Sunday, November 14, 2021

Getting started with Chainlink for developers

Chainlink Developer Resources: Chainlink offers developer the ability to use Oracles for writing hybrid smart contracts. Oracles are like blockchain middleware. Chainlink provide decentralized oracle networks, aiming to provide better crypto, randomness and security for data and DeFi apps. Some words that chainlink likes to use to describe itself trustless, permissionless, math guarantees, agreements

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Getting started with chainlink [public]

Top Features:

Chainlink offerings include : Data Feeds, Chainlink VRF, Chainlink Keepers, or Chainlink API.


It's important for blockchain to have deterministic values, which is great for reaching consensus, but real world apps often need variables - values that are changing, such as when querying a weather API. This is where Oracle comes it. Oracles fulfill the need to help blockchains connect with the real world while still providing decentralized infrastructure.
this is a keyword you will hear a lot getting started with Chainlink. 
What are oracles:
"mechanisms of blockchains, smart contracts have no built-in capabilities for interacting with external resources like data providers and API services as a means of verifying the outcome of real-world events happening outside the blockchain. This creates what is known as the blockchain oracle problem and represents one of the greatest limitations to representing everyday contracts on the blockchain. To overcome this lack of connectivity, hybrid smart contracts use oracles as middleware to retrieve external data inputs, push data outputs to external systems, and perform scalable off-chain computations. Not only do oracles serve as a two-way bridge between smart contracts and the outside world, but they also provide a security framework for protecting against any single point of failure such as data manipulation and downtime." - official doc

The business model of chainlink is fascinating, being the middleware of blockchain, serving such a crucial role, chainlink always can charge fees, and chainlink always gets paid. 

"Chainlink Price Feeds provide a large collection of streaming market data. Developers can currently integrate easy-to-deploy code to retrieve Price Feeds for crypto assets, commodities, FOREX, and more market data, opening up a huge number of potential applications. "

"Not just an endpoint, API, has to be decentralized to secure
Separate service, middle ware that lives on top of the chain
Oracle is responsible for connecting to the api of the outside world. 
If it is one point of failure, each to hack, easy to compromise." - zak ayesh developer advocate chainlink

Chainlink can do some stuff that blockchain won’t want to do or cannot do : random number, time keeper. Chainlink does this by using decentralized oracles, running hybrid smart contracts. Chainlink network aims to be trust-less : no need to rely on brands, big corp promises. 

Can be used to agree, aggregate price data, price pairs. 

Chainlink Decentralized oracle network (DON) definition

Data feed: 

"Chainlink Data Feeds are the quickest way to connect your smart contracts to the real-world market prices of assets. For example, one use for data feeds is to enable smart contracts to retrieve the latest pricing data of an asset in a single call." 

data from different chains, and even real world data e.g. weather, e.g. retrieve the current ETH/USD price. Clients include top DeFi apps.

Chainlink Data Feeds : (source workshop slides)
Check out the data feed available . Data feeds bring off chain data on chain. Financial data and API
* Market coverage (DEX & CEX's)
* Mix of premium data providers/aggregators
* Use volume based average method of aggregating data
* Feeds live on multiple blockchains
* Most feeds now upgraded to use OCR

Data feed - contract addresses : 

Chainlink warns the data quality is important. Always check if you are using the best quality data feed.

Random number generation : 

Random number generation is often useful in blockchain development.

Programming language:

You will get experience with (no prior experience required): Solidity, Javascript with web3.js, Python with (if you prefer python > javascript)

Tutorials landing page:

Chainlink hackathon: 

There are many workshops and bootcamps to help you get started. View past winners

Massive alumni success. If won, can pitch to vc. resume builder. 

Chainlink use case

Read more ... 77+ Smart Contract Use Cases Enabled By Chainlink . Trivia knowledge: this post used to be called 44 ways, and now it is increased to 77 ways. More on chainlink use cases. 

Other roles/functions in the chainlink ecosystems: What brought you to Chainlink? A Integrate Price Feeds/Market Data/External APIs, B Integrate Verifiable Randomness (VRF), c Integrate Proof of Reserves, D Integrate Chainlink Keepers, E Build Cross-Chain Applications, F Become a Data Provider, G Become a Node Operator

Chainlink Starter Kit:
Chainlink Starter Kit has chainlink smart contract codes, and supports Hardhat, Brownie, Foundry etc. For more support: discord, documentation, stack overflow, Starter Kit. 

Check out the chainlink hardhat docs and repos.

Chainlink Career

Chainlink advanced

Not the focus of this blog post. We cannot go deep into this area. But here are some of the potential topics to explore (interesting topics): 
  • Build your own DON : running a chainlink node
  • Gain loss estimate
  • Check out Chainlink's Github for more repos
  • Chainlink Off-Chain Reporting (OCR). Each node reports over p2p. Each nodes sign data. Single node submits. Full data all available on-chain Aggregation still done on-chain. Off-chain reporting : Chainlink nodes, smart contract, reduce gas costs up to 90%

Always do your own research and consult professionals before making any decisions. The contents on our sites and channels are NOT financial advice. 

WARNING: when developing for blockchain, definitely use testing throwaway wallet, testnet and testnet tokens to develop your dapp and test extensively. Deploy to testnet first and get testnet coins.  Even if you are a good developer, you will want to use well-tested contract, smart contract templates like OpenZeppelin. And get professional audit help. 

A warning and a reminder : None of our content is for production use. None of our content is production ready. None of our contents or codes have to been tested in production environment. In other words, our contents are NOT suitable for production/live environments. Our contents are informational only. Our contents are NOT tested, or developed for live environment.

WARNING: mentioning a technology is not a form of endorsement. Quoted opinions are those of the authors, not of Uniqtech. Please read our disclaimers before using our content. This applies to all of our contents, channels and websites. 

Mentioning a crypto, stock does not mean endorsement. This is not financial advice. We do not have financial advisory licenses. Do your own research. Cryptos and stocks are very risky. All contents here are hypothetical, informational, educational purpose only. 

We may own said crypto. 

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