If you're new, looking for something to do step right up to this crew, amp drop the title of viewer of the tube., My name is Tyler and the training to join. My army makes the navy seals, look. Easy.You, know our future Rambos its time for Chico Crypto. Well, I said I was going to do it.cover all the pieces of Ethereum which will position it into becoming cryptocurrencies defacto settlement, layer. Weve covered scaling and data availability already. So, today, its time to dive into decentralized oracles … one of the more critical pieces as it solves the oracle problem of blockchains.. You hear oracles, especially decentralized. You better know your boy Chico is about to let one RIP amp get stinky., So Chainlink its a wild company and protocol to be a part. Of. Price wise, its been known to be one of the more volatile cryptos having extreme FOMO cycles back down extreme fomo cycle back down, … and most recently went back down from a FOMO cycle, although the price has been slowly but surely creeping back up. Now, in The next 6 months, things are going to get highly interesting once again, with LINK, as its ultimate roadmap gets further into production. Production. What do you mean? I thought Chain Link was live right now on the mainnet. Well, that tis true chainlink has the highly popular oracle price reference feeds, live and in production from their network of nodes, creating a decentralized per example.
Eth USD price feed., Now Im sure you guys heard about it. A new hot DeFi protocol came and went. Harvest. Finance was attacked, 24 million stolen and the protocol lost all the lockup 570 million in a flash bank run.. So how was the 24 million stolen? Well bad freaking code, but nothing to do with base solidity contract code, bad oracle, code., The harvest, hack, wasn't, a hack? It was an exploit of their oracle. Harvest. Finance was relying on a single on chain oracle price feed from Curve finance … their price feed.. You cannot rely on a single source of information, thats, not validated, and that is susceptible to manipulation.. If they would have used, LINK harvest would have been secure from the oracle flash attack that was pulled off … and this attack isnt old. It has been pulled off, before. Chainlink, God on twitter said This specific attack was explained by samczsun over a year ago and is the same attack vector that afflicted bZx earlier this year., Except this time the sole oracle was CurveFinance.. This attack vector was also described in detail by Chainlink in an article earlier this year as well. Secure price feeds require full market coverage. This is why Chainlink pulls from multiple data aggregators and not just from a single manipulatable DEX. So the value use case for chainlink is once again demonstrated amp. If a new DeFi product on the Ethereum mainnet is holding out on using chainlink for its price feeds .
.., I would be worried., But chainlink is soooo much more than just price feeds. My stinky friends. And Ive shown this before the Chainlink token. Contract specifically erc677 includes a specific function. Transfer and call..you can view data on this function by using bloxy and the number of transaction calls. The orange has overall been steadily growing. This growth means chainlink oracle, node growth as transfer and call is specific to internal transactions from chainlink, because if you scroll down the function, senders are all chainlink smart contracts and internal transitions from those smart contracts, some of them price feeds like the BTCUSD aggregator., But some Of these arent going to have anything to do with price feeds and Im telling you things are about to blow up regarding transfer, amp call …, so Chainlink, VRF or chainlink Verifiable Randonmness function just went live on the mainnet.. Yes, you heard that right, its a function … and its simple, how it works. 1. a dapp, sends a request for randomnes. 2. Chainlink nodes generate randomness and send proofs to the VRF contract. 3.. The VRF contract then verifies the randomness and 4. Smart contract application receives that randomness.. So going through those steps, you have request, generation, send verify and finally receive … many steps, five to be exact, that could all take a single smart contract. Execution. AKA not feasible because of the high gas fees. But chainlink with its ability for reducing the high gas fees with 677 and internal transactions, makes this economically feasible and still bulletproof, secure and decentralized.
Thats. Why you see the mainstream dapps, already flocking to VRF. PoolTogether, the decentralized, no loss lottery, dapp, backed by Coinbase, just put out a blog post, explaining how v3 will be using VRF for their randomness generation in picking the lottery winners. Mainstream adoption of Link within the cryptosphere Is only going to ramp up with VRF …, meaning the 96 as of now LINK nodes will be much more data and transactions through them running many more Jobs.. Now, as a Chainlink token holder, how does this help Well? Link nodes are paid for the jobs they perform, requesters are paying them in LINK. Its a valuable thing to be a solid, reliable used, chainlink node, as since staking isnt out you dont, have to share the rewards. Now, as you can see, Link Pool is second on the node list, with 83 feeds on the most jobs run over 146 thousand.. Well, they put out a blog post about the economies of their nodes … and in the section Link Pool Fees. This is highlighted Any Link tokens that our nodes generate as reward 30 will be deducted for our fee, and the remaining 70 will be distributed proportionally between the stakers., Which they have made even better for the community of stakers, a 7525 split now..so, eventually, 75 percent of The fees being paid to them by requesting dapps will go to link token holders and stakers., But Im gon na let the Army in on a little secret.
Now is the time to be learning about entities like Linkpool.. Why? You may ask Back into that economies? Blog post in the sections Linkpool node queuing, they say Places on a node will be granted on a first come first serve basis and rewards will be distributed on a per node basis, so you will only earn rewards from the node. Your link is staked on.. We will deem a node is full once it has hit a certain amount of Link. Tokens staked on it And LinkPool has their staking dashboard, ready and live theyre just waiting for staking w Chainlink to drop and the floodgates will open.. But there is more w linkpool, like I said now, is the time to learn about them.Matt Beale co, founder of linkpool responded to an inquiry about what was going on over at linkpool.. He said Fine Ill, give you this ERC20 derivatives, amp strategies Dropping crumbs …. Now you ready to get even more crumby, So earlier this month, a large entity, one of the largest custodians of digital assets in the space BitGO announced they were going to be using Chainlinks oracle network for a proof of reserve function for the assets held in wBTC. Wrappe bitcoin. Now this wBTC bitcoin on ethereum is worth over 1.5 billion dollars. Today, … a crap ton of money, chainlink nodes will be verifying thats there, including linkpool., But here is where things get even more bbbbulllish for Chainlink and the nodes that are positioning themselves.
To do the networks work., We all know, Paypal went full hard on for crypto.. Well. Last week it was leaked. They were looking to acquire critical crypto firms …, including BitGO.. So I hope you understand how freaking big that is. Chainlink nodes are securing BitGOs 1.5 billion in Bitcoin for just wrapped BTC. How much do you think Paypal will have under their custodianship 1.5 billion secured with Chainlink proof of reserves, will look like little peanuts in maybe just a year., Now Im sure youve heard the mem 1000 per LINK eoy end of year.. Well, that isnt happening, but if chainlink fulfills its mission, the full roadmap, its not out of the realm of possibility much farther into the future. And part of that roadmap is optimistic, rollups with chainlink nodes.. I spoke Monday on rollups and the teams I talked about were not very far limited, testnets with no general purpose. Smart contract ability. Well, Arbitrum. They are the furthest with a general purpose: smart contract, rollup, testnet …, and if you didnt know, chainlink nodes will be executing smart contracts on arbitrum rollup chains.. If rollups are the path to scalability holy freaking christ, … the amount of jobs, the link nodes will be doing will be hard to comprehend. And arbitrum. They dropped some stuff about the rollup testnet a few days ago. With some of the things it works right out. The box with … a person is worried, says I dont see chainlink.
Arbitrum replies. Chainlink integration will get its own tweet., A tweet that may just go down in history..