Chainlink (LINK) Explained for Beginners 2021

In today's video we dive into What Chainlink is, the LINK token, what oracles are, the pros/cons of Chainlink & more! As always, real world examples will be given as well.

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Chainlink Whitepaper: https://blog.chain.link/chainlink-2-0-lays-foundation-for-adoption-of-hybrid-smart-contracts/
Chainlink Etherscan: https://etherscan.io/token/tokenholderchart/0x514910771af9ca656af840dff83e8264ecf986ca
Cryptobriefing Token Distribution: https://cryptobriefing.com/chainlink-centralized-breakdown-token-distribution/

Timestamps:
0:00 - Starting Zone
0:38 - Format for Today's Video
1:07 - What is Chainlink?
3:34 - LINK Crypto
6:00 - Pros & Cons
8:38 - Free BTC and Stocks

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1. What is Chainlink?
Chainlink looks to connect smart contracts to the outside world, which I THINK makes it a great use case.

Currently, smart contracts are decentralized, but much of the data that is required to execute a smart contract is centralized. So you can see how this can be an issue, you take all your time building a secure decentralized network only to rely on centralized information.

Chainlink is a platform that aims to build a decentralized oracle network. Their oracle network was created to ensure accurate reporting of real world data. Data can include: https://cimg.co/w/coins-attachments/3/5bf/d36277c896.png

2. The LINK token
The token is used to "pay node operators for retrieving data for smart contracts and also for deposits placed by node operators as required by contract creators.

So the first is self explanatory, it's like when you and your friend were betting on the weather, you're paying a small fee in LINK to the oracle to ensure accurate data.

The second is a deposit. Think of it like a security deposit.

The oracles need to make a deposit, to ensure that they're going to be running and actually available to service requests. If they aren't available, that deposit can be taken away.

The supply of LINK tokens is fixed at 1 Billion, and right now there are is 426 million circulating right now.

3. Pros & Cons of Chainlink:
PROS:
- It has the first mover advantage in data feed communication
- It's an open source platform that tries to allow for developers to construct ANY type of oracle network, according to their blog:
- It has many big partnerships including Google, Oracle, and is being used by many data feeds including USD currency pairs right now. I also read that Chainlink is currently integrated into over 75 different blockchains.

CONS:
- They don't really give specific dates about releases. They have a lot of things planned in their vision, such as staking - but there is no date. It's just "ready when it's ready" I suppose, and this could turn off some investors.
- Adoption is uncertain. While they do have a lot of current use cases right now, if something better comes along, and the community shifts their preferences away from Chainlink, that could spell doom for the network as a whole.
- The other con is price. We don't really know how value of the LINK token will be determined, we don't know how much LINK will be used per transaction since its going to be application specific.

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Видео Chainlink (LINK) Explained for Beginners 2021 канала Humphrey Yang