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Welcome to Day 5 of waiting-for-Animal-Farm-to-un-pause. Today, we’ll talk about DRIP’s un-confirmed possible integrations with Chainlink. I like Chainlink and am an owner of Link (not trade advice). I first bought LINK at $4.76, it went to a high of around $53.00 and has re-traced, with the rest of the crypto market, to about $13.
Chainlink actually does not operate on its own blockchain, but instead offers oracle services on multiple other blockchains simultaneously. An oracle is like a central hub that collects data from validation nodes. Then, this hub arrives at a consensus value and transfers this value to whichever blockchain for use. To be more efficient, the collection and consensus mechanism occurs off-chain in what has been termed a “roll up”, prior to its transfer on-chain.
Some examples of off-chain data that can be sent to a Chainlink oracle are price feeds for DEXs, weather data, insurance, sports data, shipping data, asset prices, automation bots, commodities data, randomness data, payment processing, medical data, etc.
I think as countries like the US who are now recognizing the significance of cryptocurrency and peer-to-peer transactions, that this could bring…
