Chainlink….you have to know it freaking stinks.
Chainlink is one of my favorite altcoins for the future.
As it’s a solution being used by almost all of crypto and DeFi.
But is there a possibility Chainlink branches out of the crypto industry and into the trillion
dollar world of traditional finance!?
Well in my opinion, it’s not a if…it’s a when.
So are you ready to get stinky with the linky?
Well you don’t really have a choice, because it’s time for Chico Crypto!!
There is no doubt, Chainlink and it’s oracle solution are the dominant force in the oracle
space.
Checking out DeFi Llama we can see that Chainlink commands nearly 50 percent of the oracle space,
with over 15 billion secured with its decentralized oracle network.
15 Billion secured…but that’s just 1.5 percent of a trillion.
In my intro I said Chainlink will be branching out into the world of traditional finance,
to start securing trillions.
So is this going to happen??
Well let’s just listen to Sergey on multiple occasions.
Beginning with his keynote speech at Smartcon in 2020 where the slide he is speaking about
says “the remaining market for smart contracts
is Trillions.
This isn’t the only time Sergey has talked about Trillions in relation to Chainlink.
The next year in 2021 he said this on a podcast with much enthusiasm.
Trillions once again…but then there is this important one.
Sergey was invited to the smarter securities conference held by the payment network Giant
Swift in the summer of last year.
Matthew De Herring, Director of Capital Markets Strategy at Swift asked Sergey a very important
question.
Billions
to trillions of dollars, and Sergey explains their previous and continuing work with Swift…the
largest payment messaging network in the world
So are we diving into SWIFT and Chainlink today??
Nooo…it is well known Chainlink is working closely with swift on ISO200-22 and smart
contract capabilities.
We are diving down deep today and revealing another close partner Chainlink has…we are
diving into Chainlink’s connections with the DTCC.
The Depository Trust and Clearing Corporation.
So who is the DTCC?
Well from a recent blog from them, they explain just that.
Under about the DTCC they say “DTCC is the premier post-trade market infrastructure for
the global financial services industry.
In 2020, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $2.3
quadrillion.
Its depository provides custody and asset servicing for securities issues from 170 countries
and territories valued at U.S. $73.5 trillion.
The DTCC is a trillion and even quadrillion dollar behemoth.
They settle the vast majority of securities transactions in the United states, making
it by far the highest financial value processor in the world.
So what has the DTCC been doing regarding blockchain?
Well in 2017 they announced and revealed AxCore, meaning $11 Trillion in Derivatives were getting
closer to the blockchain.
The article states “For the first time publicly, Palatnick also revealed that Axo's AxCore
protocol was originally derived from the public ethereum blockchain, and that the DTCC's system
uses the same Solidity smart contract language that powers its applications.
However, AxCore has been modified to include a modular consensus mechanism that lets it
tailor services to the specific needs of the DTCC”
DTCC was building their own blockchain, based on Ethereum…although it wasn’t the Ethereum
mainnet.
Well 3 years later, the DTCC released a case study on Project Whitney.
So what is Project Whitney??
Well in the case study the DTCC says “Project Whitney, led by DTCC’s Innovation Team,
is a multi-phase project designed to evaluate the practical and commercial viability and
value of a digital infrastructure supporting private market securities.
How does Project Whitney work?
Well they also say “While the prototype mints tokens and records asset transfers on
the Public Ethereum network, it maintains an independent digital record of security
ownership and performs real-time compliance and suitability checks off-chain.
The DTCC would be using the public ethereum network for mininting and transferring of
assets while communicating with a system off-chain.
Doesn’t it sound like Project Whitney would be using some Oracles for this?
Well of course, as we can see…the compliance oracle is at the center of how this works.
Well just 1 month after Project Whitney was unveiled, it was announced that Chainlink
and the DTCC were a part of the Interwork Alliance both as principal members.
The goal of this alliance?
To standardize token powered ecosystems worldwide….
Now Chainlink put out a blog in November of 2020 titled “77+ Smart Contract Use Cases
Enabled By Chainlink” and under the section regulation, they specifically mention Project
Whitney’s compliance oracle.
Just a coincidence??
I think not…
Why??
Well before we get into that and even bigger breadcrumbs, I want to cover a project I’ve
had my eye on for a while and one you’ll be sure to see me cover again, but this week
they’re supporting the channel as the sponsored segment of this video.
It’s brought to you by our friends at NOCLIP.org… and like always the details of our arrangement
can be found in the description….
NOCLIP is bringing decentralized free access to the Overview Effect for everyone.
The term Overview Effect was coined by astronaut Frank White, described as a cognitive shift
in awareness after witnessing earth from outer space, an experience so profound it often
changes one’s worldview and perspective about life and earth.
The thing is, the Overview Effect can’t be explained, it must be experienced by going
to space - or now with the advancements in Virtual Reality and image technology the effect
can be grasped thru high quality simulation… and with Frank White himself as an advisor,
NOCLIP is leading the way making the experience available to all thru Augmented Reality Data
Overlays of the earth over VR livestreams presented on NOCLIP.org
NOCLIP, powered by Pointblank Company, is launching a 6U cubesat Satellite to Earth
Orbit on October 1st of this year as part of SpaceX’s Geometric-1 mission, managed
by our friend Samuel Reid’s company GEC, also overseeing the Doge-1 mission with the
XI Protocol space tokens and digital space displays.
Coupled to the AR livestream is the ERC20 utility token $NOCLIP, which will be used
to provide the augmentation, where live, human and environmental data and data projections,
games and communications become possible, overlaid on top of a live 3D view of the earth.
And let me tell you, if you’re hearing about NOCLIP and their token now, you’re early…
The NOCLIP token will power augmented experiences like multi-user meeting spaces where users
can come together over earth in a virtual space walk.
There’s also an immersive gameplay experience over earth that is being developed and advised
by Nolan Bushnell, the founder of Atari.
Imagine viewing an augmented earth with historically significant events as overlays, and historically
significant locations, current and recent world events, or even artistic overlays integrated
with NFTs.
With a wide spectrum of geospatial data as optional overlays, NOCLIP aims to provide
the viewer with a broader perspective as to both the fragility and resilience of life.
Thru these immersive augmented experiences, NOCLIP will empower those of us on earth the
opportunity to connect and experience the Overview Effect.
If you want to have a deeper understanding of the overview effect and to learn more about
the NOCLIP token make sure to visit their website NOCLIP.org… and to better understand
the developments and augmentation experiences being developed be sure to join NOCLIP’s
telegram channel and join their Discord, where you’ll find a passionate group ready to
share the vision and answer all your questions.
Links for all their sites can be found in the description
Now back to bringing this Chainlink DTCC connection full circle.
Now Chainlink has their annual Smartcon conference happening next month in September.
Going to the speaker list, we can see it’s a smorgasbord of heavy hitters.
SWIFT is speaking, Former CEO of google is speaking….but if we scroll down, we can
see the DTCC is speaking too, specifically Stephen Prosperi their Head of Product Management
in Digital Securities Management.
Is Stephen involved with Project Whitney??
Yes he is and was, as Project Whitney today has evolved into DSM, the DTCC’s digital
securities management platform.
Let’s hear from Stephen of the DTCC on just that.
Now, Stephen talked about Book Entry Plus on the DSM…which gives securities issuers
the ability to tokenize on the Ethereum mainnet.
I wonder if this involves oracles?
Well going to the DSM whitepaper, and the spotlight on Book Entry Plus we can see it
says “Any on-chain token transfer first seeks approval from the DSM Platform, which
acts as a Blockchain Oracle and ensures transfer restrictions pass and off-chain records are
updated.
It’s highly likely Chainlink has been working with the DTCC on this and at Smartcon we may
be getting a special look into this work and collaboration.
But is that the only big player Chainlink is working with?
Of course not…In April of last year, Chainlink announced Leading crypto risk intelligence
company ciphertrace launched a Chainlink node to support CipherTrace DeFi Compli, a compliance
oracle solution that makes key OFAC compliance data available on-chain.
Guess who acquired Cipher trace?
Mastercard did!!
It was announced in September of last year and going to this blog on the compliance oracle,
we can see that the Cipertrace website now has a mastercard logo, and the blog says this
“As part of its DeFi solution, CipherTrace has launched a DeFi compliance oracle service
on Chainlink to make relevant compliance data available directly on-chain for easy integration
with existing DeFi frameworks.”
Yup it’s built directly on Chainlink….Chainlink is directly connected to Mastercard for their
compliance oracle.
So my friends…the world will eventually catch onto Chainlink but let’s help the
world by using some Meme Magick to spread the word quicker through the internet astral
plane.
Cheers magicians, I will see you next time!