Episode #86: Chainlink: The Ultimate Oracle

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IN THE NEWS:

Chainlink- (LINK) Decentralized blockchain oracle network built on Ethereum to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts. Used to verify whether the parameters of a smart contract are met in a manner independent from any of the contract's stakeholders by connecting the contract directly to real-world data, events, payments.

What is the Oracle problem in Crypto?
In Crypto and smart contracts an oracle is a 3rd party service or mechanism that provides external data to the blockchain. Smart contracts are self executing contracts with the terms of agreement between buyer and seller written completely by code. Operate under the principle "IF this happens then do that" Smart contracts are confined to the data available within the blockchain. and cannot access external data sources on their own.

Think of settling a bet based on a sports game but the info is not available on the blockchain. This is where the Oracle comes in and chainlink solves this problem.

Major Upgrade: Chainlink Cross-Chain Interoperability Protocol (CCIP) has entered the Mainnet Early Access phase on the Avalanche, Ethereum, Optimism, and Polygon blockchains.

Lets cover some news Elon, Legislation incoming and Stablecoin launch on XRP Ledger in Palau!

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HODL'on

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