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‘J.P. Morgan Expands Blockchain for Ethereum Assets πŸ’₯ Chainlink Duplicates’

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J.P. Morgan Launches Blockchain for Ethereum Assets πŸ”₯ Chainlink Ripped Off

Blockchain technology has been making waves in the financial world, with more and more institutions recognizing its potential to revolutionize the way we transfer and manage assets. One of the latest players to enter the game is J.P. Morgan, a leading global investment bank, which recently launched its own blockchain platform for Ethereum assets, attracting attention from the crypto community. However, some critics argue that J.P. Morgan’s move may have been inspired by Chainlink, a decentralized oracle network that has been gaining traction in the industry.

J.P. Morgan’s Entrance to the Ethereum Blockchain

The launch of J.P. Morgan’s blockchain platform, known as Onyx, marks a significant milestone in the integration of traditional financial institutions with blockchain technology. The platform is built on top of the Ethereum blockchain, which has long been recognized as one of the most secure and widely adopted blockchain networks.

Onyx aims to provide a secure and efficient method for transferring, issuing, and managing assets on the Ethereum blockchain. By leveraging blockchain technology, J.P. Morgan hopes to streamline cross-border transactions, reduce settlement times, and increase transparency in the financial industry.

With the launch of Onyx, J.P. Morgan joins other financial giants, such as Goldman Sachs and Fidelity, who have also shown interest in blockchain technology. The move highlights the growing acceptance of cryptocurrencies and blockchain as viable alternatives to traditional financial systems.

Chainlink’s Influence on J.P. Morgan

While J.P. Morgan’s foray into the Ethereum blockchain is noteworthy, some critics argue that the bank may have been inspired by Chainlink, a decentralized oracle network.

Chainlink provides a bridge between smart contracts on the blockchain and real-world data, allowing for the seamless integration of off-chain information into decentralized applications. Its unique infrastructure has gained recognition in the industry, leading to partnerships with prominent companies like Google and Oracle.

According to some observers, J.P. Morgan’s blockchain platform shares similarities with Chainlink’s infrastructure. The platform also aims to bridge the gap between traditional financial assets and blockchain technology, suggesting that Chainlink’s influence may have played a role in J.P. Morgan’s decision to launch Onyx.

However, it is important to note that J.P. Morgan has not explicitly acknowledged Chainlink’s influence, and the bank’s blockchain efforts reflect its own strategic interests and initiatives.

Frequently Asked Questions (FAQs)

Q: What is J.P. Morgan’s Onyx platform?

A: Onyx is J.P. Morgan’s blockchain platform for Ethereum assets, designed to streamline cross-border transactions, reduce settlement times, and increase transparency in the financial industry.

Q: What is Chainlink?

A: Chainlink is a decentralized oracle network that provides a bridge between smart contracts on the blockchain and real-world data, allowing for the seamless integration of off-chain information into decentralized applications.

Q: What similarities exist between J.P. Morgan’s Onyx and Chainlink?

A: Both J.P. Morgan’s Onyx and Chainlink aim to bridge the gap between traditional financial assets and blockchain technology. However, it is important to note that J.P. Morgan has not explicitly acknowledged Chainlink’s influence on its blockchain platform.

Q: What is the significance of J.P. Morgan’s entrance to the Ethereum blockchain?

A: J.P. Morgan’s move highlights the growing acceptance of cryptocurrencies and blockchain technology in traditional financial institutions. The launch of Onyx signals a major step toward integrating blockchain into the mainstream financial system.

Q: Are more traditional financial institutions expected to adopt blockchain technology?

A: Yes, the adoption of blockchain technology by traditional financial institutions is expected to continue. Many institutions, such as Goldman Sachs and Fidelity, have already shown interest in blockchain and cryptocurrencies, recognizing the potential for increased efficiency and transparency in the financial industry.

In conclusion, J.P. Morgan’s entrance into the Ethereum blockchain with the launch of its Onyx platform demonstrates the growing acceptance of blockchain technology in traditional financial institutions. While some critics argue about the potential influence of Chainlink, the move reflects J.P. Morgan’s own strategic interests and initiatives. As more financial giants embrace blockchain technology, the potential for transformative change in the industry continues to grow.

Tags Assetsbitcoin newsblockchainbtc pricechainlinkcrypto adoptioncrypto newsEthereumlinkripplexrp
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45 Comments

  7. This is why I hesitate to invest in anything other than BTC. Nothing stoping these big corps from copying and building their own blockchain.

  10. This is why you need to patent and protect your technology. No reason why the institution need to use any existing chains, they can run their own.

  18. Can you imagine the market reaction if this video came out in 2021 or after the NEXT halving- when more retail are here enjoying the πŸ‚ πŸƒ

  20. Disgraceful JPM. Blatant theft of LINK's business, and even their NAME!!!, WTF man. Obviously coming from the mindset that they are untouchable. Hope chainlink sues the pants off them. Even the graphics are similar. Lazy creeps. The notes he was reading off in the interview were probably Chainlink's operating manual.

  21. Let’s be frank…. ETH is winning if not already have it in the crypto bag.. Anyone investing in alt L1’s like ada sol avax dot are throwing their money away. No one cares. Do what you want. Those who invest in ETH are winning and will continue to win. ETH is the Amazon/Apple of crypto. You heard it here first.

  22. Blackrock (15 Trillion) has spoken!!!!! They will settle on ETH!!!! Not ada dot sol avax…. The door is closing, boys. It’s the door that will separate the winners from the losers. NOTE: This is the last bull run that will allow the average trader to become a multi millionaire and its doorway has the letter ETH on it. Buy now; don’t whine later…

  30. Downside is homegrown solutions aren't scrutinized to the same level as others that have been around for many years. Rushing a product to market will eventually catch up with a negative result.

  32. TCP/IP became an internet standard to securely connect devices. LINK is very similar in many ways. I don't see individual institutions each having their own protocol. The idea is to create your own private blockchain and leverage standard protocols to securely transact between blockchains. LINK will forever me my top position. The idea here is that Web3 WILL become the defacto standard in the next 5 years, and Web2 will still exist creating the need to bridge data from the real world to on chain. Like Open Source tools, LINK makes sense to use as it's an Out of the Box (OOTB) quick way to implement cross chain security, and will have a proven mechanism to handle all of the this. Now the bigger question is, will LINK win the "web 3 TCP/IP" battle. Right now they dominate, but TCP/IP wasn't the first to the races when the WWW and Internet came to life. Time will tell. In the short term, digitized assets will all use Chainlink in some way shape or form until it either becomes the standard forever, or until something else has a big enough presence and technology stack to compete. JP Morgan is just too stubborn to "trust" LINK right now.

  38. The Reef extension, available for Chrome and Firefox, is a browser tool that enables secure interaction with the Reef chain ecosystem without exposing private keys.

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