Chainlink (LINK) DeFi Programmability for Trustless Transfer of ValueMarch 4, 2020
Chainlink is considered by several investors to be the best risk/reward investment. ChainLink is the decentralized Oracle provider. It was mostly used within Ethereum Clientele. Polkadot is the non-Ethereum customer for ChainLink. Polkadot is planning to use the decentralized oracles according to a recent announcement.
Polkadot have decided to use the decentralized Oracles of ChainLink for their “parachain” technology. This technology will act as a bridge between different blockchains.
Key information like pricing feeds from the oracle sourced data will be used to verify identity-based signatures in the process per the recent announcement.
The substrate is the Polkadot blockchain Framework. Initially, the oracle technology will be integrated for the Substrate. Thus, the ChainLink Oracle will be used on all Polkadot substrate chains. The next in the line of the Polkadot projects is Kusama, the experimental network on which Chainlink Oracle will be used, and at a future point in time, the whole network would use it. This is one of the reasons for ChainLink to feel good in 2020.
Chainlink (LINK) Oracle and Offchain Data
Sergey Nazarov, CEO of ChainLink, stated: “On the enterprise side, you’re going to continue to see us working with large enterprises in different ways.”
In a recent episode, Sergey Nazarov was talking about the role of price oracles in DeFi, on how price oracles were targeted in recent attacks, and about what the DeFi Industry can learn from early cryptocurrency exchange hacks.
Sydney Ifergan, the crypto expert, tweeted: “The data environment facilitated by ChainLink (LINK) is impressive and very rich. Data hungry projects should integrate ChainLink to come up with more of sustainable projects.”
The prospects for ChainLink’s future is excellent. The oracle provides for easy access to off-chain data, which is verified by secure and decentralized networks, which are rapidly growing. Further, it provides the facilities for DeFi. Defi takes a lot of programmabilities, which can provide for the trustless transfer of value.
The oracle networks are beginning to pick on a life of their own. They are beginning to serve as a sustainable resource for the broader cryptocurrency ecosystem. Several other use cases beyond the DeFi are beginning to develop. This includes those for gaming and insurance.
ChainLink is facilitating everything in the process of sustaining a financial agreement. This ranges from custody, escrow, maintenance, execution, and settlement.
Chainlink is focusing on facilitating for the life-cycle of the financial agreement by encoding it into the smart-contract because most of these features are reliant on external data.