Chainlink is the most commonly used oracle in several Ethereum Virtual Machine (EVM) chains and others. Though the project sounds like an ordinary crypto in the market, Chainlink is an essential part of blockchains thanks to its facilities.
Chainlink decentralized oracle networks provide tamper-proof inputs, outputs, and computations to support advanced smart contracts on any blockchain. "by enabling access to real-world data and off-chain computation while maintaining the security and reliability" -Chain.link
It provides functionality for blockchain operations to initiate more complex smart contract transactions flawlessly. The oracle is one of the fundamental parts of smart contract systems and Chainlink fixes it on Ethereum Network!
Chainlink Does not Support Ethereum PoW
This announcement is crucial!
We already discussed the problems between miners, the ETH team, and indirectly ETC. While there were some parties who intended to accept Ethereum PoW as "real" Ethereum and stay with the real name and symbol; the PoS system is what the community acknowledged and initiated.
The immense battle between two parties will be effected by the attitude of Chainlink in this battle -> Chainlink only supports Ethereum PoS that's supported and developed by Vitalik and the team behind ETH.
ETH PoW Without Chainlink: R-I-S-K
First of all, the supporters of Chainlink claim that it may not be a sound idea for Chainlink to be on both chains as there won’t be enough liquidity on ETH PoW side to secure the data feed.
The question comes to our minds is that what will happen to the contracts on Chainlink deployed at the top of ETH PoW when the support is over?
We may expect huge sell off for ETH-PoW or there may some short-term issues in the operations of the blockchain. Limited time of halt time would be "the least" problematic case for the sake of it.
The transition is expected to be smooth and less threatening for the assets locked on Ethereum. As crypto investors who have assets on Ethereum, it will be a decision time for us. It seems like the majority will be following Vitalik's eco-friendly way ✌🏼
Centralized Stablecoins USDC & USDT will play an important role in the future of the hard-fork.
They will be forced to make a decision as their money will be doubled when the split takes place. Besides Chainlink, USDC / USDT, crypto lenders, AMM and market places will also have a role in the adoption process.
So far ETH PoW 0-1 behind ETH PoS by Vitalik.
What do you think about the decision of Chainlik?