Crypto Academy Week 6 - Homework Post for @besticofinder

Hello every one welcome to another homework task post for @besticofinder one crypto professor, this is week 6 now which is one month and 2 weeks and i have learnt a lot by participating in this tasks and i hope you have too.

This week our professor @bestcofinder wrote about every thing that has to do with how to invest in cryptocurrency which is good so if you want to read our professor article click this link any way let's dive into this week task.

The homework task is to do my own analysis on the cryptocurrency that I am going to invest in and the name of that cryptocurrency is Chain link [Link] so stick around to find out why.

ChainLink.

Source

Chainlink is known as a an oracle network which is decentralized that provides real world data to smart contracts on the cryptocurrency block chain.

The Project Concept

In the last two years chain link has become one of the most popular cryptocurrency in the entire crypto ecosystem with a large community of followers that hodl the Chainlink token in much the same way that people store food, but what are the problems that chain link fix or the purpose of the chain link well arguably the most game changing innovation in the crypto space after the creation of bitcoin has to be the development of smart contracts, smart contracts were originally propose by ethereum founder Vitalik Buterin and a basically code that allows two parties to execute an agreement without a need of a third party, but most smart contracts platform are isolated on an individual block chain and are unable to connect to external data feeds, this will make smart contracts to be unable to react to real world event for example when a goal is scored in a football match that changes the odds in the betting site.

Chain link solved this issue with it's network of decentralized data providers other wise known as oracles, this continues feed of live data comes from multiple sources spread all around the world making it more reliable, to take part in the network the data providers the data providers are actually quite to stake the native link token and on that point they can earn a reward by providing accurate information or have their stake slashed if they send false information, as more live contracts go live chain link and other oracle providers like band protocol, DAI, Thela. Should find their services much in demand, within the oracle space chain link has the benefits of first mover advantage and larger amount of funding, the popularity of the project comes from the huge amount of working partners that chainlink has already approved, almost every ethereum based defi projects relies on chain link supply of live prices in other to do things like adjust their lending and borrowing rates,

Chain link is also a key component of many block chain platforms including industry movers like Binance and Polkadot, this impressive list of partnership also extends out of the block chain world as chain link grows business with swift, google and intel also it's strategic partnership of Deco a project that improves how data is sent securely around the internet suggests that chain link is actually in providing data solutions for larger private enterprises that want a guaranteed protection for potential confidential data so if it achieved this chain link could be one of cryptocurrency that achieves true mainstream adoption in the cooperate world.

Another point to understand is that chain link native token is not used for governing so a concentration of fund in few wallets doesn't necessary mean the project is centralized infact each individual network in the chain link ecosystem is actually free to implement it's own governance skim.

Why the particular project will be a good investment.

Chain link is a good investment because it has a lot of potential and fundamentals and also the it is diving into the NFT space fast and the NFT space has been booming lately so it is a good investment.

Conclusion

I think chain link will shock a lot of people especially when ethereum fixes that fees issue they are having any way I want to thank @steemitblog and @besticofinder because through this process of doing this homework it has pushed me into doing researches.