Steemit Crypto Academy Season 3 Week 7 | Homework Post for Prof.@allbert | Blockchain Oracle - Chainlink
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Before I will start my tutorial I like to thank my cryptoacademy professor for rewrite this post again. The first post in which i make errors I didn't read about the content of the post I just read the Home Work Tasks which was given. I really sorry for such a deviation. And thank Sir @allbert for paying attention to this post.
Before I talks about Blockchain oracle which I speak about I like to explain what Blockchain oracle is about.
Then what is Blockchain oracle?
Blockchain oracle is a third party service which provides smart contract with joined information with this world and the world outside. Or Blockchain oracle is a decentralized data which can be securely shared outside the world. Upon Blockchain oracle providing smart contract, it also provide a link between on-chain and off-chain data information. It is also important in the Blockchain ecosystem in the way of broaden the scope of smart contract operations. The data that blockchain oracle have a various ways by which it transmitted it data. And it transmitted it's data through price information and temperature measured by its sensor. Because it is outside this world it's send back information or transmitted information from the world outside. Blockchain oracle collects information from many source and it can be easily integrated and shared. Frauds and those who try to scum this network do not have any way in doing their work. Companies and organisation information are secured since their system can't be scum by fruadsters. Their information is not stored in one location which leads to better security and system which can be trusted. Blockchain oracle is also a decentralized application which means that it can't control by strict authority. Blockchain oracle can be categorized according to different types of qualities. Blockchain oracle can be categorized according to source, this is where the Blockchain comes from either it is software or hardware. And through the direction of information either it is inbound or outbound. And base on trust either centralized or decentralized information.
Types of Blockchain oracle
- Software oracle; It deals with the part of oracle which can't be touched but it can only be seen on screen.
- Hardware oracle; This one is one of the oracles which can be seen and can be feel or touch.
- Centralized and decentralized oracles; It is either can controled by strict authority or can be freely operate. We have many but this is a list few I mention.
And base centralized and decentralized oracle, many types of Blockchain oracles I we have on decentralized but will like to talk about Chainlink.A Chainlink Blockchain oracle is a decentralized network application which was built on Ethereum Blockchain ecosystem.
Brief History About Chainlink
Chainlink Blockchain oracle protocol was created in the year 2017 in September and was officially introduce in May 2019. The purpose of creating this blockchain oracle was to solve Blockchain oracle problem, and also provide inherited limitations which prevent the experts from connecting through the off-chain resources data that exists between them. Chainlink provides a wide range of decentralized application which allows users to operate freely on their own, which includes price feed, proof of reserves and keeper network. Their main idea is to switch from off-chain link to on-chain link. It was originated and authored by Sergey Nazarov, Steve Ellis, Dr. Ari Juels. It has an operating system which is Blockchain-agnostic. And it circulating supply is around 441million and it supply limit is 1 billion.
Functionalities And Real Life Application
- Chainlink has software oracle which can called middleware and which acts as an intermediary which translate from one real world to a smart contract on a blockchain.
- Since it is a decentralized application users are freely operate on this platform without interaction.
- Users information is secured since its data are not stored in one location, and also fraud cannot penetrate into users informations.
Advantages and Disadvantages of Chainlink
There are many advantages and disadvantages about Chainlink Blockchain but I have selected only four, the first two are the advantages and last two are the disadvantages.
Advantages
- It allows secure interaction between the off-chain data and also the smart contract.
- There is also a financial rewards for feeding reliable data securely.
Disadvantages
- Many investors have considered themselves deceived which has affected the reputation of the Blockchain oracle.
- Its operation is been limited by internal use only.
Future Development and New Project
The future development and the new project of Chainlink, the price of the Chainlink are continue to boom day in and day out. And also to their main idea is to capture the Blockchain market in the near future. And planning to increase their supply limit.
Hello @sarkodieeric1
My friend I'm sorry to tell you that I can't give you a rating because you violated the first rule I established in the assignment which was: Won't be allowed to talk about CHAINLINK. The rule was clear. I recommend you read all the questions well before you start writing your post.If you look at it from a point of view, it is logical that it was invalidated to talk about Chainlink, since I developed it in class and it makes no sense to ask you to do research on the same thing I gave in class.
You could have talked about another blockchain oracle such as BAND, Augur, DIA, etc.
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Good presentation
It shall be well
I really appreciate your comment Sir.
Great work. Thanks for your presentation.
Thank you very for your comment Sir.
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