The God Protocol
In 1997, Nick Szabo, a technological pioneer who coined the term “smart contracts,” wrote an article (https://nakamotoinstitute.org/the-god-protocols/#selection-3.0-7.297) in which he describes, what he refers to as, the “God Protocol.” He states:
“Imagine the ideal protocol. It would have the most trustworthy third party imaginable — a deity who is on everybody’s side. All the parties would send their inputs to God. God would reliably determine the results and return the outputs. God being the ultimate in confessional discretion, no party would learn anything more about the other parties’ inputs than they could learn from their own inputs and the output.” The whole idea centered around replacing middleman intermediaries, such as trusted third parties, with a trustless third party protocol that was able to receive inputs, processes them, and deliver outputs, all in a completely secure and unbiased manner. This trustless third party would be automated and under the control of no one, yet still deliver perfect results.
Problem 1: how to avoid double spend. Answer: community consensus model where the people verifying transaction are incentivized to do the right thing -> bitcoin.
Problem 2: ok, but now we want to do more sophisticated transactions with business logic, e.g. a bond that pays out on a set schedule. Answer: community consensus model where the people verify the business logic is followed correctly -> ethereum
Problem 3: ok, but for almost any REAL world contract, we need external data, e.g. what was the rainfall on that date, did the package get delivered, what was the price of a barrel of west texas intermediate crude on a October 1. Answer community consensus model for verifying external data where those validating have skin in the game (via staking collateral) -> chainlink
This was the short version why Chainlink will become one of the most important blockchain projects.
- Think of a blockchain as computer that is not connected to internet.
- Think of Ethereum as an Operation System.
- Think of Chainlink as a connection to the internet.
“That computer can still enhance efficiency for workflows and business processes but this is greatly limited due to its inability to fetch and retrieve external data. Just like a computer without wifi or a smartphone without 4g. In theory Ethereum is supposed to enable users to do a lot of things…but without an internet connection, this is once again greatly limited to a very pitiful state of minor improvements in workflow efficiencies.” “Chainlink’s purpose is to serve as the internet connection for blockchain, which will finally enable blockchain to reach its full potential. Smartphones did not gain traction until 3g and 4g data networks were spread and available throughout the whole world enabling every single participants to connect to the internet, the same thing is about to happen in the blockchain world.” Little expanded version can be found here, in “Idiot proof guide to blockchain, Ethereum, Bitcoin and Chainlink”:
Long version is below, I urge you to read all these articles and understand 4th industrial revolution.
Chainlink described:
https://blog.chain.link/chainlink-an-overview-and-our-focus/
“Chainlink — The Missing Piece To The God Protocol”
https://blog.goodaudience.com/chainlink-the-missing-piece-to-the-god-protocol-fd455dde92ab
“The Fourth Industrial Revolution: The Rise Of The Autonomous Economy”
“The Current vs Future State of Distributed Ledger Technology (DLT)”
44 Ways to Enhance Your Smart Contract With Chainlink
https://blog.chain.link/44-ways-to-enhance-your-smart-contract-with-chainlink/
PSD2: https://imgur.com/a/2kFua15
ZeppelinOS is a development platform designed specifically for smart contract projects. 90% of SmartContracts are written with ZeppelinOS. ZeppelinOS is partnered with Chainlink:
https://blog.zeppelinos.org/chainlink-partnership/
Chainlink confirmed partnerships can be found on Linktrader reddit.:
SWIFT proof of concept with Link discussion: https://imgur.com/a/tA0WloY
So, what after main net launch? Guess what, oracles are new mining: https://imgur.com/a/5bQlxEy
So, staking will take almost all tokens out of circulation. Linkpool enables staking, CLC group enables API marketplace (https://www.clcg.io/).
If you check which projects have surpassed January 2017 ATH, you will find only BNB and LINK. That speaks of the quality of both tokens.
Some valuation speculation: https://imgur.com/a/swPOtIz
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