[Parker] Chainlink rises as the new major player, what’s the role of oracle?
#The key to Chainlink is security While most of the top-tier cryptocurrencies already held their position in 2017, Chainlink is a project that started distinguishing itself after that year. Indeed, there are sometimes cryptocurrencies that temporarily ranked high in terms of the market capitalization, but the case of Chainlink, which has maintained the high rank for such a long period, is very rare. It isn't well known in Korea. There are 540 people that joined a Telegram chatroom for Chainlink in Korea, which is very low considering its market capitalization. Regardless, there are more than 16,000 members in the official Telegram chatroom for Chainlin globally. Just yesterday, China’s Blockchain Service Network (BSN) reportedly announced plan to apply Chainlink’s oracle solutions. Then what is Chainlink? To learn more details about it, Join:D met Lee Young-in, Chainlink's manager based in Korea, and Rory Piant, Director of Chainlink Community. Their answers to the questions were different from what was expected. When asked about the strengths of Chainlink, they answered that it was a project developed for security, instead of discussing the solutions to oracle problems. The purpose for founding Chainlink has been for security from the start, although there was also an intention to adopt oracle technologies that could match external data with internal data. #Relations between Chainlink and Link coin? The fact that Chainlink and Link coin are separated could stand as a weakness. A primary interest among cryptocurrency investors these days is whether a cryptocurrency and its value match. “Chainlink is in any way involved with the price of Link coin,” said Lee. “We are requesting the official community to refrain from talking about the price.” The key to Link coin is not the management of the price, but to compensate people who verify. #Plans for Chainlink Personally, this reporter thought there are areas that the oracle solution project could complement in the field where offline is important. The reason oracle received attention while not causing any issues in the DeFi sector was because middleware could be operated using online based data. “As there are more nodes and verifiers who supply offline centered data, it could be solved,” said Piant. That means, as APIs related to the fields are secured, it will become easier to convert offline based data into digital. “The roadmap was suggested before the basic product was released,” said Lee. “Now, the product has been released, and we don’t yet have directions on by when to achieve what assignments. But we are making updates for each situation. Chainlink’s supplement point [for updates] is to strengthen the communication system and community with developers. From now on, we plan to continuously expand the oracle channel with diverse projects, including DeFi.”