Polkadot ecosystem, the Ethereum’s Contender - Crypto Academy / S4W7 - Homework Post for @allbert

QUESTION 1
Explain in your own words why you chose it and why do you think it is relevant to the world?

CHAINLINK
ChainLink Is a decentralized blockchain oracle that was created in 2017 by Sergey Nazarov and Steve Ellis. The ChainLink project is one of the leading oracles in the blockchain world. It was created with the primary aim of providing data or information in the DeFi sector. ChainLink by its aim provides data from the real world and interprets it in a programmable language that is smart contracts which are used by blockchains. It is very relevant because with the services it offers the decentralized finance sector which Is now patronized by many runs effectively.

QUESTION 2

Description of the project and its platform. (Screenshots needed)

The ChainLink project has a straight forward aim of bridging the gap between blockchain and real world.ChainLink provides the channel through which there is a continuous interactions between off chain data and on chain data which provides real time value for money in the DeFi sector. In simple language ChainLink is a project that is based on the PolkaDot ecosystem that serves as the communication link for off chain and on chain interaction. The project is being used by coingecko, binance, huobi in determining the prices of assets based on information exchanged by the ChainLink oracle. Chainlink seeks to solve the problem of incompatibility that exist between the centralized web and the blockchain technology.
chain link has a native token called LINK which is currently selling at a price of $28.61 and ranked 15th on coinmarket cap

QUESTION 3

Functionalities and real-life applications. (Screenshots needed)

DECENTRALIZED PRICE FEEDS ; chainLink is used by most decentralized exchanges to be able to valuate and know the real time price or value of an asset. Chainlink is used by most Dapps to have access to full market coverage of cryptocurrencies all of the world.

CHAINLINK VRF; this is a feature of chainlink that is used to generate random figures that can be verified on chain using its cryptographic output. With this feature a lot of games that require the generation of random figures make use of this. And it has been patronized because the randomness can be verified on chain and hence brings trust into the owners of these games that the generation of these figures are beyond the control of the owners

PROOF OF RESERVES: some cryptocurrencies especially stablecoins are always backed with fiat reserves which is what makes them stable. Proofing that a coin is really backed by fiat reserves needs off chain verification. And with the services f ChainLink being an oracle it is used to check and provide proof of reserves. This is to make sure that users tokens or coins are fully secured from any future decline in value of a stablecoin.

QUESTION 4

Future development and associated projects. (Screenshots needed)

AAVE
This is a very good project that is associated with the ChainLink project. The AAve is an open source decentralized protocol that allows for people to put up their crypto assets out to lend and interest is being earned on it.

CELSIUS
This is another project for the decentralized finance sector which allows users to make profit from for yield. Users are able to earn about 17% of their crypto assets on weekly bases as yield.

SYNTHETIX PROJECT
Synthetix is a protocol on the ethereum blockchain that allows for the issuance of synthetic assets. synthetic commodities like gold and silver, synthetic cryptocurrencies, synthetic inverse cryptocurrencies, synthetic cryptocurrency indexes, and synthetic fiat currencies are being allowed to trade on the synthetix .

QUESTION 5

5- Make a technical analysis of the token of the selected platform, then through your validated exchange account make the purchase of the token (15 USD as a minimum). Screenshots and an explanation of the procedure are required.

As indicated earlier the token of ChainLink is known as LINK.
Below is a image of the chart of LINKUSD pair. It is seen clearly that the token is in a bullish trend and using the vortex indicator it also suggest that the trend will be maintained for some time. There it’s a good chance to invest.

I bought LINK using
my binance verified account through the following steps.

search for link and click on the LINK/BTC pair

Enter the amount of LINK I want to buy

Click on buy LINK

Beow is a screenshot of my filled order.

CONCLUSION
One problem that is always faing the blockchain technology is its inability to work with each other. The blockchains always work independently. The polkadot ecosystem is a system that has been designed to offer a solution to that problem. The ChainLink oracle is one of the projects that has been designed to offer interoperability to blockchains. ChainLink is an oracle that offers services to many leading decentralized blockchain systems. It is very key to market pricing of crypto assets. Thanks to professor @allbert for such a great lecture