Team behind the project: While the team is public and we definitely know who stands behind the Chainlink project, the Founder and CEO (Sergey Nazarov) as well as the CTO (Steve Ellis) are quite private people with not much activity on social media and public information.
#Top 5 defi coins how to
Potential of the idea: The usage of smart contracts is growing and growing, and with it the demand for solutions to the big problem of how to synchronize the smart contract with real world data - this idea definitely has big potential: 1/1 points here. Here, let's focus and analyse Chainlink from an investment perspective. But how do you give a smart contract such information in a trustless and decentralized manner?Ĭhainlink aims to be the solution to this, but how exactly they are trying to achieve that is a topic for another article. The problem: A smart contract needs some way to know when and what happened in the real world, so it can automatically execute and make the decision it was programmed for. That's what smart contracts are trying to solve, where instead of trusting and relying on the reputation and mercy of a third party, you only have to trust a smart contract - which basically means trusting math. Ideally, you would be able to do this in a trustless, controllable manner where nothing can go wrong.
But even there, you still have to trust a third party. That's the whole reason why third party intermediaries such as eBay are so successful. If you are a buyer, do you send the money first and then hope for the seller to deliver on their promise and really send you the item? Or the other way around, if you are a seller, how do you know that someone will really pay you after you ship out your product? In the traditional world, simple things such as the purchase or sale of something online can become quite complicated. ChainlinkĬhainlink is a decentralized oracle network that aims to provide smart contracts with real word data & information. The Top 5 Best DeFi projects, in no particular order 1. The DeFi projects are selected by: how much potential there is in the idea, how good the team behind the project is, if there is a proven track-record already of completed milestones/past successes by team members, and how much growth potential there still is for the coin or token. In this blogpost, we will be looking into the top 5 best DeFi projects and whether an investment into those could make sense. It has been a long time since we have seen a hype of similar magnitude, probably best comparable to the 2017 ICO hype. 2021 will go into crypto history as the year of DeFi.
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