ChainLink has hit the crypto scene with a bang; with a market cap in the billions and an army of hopeful holders that feel safe in the knowledge that ChainLink will be the next big thing in crypto.
These hopes are based on a sound assumption; this industry will need oracles to provide inputs from the outside world into smart contracts and oracles will become a bedrock of the blockchain ecosystem.
Despite this, it is my personal opinion that ChainLink will not be the dominant oracle of the future. In this article I will go over why I believe this to be true and suggest an alternative oracle that is popular in China but unheard of everywhere else.What is ChainLink?
ChainLink is an oracle service that is currently operating on the Ethereum blockchain but is designed to be agnostic. Its mission is to provide an ecosystem where information from the outside world can be inputted into smart contracts on the blockchain in a decentralised way.
ChainLink works by allowing a third party like an exchange to become an input node that feeds certain information into the blockchain like the price of Bitcoin in USD. The exchange in this example would run a chainlink node and put up collateral to compensate users if they provide wrong information.
Other third parties can request information from a ChainLink node and put up a fee to compensate them for providing the information.
Chainlink also has a token, LINK, that is used to cover the fees for using the service. As mentioned above, the market cap for LINK is in the billions.
ChainLink provides this information to smart contracts and decentralised applications, making it a hard requirement that it is itself decentralised and trustless otherwise it would compromise all the decentralised services that depend on it.Use ChainLink in AlphaWallet iOS and Android The problems with ChainLink
This leads me into the next section of the article. ChainLink has some big issues in f...