Hello steemian ...
This is my new post in the Steemit Crypto Academy community, on this season 4 week 7, I will be working on a homework from professor @allbert with the theme "Polkadot ecosystem, the Ethereum’s Contender”.
we will discuss it through the homework below:
Select a Project, platform, or service that belongs to the Polkadot Ecosystem (Polkadot not allowed) and make a detailed post, which must comply with the following aspects:
In this assignment, I will have one of the projects, platforms, or services included in the Polkadot ecosystem, namely Chainlink. I will explain it based on the following aspects:
1). Explain in your own words why you chose it and why do you think it is relevant to the world?
The reason I chose the chainlink project is that chainlink is the second-best coin in the polkadot ecosystem after polka-dot itself. According to the CoinMarketCap website, Chainlink (LINK) token currently ranks second in the polka-dot ecosystem and ranks 17th in the best token overall. Below that is followed by Kusama (KSM) with a ranking of 52 overall. Of course, fundamentally Chainlink is a good project and has considerable potential now and in the future.
Apart from being fundamentally good, Chainlink (LINK) assets also have easy accessibility because these assets can be found easily on various exchange platforms in contrast to other assets such as Kusama (KSM), Moonriver (MOVR), Centrifuge (CFG), and several other assets. already found on several exchanges. I use Upbit Platform in my activities and for me, it is difficult to find Polkadot ecosystem coins like Kusama (KSM), Moonriver (MOVR), Centrifuge (CFG), and some other assets.
Another reason why I chose chainlink is that chainlink is an important alliance in the polkadot project and has an important role in helping the development of the polka-dot decentralized finance application which is currently in development to be better than before.
Currently, the relevance of chainlink to the world is about its collaboration with the world economic forum on global standards for blockchain middleware, which aims to connect blockchain systems with off-chain and also various existing systems safely and securely.
2). Description of the project and its platform. (Screenshots required)
Chainlink is a project with a decentralized oracle network that can provide off-chain data access to the blockchain through smart contracts. Then in the chainlink project, there is also an oracle network feature that functions as interoperability, which is a feature that can make two blockchain networks able to exchange information without intermediaries and very quickly.
When discussing how it works, it can be said that chainlink is a decentralized oracle network represented by chainlink node operators and data buyers. When chainlink node operators provide and send data accurately and securely to data buyers. Data buyers can choose the data they want to be sent by the chainlink node operator who at that time makes an offer to supply. To make an offer, chainlink node operators must provide several LINK tokens as collateral in case of violating existing rules. After the offer given by the chainlink node operator is accepted by the data buyer, the chainlink node operator is also tasked with sending accurate and secure information to the data buyer through the blockchain network. When the transaction is complete and successful, both parties, namely the chainlink node operator and data buyers, are paid.
When I first entered the chainlink platform, I was immediately shown an article that contains a brief and clear explanation of what chainlink is, namely how chainlink can securely connect smart contracts with off-chain data and services. Then in the top bar, you can see important menus from this website, namely the Developers, Products, Use Cases, Ecosystem, Community, and resources menus. Then at the bottom of the screen, we can see several parties that have collaborated with Chainlinks such as AAVE, SYNTHETIX, Compound, PAXOS, Celsius, Nexus Mutual, and ENS.
3). Real-life functionality and applications. (Screenshots required)
The function of the chainlink as a decentralized oracle network has many functions and is applied to real life. In the world of retail payments, the chainlink network has been used by Paypal, VISA, and Mastercard. As a liaison between blockchains, the chainlink network technology is used by Bitcoin and Ethereum as the second link between their networks. Then in the market data network, chainlink technology was also adopted by NYSE and BLOOMBERG. In the bank payments section, chainlink technology is widely used by banks and large financial-based companies such as HBS, Citi, chase, swift, and WELLS FARGO. The use of the chainlink network is also applied to the events data and backed system sections.
This means that the chainlink function has begun to be implemented in many large companies, especially those related to finance and data. It has indications that chainlink will be one of the big technologies in the future.
4). Future development and related projects. (Screenshots required)
The future development of the chainlink project is also about its collaboration with the world economic forum on global standards for blockchain middleware, which aims to connect blockchain systems with off-chain as well as various existing systems in a safe and secure manner.
Currently, the main goal of the chainlink project is to focus on the project towards full DON (All-or-nothing offchain). They have carried out several stages such as running the Off-Chain Reporting (OCR) project as a mechanism in the chainlik ecosystem that functions as the transmission and action of blockchain oracle reports to smart contracts.
Then other future developments related to the chainlink project I think will discuss a lot about implementing DECO technology. The implementation of DECO will later improve the chainlink system, especially with regard to the personal security aspect, which will later be combined with external data into the blockchain system, which is of course through smart contracts. DECO is said to be able to prove confidential information without having to provide its users' personal data. In the whitepaper of the official chainlink website, DECO and Town Crier are combined and work together to ensure the integrity and confidentiality of their users.
5). Make a technical analysis of the token of the chosen platform, then through your validated exchange account, make a token purchase (minimum 15 USD). Screenshots and an explanation of the procedure are required.
In this question, I will do a technical analysis of the chainlink token on the Upbit exchange platform. In this task, I will technically analyze the LINK coin with the help of the Bollinger Bands indicator. If you look at the philosophy and function of the Bollinger band coin, now is the most potential time to buy because the price has broken through the upper band, even though the closing price hasn't fully come out, but this is a good indication to enter buy because it is a signal that an uptrend will occur. sustainable.
To make a purchase, you only need to scroll down and in the buy menu, make sure you select the market option and enter the price you want to buy. Here I buy with all my IDR assets which are 203,256 IDR.
Then click buy and an option will appear to confirm, click confirm and it will be automatically purchased.
To confirm the purchase I will go to the wallet menu and you can see that the chainlink asset (LINK) has been purchased. From this purchase, I got 0.50814 LINK.
Conclusion
Chainlink is a project with a decentralized oracle network that can provide off-chain data access to the blockchain through smart contracts. Then in the chainlink project, there is also an oracle network feature that functions as interoperability, which is a feature that can make two blockchain networks able to exchange information without intermediaries and very quickly. chainlink has begun to be applied in many large companies, especially those related to finance and data. That indicates that chainlink will become one of the big technologies in the future and this will have a big impact on the price of the LINK currency which will increase.