Why hasn’t crypto changed the world yet?
Remember the 2017-’18 crypto-mania and the bull run that came from it? Remember telling your friends about how the blockchain and decentralisation will change the way business and government operate? Remember your shitcoin that was going to utilise smart contracts to usher in the fourth industrial revolution? I remember.
Unfortunately, it isn’t playing out as smoothly as we imagined. After that bullrun we suffered a 2-year crypto Winter and when it looked like crypto Spring had sprung we were turkey slapped by the coronavirus. Government and Businesses although failing, still have the same structure they have been running with for years. And as for the fourth industrial revolution, it feels further away than ever.
What went wrong? Did we subscribe to the biggest ponzi in history? Was the idea of a Utopia where early adopters would have their own seat in the Citadel a lie? Were we only in it to stop wage cucking, get rich quick and get a lambo?
I know what went wrong and the answer is simple. The technology was not where it needed to be. However, this is a common problem with most new technologies.
The technology will be revolutionary, people get excited about it, mania takes hold, the bubble forms and then it bursts. Once it pops it slowly builds back up, as the technology develops and starts to accelerate again at a sustainable rate.
Standard stuff, Amazon and Apple are two perfect examples of this.
At the end of the day, smart contracts are revolutionary; they just weren’t that smart. They were missing a crucial ability, they lacked the ability to take off-chain data and put it on the blockchain in a seamless way.
Everyone has different levels of understanding when it comes to crypto. But if you get what I am getting at, you can see that for crypto to take the next step, an element is missing. Last week I shilled the two OG’s that have made the space possible. Two parts to the god protocol, that the cypherpunks of yesteryear envisioned. But what is “the missing piece of the god protocol”?
Trying to explain Chainlink to someone can be a challenge. However, I stumbled upon a nice little summary the other day that puts it nice and neat:
“[Chainlink is] a decentralized oracle network built on top of Ethereum. Chainlink connects smart contracts to real-world data, events and payments. An oracle is a third-party information source, whose sole purpose is to supply data to blockchains. So for example, if two users bet on the outcome of a soccer match, the oracle will tell the smart contract which team won, so it can pay the winning bettor.” — Okmar Godbole.
One of my favourite analogies that highlights the importance of Chainlink is the internet analogy some anon on the 4chan posted.
To add to the importance of this British mathematician Clive Humby has said (when oil had value):
“Data is the new oil. It’s valuable, but if unrefined it cannot really be used. It has to be changed into gas, plastic, chemicals, etc to create a valuable entity that drives profitable activity; so most data needs to be broken down, analyzed for it to have value.” — Clive Humby, 2006
Chainlink is data for the blockchain. Maybe oil is not the most perfect analogy but the point remains, in the 21st-century data is one of the most valuable commodities.
A quick disclaimer: There is a lot more to Chainlink than I can provide in a single Sunday Shill. There will be more Chainlink shills at some point and probably one on the lore, as Chainlink, crypto and biz lore runs deep. Essentially each section of this is a TLDR on just a few of my favourite selling points.
Sergey Nazarov (Satoshi Nakamoto)
Alright, on my first draft, this section on Sergey was an essay itself. So in keeping it short and sweet; forget Vitalik, Musk and Gates and Zuckerberg, Sergey is the man you want running your company. I am more than happy to bend the knee to him.
Months of radio silence from the team due to his anti-hype attitude made many average punters think that Chainlink was just another crypto scam. The reality was while every shitcoin was making announcements of announcements to pump their price, Sergey and the Chainlink team were busy developing their product (one of the most active teams on Github) and making meaningful partnerships. Leading me to the next part of the shill.
The list of Chainlink partnerships literally grows bigger by the day and though some of these companies may not mean anything to you now. However, they might one day as the space matures (Thanks to Chainlink). That is not to say they aren’t working with major players. You heard about SWIFT or this company called Google? kek.
Chainlink and Ethereum are pretty much powering the DeFi ecosystem which is easily cryptos biggest use case right now. But the end goal is to have every smart contract powered by Chainlink. I will point out, it is possible to use a different oracle network. But there is already a standard for oracles and companies are realising by not going with the standard can be costly. They all inevitably realise their mistakes and make the right choice.
Just check out how fast the network is growing:
The breadcrumbs are not even breadcrumbs any more, its a whole bakery.
Most of these breadcrumbs are all but confirmed, but due to Chainlink’s anti-hype policy they won’t be announced until their partner feels the need to announce it. The Google partnership is a perfect example. No one knew that their partnership was a thing until out of nowhere Google dropped their blog post.
I won’t harp on too long about these breadcrumbs, but before I move on let me just mention a couple of the all but announced partnerships, Amazon, Oracle, Facebook, Barclays, SalesForce, Docusign and pretty much everyone involved with IC3 which includes IBM, Microsoft, Intel, J.P. Morgan and FidelityLabs.
Some anon put together this tasty little page of breadcrumbs if you wanna have a poke around.
Passive income, that term alone is enough to get anyone all hot and bothered. I touched on the beauty of staking last week when I shilled Ethereum. Chainlink is Proof of Stake therefore you will be able to run a node or join a staking pool and earn the LINK token while you wage cuck at your day job.
As I mentioned last week this part is highly speculative, but if you believe in smart contracts having a future then you shouldn’t sleep on this. However, unlike Ethereum which price growth is dependent on it becoming the dominant smart contract protocol, Chainlink is blockchain agnostic.
Do you understand what that means, dad? I will spell it out, It means it will work on any blockchain and therefore if your smart contract provider knows what is good for them, they will use the standard.
Unlike your shitcoin that is some half baked solution to a problem on a specific blockchain. Chainlink will work on every single blockchain in existence and every single protocol needs an oracle. Meaning that as long as this technology has a future Chainlink has a future.
This is the part that either hooks you in and makes you become fascinated with Chainlink or pushes you away and makes you disregard it as another shitcoin with a cult following. I mentioned earlier that Chainlink lore runs deep and I will eventually give it its own Sunday Shill.
A brief overview of what helped the lore develop and for many, the fascination with the project begin. As I mentioned a few times throughout the shill that Chainlink has a very strong anti-hype policy. Therefore, when it came time for their ICO no one knew about it because of their lack of marketing.
But some anon on the 4chan sub ‘biz’ stumbled upon it and saw its potential. The biz community embraced and it was heavily shilled. It then became apparent that if the shilling was to continue, the price might skyrocket as more normies and nolinkers caught onto it. Therefore, biz unleashed an orchestrated FUD on reddit designed to suppress the price of the LINK token. It was not until May 2019 (Mainnet and Google partnership announcement) that the FUD stopped and Chainlink started to become a threat.
The combination of radio silence from the team, a bunch of memeing autists and orchestrated FUD, led to Chainlink having one of the most diehard and passionate communities in crypto.
Here is an overview of a token that went from outside the top 100 (in market cap) to top 20 in the midst of a bear market, a token that ended up finishing 2019 up over 500% and is up +30% in Q1 of 2020 (Impressive in the midst of a financial crisis).
As mentioned, there will be more Chainlink shills to follow. There is far too much information to put in one Sunday Shill. But I have shilled you some classic points here so if you have not already done so, tell your friends, mortgage your house, pimp out your girl and go all-in on this project (not financial advice). Chainlink is set to melt faces and no one can predict what the catalyst event will be to unleash singularity.
See you all at the yacht party.