Actual Oracle Explained

They basically said fuck you to anyone that wasn't in the 100+ ETH minimum presale.

Fuck this scam

memes aside watch this. its incredible

It is probably still worth buying after it corrects on exchange if this hype is true.

He's basically explaining how chainlink solves the "oracle problem" in the sense that it acts as an intermediary for contracts written in different programming languages so that they can get the information they need to confirm the terms of the contract were met and send the money. It's a problem because there's no way to ensure the data wasn't falsified if it relies on an "oracle" or central database that holds the information it needs to verify.

Dude if you think that's incredible than inform yourself more about Ethereum and its possibilities. I hold some LINK but I don't believe this THE solution to the centralized oracle issue.

Once someone comes up with a real solution 1 ETH = $100,000

I was planning on holding for a few weeks or months and sell. This presentation convinced me to hold indefinitely.

Watch guys. Do youreself a favor.

THIS IS IT, THIS IS THE THREAD I WAS LOOKING FOR. I'M HERE. I'M FROM THE FUTURE. I have come back in time to warn you all that this oracle problem is bigger than any of you could have imagined... at first we all thought it was fine. Hey, what's the harm in a fancy new system that could digitize the world? Well here's what: by the time I finish this sentence THE AI will have analyzed everything my vocal cords are processing and my biomechanical MGTI® CyberHeart and BlockBrain Implant will self dest-

Its build on Ethereum.

What makes you think this isn't THE solution?

kek

>dest-

How did you solve the captcha after self destruction? You better not reply, because you've already self destructed.

>THUS FIAT DATA AGENCYS
It looks like this speaker's unrealistic dreams, because in reality nobody will cooperate with him.

>oracle problem
What is this? Educate me please.

Yeah... so? If any project (obviously built on its blockchain) finds a way to decentralize the inputs and outputs to its smart contracts, that would be the ultimate blockchain and solve like nearly every issue in the IT world.

It is a good solution for some applications. But for many it is too slow and inflexible.
Example Etherdelta: Imagine you would need a majority vote of witnesses for every single transaction the GUI shows. This would render it useless. Therefore many projects still rely on centralized oracles to feed into and out of the smart contract.

Y'all thought the mention of bond clearance for Sibos didn't mean anything?

Hint - how much is the bond market?

so why go to all this trouble again? when theres already a system if cryto isnt in the middle

This speaker is Sergey Nazarov the creator of ChainLink.

SWIFT, the agency literally used in the examples, is already internally USING SmartConract.com as a centralized Oracle and will use ChainLink as a decentralized Oracle.

Ark already does that with ACES
Why waste money on this scam?

Just watch the video man.

money
this

Smart contracts are decentralized apps, a piece of software saved in the blockchain with no central server. This makes the software transparent, you cannot temper with it, you cannot delete or hack it and it cannot go offline.

But those programs are very simplistic "if, then, else" etc. and need data to feed into them from a centralized software and then once the data is processed by the dApp it will be returned to a server with some centralized software.
These connections are called oracles.
And as long as they are centralized, the best smart contracts are basically close to useless as they still need centralized inputs and outputs.
Eh?

This is for accessing external data to inform the onchain smartconract. ChainLink does this in a turstless way.

You can buy ChainLink on EtherDelta now if you want to offset some of your Ark losses

...

Exactly. You are completely trusting that the Oracle wont tamper with data, and understandably huge multi billion dollar companies don't like this. They trust smart contracts of course, but they dont know if they can trust the Oracles that inform the smart contracts

then make another system thats integrating all of them

user theyre trying to make a complex answer to a very simple problem

Praise the lord, he really solved it!

What? You don't understand - this IS the "other system that's integrating all of them"

As I said before I hold 3k LINK and I don't want to FUD. I believe ChainLink is going up in price x2.

However, there must be a simpler solution to the problem. This one seems far to excessive and requires too much effort to get complex software running over it with a high throughput.
It might be okay go check the bitcoin price once an hour.
But try to install a computer game on the blockchain and see how ChainLink copes...

>smartcontract
>chainlink
why bother making the data go through all of those when, a developer could make all of them in one supposedly system that makes all of them in one network

suppose well call this new network
>your new tech is already obsolete since it isnt user friendly

What is cool is that you'll be able to check against multiple oracles. You could probably say that a result is accurate if 7 out of 10 oracles report the same, etc.

facepalm

Why did you fags even buy LINK if you didn't know this at the time?

NO NO NO
STOP IT!!!!!

THIS IS A SCAM!!!!! SELL NOW!!!

Peons.
> Buy this, eat this, drink this, say this, do this
They will do anything to fit into the status quo.

user theyre trying to fit them all together when its simpler to make a new one from scratch

this isnt even about oracles only. there is way way more to it. this is the ripple killer. buy now or stay poor. YOUR CHOICE

No man you have to actually watch this video before commenting this stuff. What you're saying couldnt be further form the truth. ChainLink is in fact the solution to the issues you bring up

The whole point is for the developer NOT to have to build it. The infrastructure is already there and you just pay for access to it as a service

Correct in thesenes that decentralizing inputs is the ultimate dream but that simply is in no way possible or realistic. At some point in the beginning of the chain you HAVE to trust someone because there are humans responsible for the data. The whole point is that the data we access is coming from pristine reputations - Bloomberg, Standard & Poors etc. The multi billion dollar banks do trust them. What they DONT trust is Random Oracle X to translate the data and put in on the blockchain that automatically enforces multi million dollar contracts that cant be undone. THAT is what is being solved here.

So yes, ideally Bloomberg and Standard & Poors is just an automated automatron run by Skynet and then we dont have to trust humans but that isn't realistic or possible. So what we CAN do is increase the amount of trustlessness in each step, and this does so for the translation of data step

Good discussion. A lot to learn here.

Exactly, and the Oracles that falsify info dont get paid and lose money. Its the same reason you cant submit false transction to the Bitcoin blockchain - you're just wasting energy.

thanks user, starting Nazarov presentation now

Mfw dumped ark and went all in on LINK

Holy shit guys I finally figured it out. They solved the oracle problem by decentralizing the decentralized. It's fucking genius.

Think about it - decentralization of the blockchain has led to trustless systems where we have a tamper proof and falsification-proof concept of exchanging arbitrary units. Since oracles are part of the same ecosystem, all we need is a consensus among them as we would with any PoS system. Fucking brilliant.

D E C E N T R A L I Z E D

HOLY MOTHER FUCKING SHIT

THIS SOLVE THE FUCKING GOD DAMN ORACLE PROBLEM
WHOAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

I CANT FUCKING BELIEVE IT

OH MAN THIS IS FUCKING NUTS

THEY SOLVED IT

JESUS MOTHER FUCKING CHRISTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
WOWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW

This is literally never going to be implemented, because the Oracle system is designed to allow the CIA to falsify any research simulation data performed with Etherium or similar work-based coins using a man-in-the-middle backdoor in the centralized Oracles

Unironically yes that's correct besides the decentralizing decentralized. It doesn't further decentralize the existing blockchains part but rather decentralized the translation from external inputs that can be interpreted by the decentralized smart contracts. It's fucking amazing

Nice just bought 100k

Not if ChainLink has its way :)

There is no justification for the actual calculations performed using Etherium not being universally published to a ledger, other than everyone would benefit from any task instead of only the Proprietary Asshole Customer

You think you shouldn't be on the CIAs side??

the problem with buying LINK is that there's nothing for the investors to do while they spend their 2 years developing thier (surely valuable) experimental protocol for a similarly experiemntal platform

I had looked at Town Crier and found it interesting but judged that it's fairly academic and will take years to be realized. Crypto is full with 20 year olds with ADHD, the price won't stay up. That's why I didn't do the ICO.

Not sure I follow you're point. If you're talking about transparency in the ChainLink calculation then that's completely open as given in the example half way through where Bob queries the hardware's calculations

And hang with them next year? For no benefit whatsoever?

Sounds pretty gay tbqh

If you think a societal collapse that will result in the nations covert intelligence agency being lynched will happen next year...why are you shitposting on a mongolin fingerpainting forum instead of oh I dunno leaving the US?

SmartContract.com has provided their centralized Oracle to swift for quite a while and Swift uses it internally. You correct that us plebs can't use it now but really we don't need to. I'm not sure when the first nodes start running, but I don't think it's past march 2018

>If you're talking about transparency in the ChainLink calculation

No, where can you independently verify the actual calculations run on the Ethereum Virtual Machine ?

user Im not fudding and generally curious

this answer is for big banks and generally doesnt give anything to the enduser

also these big banks dont like decentralized anything last I heard

> he buys chairs instead of learning how to make one for himself
> he buys bread instead of growing wheat, harvesting it, milling it and baking it himself
> he literally bought a computer instead of learning how to create all its components by himself

AHAHAHAHA KILL YOURSELF

The bioluminescent OSS African-Americans getting lynched doesn't sound like societal collapse to me. No lynching happening would be a societal collapse because that's their basic goal, run capitalism into the ground so they can found a technocratic feudal autocracy

this is my last warning to you fellow bizraelis.
buy now. you will NOT regret this

but I can't find where to buy it? It was on pre-sale and that's it?

companies that combined all the tech of a convoluted supply chain always came out on top

You can buy it on EtherDelta.

can i stick my penis in an oracle and itll enter everyones orifices?

Instead of getting greedy, the devs took a 12 million dollar pay cut by keeping the $ cap of the ico after the price of ETH rose.

Only downside was the fact that the 2nd phase of the ICO had less to go around.

They did exactly the right thing.

Vitalik himself says the best oracle solution would be built on top of Ethereum by another party.

blog.ethereum.org/2014/07/22/ethereum-and-oracles/
>the most exciting end-user-centric innovation is likely what will be built on top

See

>nobody will cooperate with him.
*cough* swift

sibos.com/conference/conference-programme/bridging-dlt-and-swift-messaging-smartcontractcom-innotribe-industry

Keep in mind, SIBOS is organized by swift, so you're hearing this straight from the horse's mouth.

Yes. Yes you can. That's exactly how it works.

the forethought to add the hyphen before death shows how truly selfless he was

No, aces is for linking two blockchains; while link aims to connect the blockchain with conventional business/finance transactions, thus allowing on-chain smart contracts to be applied to conventional business/finance transactions.

Let that sink in for a second.

Commercial courts will go out of business, there's no disputing the blockchain.

You know your way around etherdelta, right?
You're welcome.

kek'd kekedly

>rothschilds have stuggled to solve it for decades
>in contact with aliens working on a solution
>solving it would grant the solver psychic abilities

etc etc

THE CALL THAT SOLVED THE ORACLE PROBLEM

>Solve it.

Correct, but remember that's only ONE of the use cases. It CAN do Ripple's entire function trustlessly and more efficiently, but the incoming data can be anything. It doesn't have even be witnessing financial transactions. For example, remember Walton, the RFID hype bunny? That entire use case is completely contained within ChainLink's oracle infrastructure making it obsolete. Walton and Ripple are dudes creating mustangs and camaros in their garages while ChainLink is the assembly line that can make either and so much more

This video is what convinced me to buy it.

>tfw your ghost solves your captcha

you are correct good sir

>the problem with buying LINK is that there's nothing for the investors to do while they spend their 2 years developing thier (surely valuable) experimental protocol for a similarly experiemntal platform

Bruh, the product is there already.
They're literally doing a live demo of it in front of the whole financial world at the SWIFT-organized event SIBOS in a few weeks.

And "doing nothing" is basically what investors do. They plunk down cash and watch it grow.

Also, you're not investing long-term because ADHD kids aren't? Wat?

lol yeah ok. enjoy holding a shitty eth token for a whole year, minimum. i might snag it up in a month after the FOMO dies down and it sinks below presale price.

There's major shit going down in a few weeks user.
S I B O S
I
B
O
S

Get it while it's itching to blow up from sheer volume on fucking etherdelta.

How delusional.

>Didn't get into ChainLink ICO, going to FUD it like crazy.

guys has the oracle problem been solved???
I need to know asap

Maybe you should have joined in on the presale pools like the rest of us then, there were plenty here.

This shit is getting beyond retarded.

ChainLink is literally a protocol which both parties agree to exchange information on.

Until said protocol is created nothing is actually "solved".

what was the presale eth ratio

This level of coping is unhealthy

. 00031