of keep adding [software] to Bitcoin until we get there, but that’s not really the way software works. You want to have the design from the beginning and solve these simple issues. Bitcoin was designed to be a new currency, it wasn’t really designed to be this unifying universal payment network. So that’s what Stellar does
. It solves these three remaining issues.”
• Lumens vs. Bitcoin #2:
According to wired.com
, "Bitcoin mining guzzles energy - and it's carbon footprint just keeps growing." Wired says "Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the US for one day
... The total energy use of this web of hardware is huge—an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year." Because Stellar is based on a consensus algorithm rather than mining, it takes much less energy to run the Stellar network. The Poseidon Foundation decided to build their platform on Stellar rather than Ethereum or Bitcoin because of this (twitter source)
• Lumens ICO tokens vs. Ethereum ICO tokens:
According to Stellar.org
, "traditionally, ICO tokens have been issued on the Ethereum network in the form of ERC20 tokens. ERC20 tokens are easy to issue and are infinitely customizable using Ethereum’s smart contracting language. However, recent events have highlighted and exacerbated some weaknesses of the network, including slow transaction processing times
for the network during ICOs and increasingly expensive gas prices
(by fiat standards) for transactions and smart contract execution. Moreover, many organizations require only basic tokens
; they adopt the risk of Ethereum’s Turing complete programming language without taking advantage of many of its benefits."
"While Ethereum has the most expressive programming capabilities, we believe Stellar is the best choice for ICOs that do not require complex smart contracts. Stellar’s primary goal is to facilitate issuing and trading tokens, especially those tied to legal commitments by known organizations, such as claims on real-world assets or fiat currency."
• Stellar vs. Ethereum #2:
The median transaction time on Stellar is 5 seconds, compared to approximately 3.5 minutes on Ethereum (source)
. Stellar has a negligible transaction fee (.00001 XLM ~= $0.0000002) with no gas fee for computation, while depending on the complexity of the computation, the median cost for a transfer on the Ethereum network is $0.094. Security:
While both Stellar and Ethereum run on a decentralized network, the Stellar network has fewer security pitfalls. Stellar uses atomic transactions comprised of simple, declarative operations while Ethereum uses turing complete programming capabilities which produces less auditable code and greater risk of exploitable vulnerabilities (source)
. Recently, a security flaw in the Ethereum network froze millions of dollars
. According to Mobius ariticle
written by David Gobaud, "On November 6, 2017, Github user deveps199 'accidentally' triggered a bug in Parity, a popular Ethereum mult-sig wallet, that froze more than $152 million in Ether across 151 addresses. The bug impacted several token sales including Polkadot, which has had ~$98 million out of its recent $145 million sale frozen."
"Mobius had none of its ongoing pre-sale Ether frozen because we do not trust Ethereum’s Smart Contract based multi-sig wallets given the vast Turing complete attack surface
and did not use one. Security broadly is one of the main reasons the MOBI token that powers the DApp Store is a Stellar Protocol token
and not an Ethereum token."
• Lumens vs. Ripple:
According to Wall Street Bitcoin Exchange
, "Many investors like to compare the company [Stellar] to Ripple, and there are a lot of similarities, being that some of the founders worked on the Ripple team. In what can now be looked at as another blockchain development drama that plays out on chat boards and in interviews all across the globe. Stellar declared they fixed Ripple’s problems with their hard fork, however, Ripple has failed to admit to any of the flaws
in its design that the Stellar team has pointed out." The article concludes by saying, "We Choose XLM Over XRP For 2018. That is why we are going with Stellar Lumens over Ripple in our portfolio for the rest of 2017 and 2018. After holding Ripple for a long time this year, it just never seems to make the big break like other names with bigger market caps like Bitcoin Cash, Dash, and Litecoin have. While we are holding on most all our larger market caps, we feel that Stellar Lumens will be one of the break out coins for 2018."
The stellar.org team is doing an amazing job making partnerships and pioneering the use of blockchain technology for various types of transactions. What we are seeing is a new technology that can actually be used to solve real-world problems. As a community, we need to continue supporting Stellar and we will quickly see it power transactions across the world. What are your thoughts about Stellar? What do you see in the future of Stellar? Any important news you want to share? Comment below.
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