BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home DeFi

Former Google CEO Praises Chainlink as a Better Technology Than Other Competitors

BlockNews Team by BlockNews Team
October 5, 2022
in DeFi, Media, Social
Reading Time: 3 mins read
A A
Chainlink-Logo
1
SHARES
15
VIEWS
Share on TwitterShare on Reddit

The former Google CEO, Eric Schmidt, says that Chainlink has better technology and scales than other cryptocurrency competitors. This comes when Chainlink is receiving so much hype in the industry.

You might also like

Crypto Clients Of Signature Bank Have Been Advised To Close Their Accounts Before April 5

Circle To launch USDC Stablecoin on Cosmos via Noble Network

MetaMask Issues Warning Against Fake Airdrop Rumors

Every blockchain is a separate universe. There has been a weakness arising from the requirement to trust an outside source from the blockchain to supply the correct information. Why, then, does Eric Schmidt stand by such a statement?

Tweets by ericschmidt
Via @SchmidtFutures – Twitter

What is Chainlink?

Chainlink is a decentralized blockchain oracle network that allows smart contracts to communicate securely. The communication occurring involves real-world data and services outside of blockchain networks.

But why is Chainlink so important? Chainlink is vital as it significantly enhances smart contract capabilities by allowing access to data outside the blockchain and off-chain computing. Chainlink does all these by keeping blockchain technology’s security and reliability assurances.

Chainlink’s Technology

The technology they incorporate makes Chainlink ideal. Thus, the Cross-Chain Interoperability Protocol (CCIP) is an open-source global standard for decentralized inter-blockchain messaging, data, and token movements. Therefore, Chainlink automation through CCIP brings on low-cost, verifiable off-computation to Dapps to trigger smart contract functions in a highly reliable and decentralized manner.

On the other hand, oracles are essential to a blockchain; they deliver digital sources such as websites, servers, or databases. Software oracles provide real-time info on exchange rates or price fluctuations. Chainlink relies on oracles to gather data from various sources.

Middleware, an oracle software, acts as an intermediary, translating data from the real world to smart congrats on the blockchain and back again. However, it is vital to note that if the oracle is faulty, there would be a problem knowing if the data is accurate.

Lastly, Chainlink offers hybrid smart contracts consisting of a code that runs exclusively on the blockchain and a decentralized oracle network. It is a distributed network of oracle nodes that provide info from off-blockchain data sources to on-blockchain smart contracts.

Smart contracts exist on a blockchain and are immutable and verifiable, guaranteeing a high level of trust among parties.

Potential Competition

The latest major competitor for Chainlink is the open-source platform for oracle services, the Decentralized Information Asset (DIA). The platform is built as DeFi oriented and allows market players to share reliable information. DIA operates as leverage for crypto-economic alternatives and the knowledge from the community to source, validate and deliver trusted financial data.

DIA also funds bounties of data sourcing and validation for rewards. The DIA database gets hashed on-chain and all scrapper code and documentation.

Similarly, Oraichain comes as another competitor, enabling smart contracts to access external AI APIs securely. Artificial Intelligence is a helper as it enhances smart contracts. Oraichain is essential as it is a foundational layer for developing a new generation of smart contracts and dApps.

Key Takeaways

Chainlink’s token, $LINK, is one of the largest cryptocurrencies today, and for a good reason. There are so many applications that use Chainlink every day. This blockchain solution is valuable to the real world, which makes it a stronger contender to outperform in the crypto market.

Tags: ChainlinkGoogleWeb3
TweetShareShare

Recommended For You

Crypto Clients Of Signature Bank Have Been Advised To Close Their Accounts Before April 5

by BlockNews Team
March 31, 2023
0
signature bank

US FDIC advises crypto clients to move their funds and close all accounts on Signature bank before April 5. Signature's payments platform, Signet, is still up for grabs...

Read more

Circle To launch USDC Stablecoin on Cosmos via Noble Network

by BlockNews Team
March 31, 2023
0
circle pay crypto

USDC will be launched on the Cosmos ecosystem as a replacement for Terra’s fallen UST Noble aims to provide a solution for bridging assets from the Cosmos ecosystem...

Read more

MetaMask Issues Warning Against Fake Airdrop Rumors

by BlockNews Team
March 31, 2023
0
metamask

MetaMask has issued a warning to its users about rumors of an imminent MetaMask airdrop circulating on social media, which the company has dismissed as false and dangerous....

Read more

AllianceBlock Partners With Crunchbase To Make Its Data Accessible To Data Tunnel Users

by BlockNews Team
March 31, 2023
0
Allianceblock

AllianceBlock announces a partnership with Crunchbase to give its Data Tunnel users access to Crunchbase's data. This is a working example of a partnership between Web2 and Web3....

Read more

NFT Investor Accidentally Burns $135K CryptoPunk Trying to Borrow Money

by BlockNews Team
March 31, 2023
0
cryptopunk #685

NFT collector accidentally burns a $135K CryptoPunk while trying to borrow money through wrapping, sparking discussions on confusing user interfaces and wash trading in NFT markets. While trying...

Read more
Next Post
Loan-Bag

Crypto Loans in Latin America Amid Inflation

Related News

Man Faces Arrest over Alleged Crypto Mine Hidden Under a School

February 27, 2023
The Daily Dip November 7 2022

The Daily Dip – The Latest News Revolving Around Cryptocurrency, Technology, and Macro Markets

November 7, 2022
NFT Worlds

NFT Worlds

June 28, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Crypto Clients Of Signature Bank Have Been Advised To Close Their Accounts Before April 5 March 31, 2023
  • Circle To launch USDC Stablecoin on Cosmos via Noble Network March 31, 2023
  • MetaMask Issues Warning Against Fake Airdrop Rumors March 31, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?