/biz/ - Business & Finance

>>27401218
>And that is what chainlink does for defi, I think for over 70% of defi right now, and for over 90% of the public blockchain derivatives market, which is heavily heavily triggered and heavily heavily dependent on accurate data. We essentially are able to source the data from a multitude of sources that are independent from each other, we are able to validate that data through highly reliable nodes, some of which are data providers themselves, some of which are the source of the data, and some of which are data providers aggregating data from the various places, and we are able to arrive at a consensus about what the final value is, from these hundreds of sources, from these you know, tens of independent nodes reaching consensus, to provide a highly reliable single value, to settle that derivatives agreement, to trigger things in a lending protocol, and if that additional level of decentralization that makes what we do so unique, and its the appearance of that decentralized method for triggering an events based data that has allowed decentralized financial products to do two important things. One is to come into existence, and then the second one, is the ability to generate many new markets, without the team that is making the financial product having to build a data product. Which is actually how the traditional financial worlds, you know banks and other places, make financial products. They’re not all making data products, they have data products that they consume, and then the banks and various financial institutions make the financial products using the data products. And so that separation is part what I’m talking about, as to why now is a great time to build defi products, because if that burden is no longer on your development team, you can rapidly launch many new markets with the data that is provided through something like Chainlink in this decentralized highly reliable way.