Hello everyone, welcome to this issue of Insight Finance. I will tell you what is the chain link and what problems it solves. As everyone knows, the smart contract of Ethereum or other chains, such as Binance smart chain or heco okt, etc. Waiting for some so-called various smart chains. His biggest problem is that his smart contracts can’t access off-chain data. For example, I want to buy an aircraft delay insurance and there is an insurance contract there . If this aircraft can be delayed, he will pay me some Ethereum, right, then I will buy this delay insurance.
The key question is how can he judge whether this aircraft is delayed? This is not impossible to know. There is a way here. That is, the project party asked itself to upload the data to this system, and then the system knew that this, er, like this aircraft, has been delayed. The key problem is that there is no way to circumvent the opponent’s risk. The opponent’s risk is because of this project. If he finds that the plane is delayed and has to pay more, he can upload a fake data, right? Then the claim to be settled has become a focus of controversy, so in such a situation A fair and impartial third-party organization that provides data is such an organization that provides data. Such an organization that provides data is an oracle system. What kind of methods does it have? What kind of services does it provide? For example, some assets Because the smart contract smart contract is closed, it can’t get the outside Bitcoin, Ethereum, and so on.
These prices. If you make a leveraged contract, when do you say that the position will be liquidated, right ? If you upload a price, then the user will be very dissatisfied. Why? The user is obviously still a little bit close and has n't liquidated the position, right? But you just liquidated him, right? There is one of the two parties. It's controversial, but if you use this oracle of this oracle, for example, my data, I will tell you that I am from the chain link, but then the chain link data I specified is the data from Binance. If Binance’s data has been liquidated and reached the level of liquidation, and then you burst, then you can’t blame me. I didn’t cheat. It’s such a feeling. So the first use of this chain link is to provide various The price of a kind of digital asset. Through the price of these digital assets, you can develop your own defi application. For example, it is a leveraged contract like the one just mentioned or a loan contract such as some loan aave. That is very important.
How would he know if he didn’t have this oracle? Your price is better than For example, I pledged some bitcoins, and that bitcoin has fallen by 70%. I will start a clearance operation at this time . The bitcoins you pledged will be confiscated and the excess will be returned to you. Right, then the money you borrowed is gone and you don’t have to return it. Do such a clearance operation. If there is no price of the asset, how do I know when I want to start a clearance operation? Yeah, this is the first application of the chain link, and then the second application is some of his real-life data, such as the plane delay mentioned earlier or the scores of some competitions. For example, I want to use it now.
To make an application is to bet on football, bet on a famous NBA game at the end, which side will win the championship game, right ? If you can’t get the data from the oracle, it’s clear that it is, for example. Say that the Chicago Bulls won, I have to say that the Lakers won, right? In that case, there will be a risk of doing evil. If the result of this game is obtained through this oracle, he will do evil. As a result, the possibility of doing evil is minimized, right? Of course, there are all kinds of other data. Then, how does this data pass to the blockchain? First of all, he There is a signature of that data. For example, I am the supplier of that data. I am Binance, right. Then I have to provide a data to this chain link. I can sign the data I provided and then I make the public public. The project party, for example, if I have a dapp, I want to do a leveraged transaction on that blockchain.
If the price of the bitcoin in the data of Binance reaches a certain position, I will specify the liquidation of the position or whatever. According to the data of Binance, then I can publish the signature that verifies the data source and various information in the smart contract when I publish my dapp, so you can take a look. The signature verification with this um signature is the source of the data. It is indeed the data provided by Binance. Then you are in this contract. You can see that it is indeed established, right? There is no possibility of evil. Next, you can trust this smart contract. Everyone will be happy to play this smart contract, right ? Everyone has an agreement before that is to use Binance data, right ? Then the source of this data Then the signatures inside are all announced by Binance, so it only proves that this place he can’t do evil.
This is the first way for the supplier to provide data, ah, by signing the data and then using another method. The formula is more general data. It is some data for everyone to share. For example, today’s price of Bitcoin may have more data clerks. He can pass the dex, which is swap, uniswap or sushi. Or according to the data provided by some centralized exchanges, remove some of the maximum and minimum values, and then take some average data to remove the noisy data. Then, in this case, provide it to the next one. For the data, the data in the blockchain is more reasonable, right ? Then there is another feature, he is more than the blockchain, the chain link project is more than the blockchain, he is still a blockchain If you are compatible, you can use the chain link data on the smart chain or other chains like the BSC. You can use the chain link in which direction it is deployed.
This is a principle of the chain link. A way of providing services for his oracles. Then let’s talk about a competitor of the chain link. In fact, the most famous one is that Mark Dao’s oracles are also developing and are affected by that. A hostility in the chain link community. Because, for example, I’m doing a business now. Others come to grab my job. I’m sure to be hostile to him, right. That’s the situation, and this chain link’s oracle is the number data. For ordinary people, it is still difficult for a small company to do such a project, but if it is for a famous project such as mark dao, they originally used Binance or that okt or Huobi originally.
There is such a cooperative relationship, and then they enter the business to further cooperate. Say that we will also develop the oracle. It will be much easier than the small company in terms of connections and business. This is the development of the first aspect and the second aspect. This oracle machine needs certain technical personnel to do this, some and that data aggregation work, this is not difficult for their projects, so from this perspective, the competition of this oracle machine will be in some big projects such as Said that I originally made this stable currency, it was Mark Road that dai brought that stable currency. I originally made this stable currency and then I moved to the market of the link oracle. This is also feasible, right? Chain link is also facing a competition from other fields, um, finally, let’s talk about how you use this chain link in a technical aspect. If you have seen me before on how to use the remi x issues a token of erc20, and everyone has learned a basic language of solidity.
Then everyone can go to see the document of the chain link. It is actually very simple. It means that you import his package in the three-dimensional. Use a chain link like a htetps and then pass in some parameters to get its data. Of course, this is the easiest way to obtain this data. You can do some applications in your smart contract. A de-neutralized platform of yours, an application comes out because you can get the Oracle data like the price of some bitcoin or the price of Ethereum, right? With these data, you can What kind of leverage or other services can be done, right? Of course, you can also get through this chain link whether the plane is delayed, and then make a very simple dapp of this kind of delay insurance, so you have this The oracle machine is easy to make this decentralized app.
The key is that you still have to learn some solidity codes, and then you can use the api on the remix directly . This issue is about this. The explanation of the chain link is here. Welcome everyone to pay attention to Insight Finance. Welcome everyone to pay attention to our Moore Coin. .