$1000 Per Chainlink!? Here’s Exactly Why It WILL Happen!!

Chainlink, the red-headed 
step child of cryptocurrency.   There are times when it’s the talk of the 
town, but then when things turn for the worst,   everyone turns their backs on it. Except 
Chico, because we stank. So you are ready to   get stinky with my linkie…well you don’t have 
a choice, because it’s time for Chico Crypto! Ethereum, Chainlink & settling 
future quadrillions? How,   what & when? Well we think the foundation is 
being laid as I present this information. How? Have you ever head of the Depository 
Trust & Clearing Corporation   DTCC? Well its the american post 
trade financial services company,   which provides trade clearing & settlement 
services to the big financial players. Today,   the DTCC settles the vast majority of securities 
transactions in the US, making it by far the   highest financial value processor in the world, in 
2011 it settled 1.7 quadrillion…ya quadrillion!! And in May of last year, 2020 the DTCC proposed 2 
case studies to further explore the digitalization   of public and private markets. As we can see the 
Case studies were called projectION and project   whitney, with the goal of examining potential 
use cases of DLT, distributed ledger technology. So who is it? Who are the blockchains,   and distributed tech being trialed 
by this massive financial entity?? Well just a month after ION and whitney were 
announced, digfin group posted this article “DTCC   looks to extend processing to digital assets” and 
they dive into one of the projects.

Specifically   Whitney. DigFin Said “DTCC has built Project 
Whitney, a prototype digital infrastructure on   Ethereum, a public blockchain, for issuer services 
across primary and secondary private markets” Yes, for Whitney
“ANd IIIIIIIIII yeee IIIIIII   will always love you……oooowoowowo”
They chose Ethereum to test this on,   just 7 months ago. So what exactly is it??   Whitney is the edgier of the two proposals 
and aims to tokenize private securities   and enable secondary trading. It would initially 
target Regulation D (SEC Exemption) equities. I wonder how the testing has been 
going, and who was involved with it?? Well, you gotta look into who was 
working with DTCC, before whitney   on Ethereum & those highly connected right back 
to Etherem. All the way back February of 2017,   the DTCC & digital asset, moved to the next phase 
of a project after a successful proof of concept   for repo transactions and 
digital ledger technology.

So they worked together back then…is 
Digital Asset involved with Whitney? Well Ledger INsights covered the whitney 
launch in an article titled “DTCC proposes   tokenizing private securities 
on public Ethereum blockchain   and they said “The PoC used the 
DAML smart contract language DTCC and digital asset, connected at the 
hip. DTCC project Whitney is on Ethereum.   How is digital asset connected to 
ethereum, completing the trifecta? Well in March of this year, the enterprise 
ethereum alliance showed how. They tweeted   “EEA member Digital Asset, with BTP, have made 
the DAML smart contract engine available for   the EEA specifications-compliant 
Hyperledger Besu project –” Digital Asset is a member of the 
EEA, but they have also made their   DAML smart contract engine ready 
and prepared for Hypeledger Besu.

And if you know what Besu is, you know this has 
to tie into DTCC and project whitney. Besu is an   Ethereum client designed to be enterprise-friendly 
for both public and private permissioned network   use cases. The perfect client to serve the 
needs of Whitney which needs the tokenization   of private securities, and the ability to 
trade them publicly in secondary markets. And this is further confirmed by the 
Etherean heads who helped the DTCC   create whitney. The corporate heads of Ether, 
Consensys. In July they put out a thorough blog   post titled “Major Financial Clearinghouse Is 
Exploring Ethereum for Digital Asset Management,   which explains yes it was fully built on Ethereum 
and how it uses it. Consenys said “While the DTCC   chose to work with the public Ethereum network, 
an alternative approach used by many clients to   date would be to create a private instance of 
Ethereum “Technologies such as Hyperledger Besu   and Quorum have emerged as default choices for 
enterprise-friendly Ethereum clients. The PegaSys   suite, which was built by the team that developed 
Hyperledger Besu, allows enterprises to quickly   spin up private Ethereum networks with advanced 
functionalities and 24/7 support services” Big Bon, Chico is on.

Hyperledger 
Besu is a big piece of Whitney   on the client side & guess what’s a big piece 
of Besu? Something we covered and covered 1st,   Hyperledger Avalon, formerly known 
as the trusted compute framework. You guys, remember that, I was 
covering it before it was avalon,   and when the avalon announcement 
came in October of 2019.   I knew something was up back then, but 
now it’s all starting to come together. You go to the most recent documentation on 
avalon’s architecture, they show the Direct   Model Supported Blockchains right out the box for 
avalon, and of course it connects to hyperledger   fabric, and ethereum, just like whitney…but the 
client, just like whitney….it’s HyperLedger Besu. Now, it’s time to bring the connections all 
together. As the descriptions of what Whitney is,   reveal oh so much. Well luckily, the DTCC put out 
a full case study of the project, describing it   in detail.

And in phase 1: the prototype build, a 
major piece of whitney is the compliance oracle,   which from the picture is highly connected 
to APIs. In compliance oracle it says “When a  transaction is approved, the stock 
record is updated, and the movement   of tokens on-chain occurs. Can be called 
through an on-chain transfer or via API.   And in API connectivity it says “: REST 
API interfaces that enables platform   parties to perform operations such as investor 
registration and off-chain transfer requests. On chain transfers with stock 
records, or off chain with API.   This is what the compliance oracle 
does. Now what was Hyperledger Avalon?   Off chain trusted compute…going to hyperledge’r 
own description on what it does “It aims to enable   the secure movement of blockchain processing off 
the main chain to dedicated computing resources” Who was the ethereum oracle project 
involved with Hyperledger Avalon!?   The announcement post clearly stated it, 
and I covered it back in 2019. Chainlink. Whitney, clearly uses besu which uses 
hyperledger avalon. The offchain trusted compute,   oc which chainlink is the oracle piece. 
Whitney has a Compliance Oracle within it.   Connections connections connections…but then, in 
november of last year, only a couple months ago.   Chainlink dropped this blog “77 Smart Contract Use 
Cases Enabled By Chainlink '' and in the section   they specifically mention Whitney's compliance 
oracle, linking to the case study by the DTCC.

And that case study from the DTCC, 
as we can see dropped in May of 2020.   I’m sure this was probably nothing, 
weeks later, we got the announcement   of the Interwork Alliance, as we can see June of 
2020 for standardizing token powered ecosystems. Going to the Interwork alliance 
members…sponsor member.   Digital Asset. And right next to each other 
in principal members: Chainlink and the DTCC. Now, what I want to finish this episode off with, 
is with the guy who knows all about the DTCC   and project whitney, artem korenyuk, executive 
director of fintech and innovation at the DTCC.   He spoke on project whitney, at the Ethereum 
in Enterprise Vitual conference in July,   let’s listen in what he 
had to say about an oracle. A multiparty workflow…and aint 
this a quinkadink. Back in October,   when Hyperledger avalan was announced, Chainlink 
put out a blog post “Driving Demand for Enterprise   Smart Contracts Using the Trusted Computation 
Framework and Attested Oracles via Chainlink”   and they say “Data-driven smart contracts provide 
one of the best solutions to automating external   business processes involving multi-party workflows 
by reducing human and cross-network friction” Why so similar? Cheers I’ll see you next time!

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