To the people wondering why anyone would be using chainlink smart contracts and spending link and gas vs just gas.
The current state of affairs is that smart contracts aren't really smart right now. They execute, but that's about it. If a bank were to send those they wouldn't have any historical data with these contracts and have to rely on a third party to keep track. Plus having to redo their infrastructure to utilize whatever blockchain method to send contracts.
The key with chainlink is they can keep their existing infrastructure and send using chainlink as an oracle. Plus on top of it being a smart contract it will carry all the previous data of that contract on the blockchain thus taking the need of an off chain data keeper to keep track of it's history. Conveniences for banks or any thing needing the security and reliability of a decentralized smart contact.
That's the reason swift is having Sergey showcase a live working demo.
HOLY FUCK I WILL GO TTO LAMBOLAND HAHAHA LAMBO HERE I COME
Kevin Reed
And just a reminder that the use case isn't just for Banks. The use is for whatever you need a smart contract for. The off chain data feeds is whatever you want attached to the chainlink Oracle
Zachary Cook
For anyone wanting to join the link ship. I deeply deeply urge you to lookup all the facts YouTube Google articles and whitepaper. Before you buy. Don't buy fomo because then you won't know why you're holding.
Camden Hernandez
There is no advantage to transferring offchain data on a blockchain because the trust problem was never in the transfer.
A blockchain that is not conpletely decentralised is just a database. Using blockchain technology to transfer data between centralised dat sources is way more expensive and slow than centralised transfer and does not make that system any more trustless
People are buying this because they know it will hype with the swift brand attached to it. Swift is either desperate to stay relevant or dumb as fuck
Isaac Mitchell
But this is why link nodes are useful to provide trusted data feeds.
Nolan Harris
you stupid fuck you literally have no idea what LINK is even used for holy shit
Samuel Flores
so I still go to Lamboland?
Benjamin King
It's not just one centralized source its multiple nodes which are paid in link
Cameron Evans
Its just an inefficient api hyped by a misunderstanding of the value of blockchain. Anything link links to eth, btc or smart contracts are centralised. Blockchains are not better at transfering information they are slow and expensive but this is worth it in applications where trust is an issue. If you are using a blockchain to link sources that are not decentralised and thus require trust yoy are wasting your time
Logan Hill
Obvious trilling
Nathaniel Lewis
linkies BTFO
Gabriel Taylor
When is the demo
When is my lambo
Parker Wright
You shall never win, LINKies.
Bend the knee.
Cooper Garcia
Next step is decentralizing the inputs, and then welcome to the new dimension
William Murphy
There is still relevance in having smart contracts acting on centralized inputs, there is value in having smart contracts interacting with the outside world, "as long as we can trust the source the output of the contract can be trusted", and that's just the beginning
Gavin Myers
If swift or the financial system decentralises, its business model ceases to exist. Decentralised inputs for other systems will require decentralised physical measuring devices etc. Even if this happens their is little to no reason link tokens would be worth anything and a high likelyhood they would be inflated to maintain market share with any other competitors and smart contracts that can just link straight to inputs without a redundant middleman
Liam Jackson
I agree but people need to realise this not a ticket to lamboland or the next ethereum. If you belive this you are jumping on a hype train driven by links association with swift
Evan Myers
Its not the next ethereum but it sure as hell is a ticket to the moon.
The price now vs ICO is already a mini moon of it own.
Joseph Cruz
LINK bery nice coin to hold, extremely value, luv it
James Lopez
BUT I WANTED THE LAMBO MOMMY AAAAAAAAAAAAAAAAAAAH
Cameron Gray
well but with chainlink you can choose how many of those centralized sources need to signal you the same info before your smartcontract says "ok, thats trustworthy enough when 10 different independent centralized sources state the same thing". Multiple centralized sources = decentralized consensus = link will buy each of us a bugatti
Julian Davis
Im saying fair enough blockchains need to be linked to data but a blockchain isnt a good mechanism of doing so when the data isnt decentralised
When i take a shit it doesnt matter if my plumbing is lead or gold; what comes out is shit, so why use gold pipes?
Juan Ross
Sergey even states that even though he sees the future in blockchain and it's future. Realistically The real world right now needs fiat and old centralized outputs. Chainlink serves to bridge that with it's Oracle kit and services.
You're absolutely right currently there's no need to put anything on the blockchain. There's no use for Bitcoin other than a few people actually utilizing it as currency. There's no need for ethereum currently other than getting into icos and meaningless shills and trade.
However blockchain is the future. No matter how much you say it's slow as of now, but that's why institutions recognize this and the beauty with chainlink is the fact they can still utilize their centralized feeds and still connect to the blockchain. They don't have to change their structure.
This allows intuitions to adopt blockchain with very little investment.
That's the key
Blake Cruz
Your train of thought is literally how kodak looked at the digital photography movement. They ignored it and said why would anyone want low quality photos when they can have high quality tangible photo films. If memory serves me right they don't exist anymore.
Charles Rogers
i think decentralised crypto currency is the single most important invention humanity will ever create and decentralised applications have the potential to reduce the marginal profit in business so that business becomes free.
Chainlink is not going to go the distance though see
Alexander Hall
>chainlink is not going the distance Your loss pal
Samuel Phillips
>decentralized crypto currency >most important invention
Ok now I know you're a retard
Jaxon Ward
This has probably been the most thorough and comprehensive discussion I've ever seen on biz, nice work
What are some examples of smart contracts that you could do with the Oracle system and not without? Where the inefficiencies of Oracle overpowered by the merits?
There's a lot of people jumping on because of swift. If you look past that it's only the beginning. This has a use for the real current world to connect to the blockchain. Whether it's using hyperledger, ethereum, transactions with fiat, or contracts that pay with omisego, neo, nexus.
Chainlink is bridging all of that together. The only cost you pay node operators is LINK
Ethan Moore
Chainlink is the single most useful ico out of all the icos built on ethereum to my knowledge with an actual working product you can use RIGHT now. Omisego is only built on hype as of now and it's going the distance. There's numerous other coins who have mooned with hype only.
I don't know how close to the Moon it'll be or how far past it will go. I just know I'm on a rocketship. This ship isn't coming back to earth.
The US Gov. is also up their ass snooping, if at some point the Ethereum blockchain becomes anonymous (One of the goals for Serenity right?) then they are back to being in control of themselves again.
To use blockchain smart contracts, you need oracles. Preferably decentralized, trustless ones so that the oracles don't become another vulnerability or point of attack for malicious attacks / control.
I don't think I've seen anyone make this argument here before, if I'm missing anything I'd like to be corrected. I'm holding a fair amount of LINK but I'm starting to think LINK is too good to be true based on the shilling.
Bloomberg interview with Coinbase cofounder that states that if Blockchain is the new paradigm, that out of the new paradigm excluding the legacy coins like Bitcoin/Ethereum, you should be looking at the Amazon/Google/FaceBook of the new paradigm that will be native to it.
He states that the blockchain is many factors off actual use, so did that hedgefund manager that wants to make a 500 million dollar hedgefund, but they make good points about how internet in the beginning was like this.
I would be with if this project didn't have a prior three year timeline with big name players talking to it. It isn't OmiseGO with a skateboard.
Here is the world economic forum from 2 years ago stating that Sergey's project will be the it project for Bitcoin and the Blockchain.
Austin Johnson
Why can I not find chainlink on blockfolio?
Liam Campbell
Sync your coins dingaling
Jacob Murphy
>an oracle not running on its own blockchain
Nathan Ortiz
sergey was working on smartcontract.com before ethereum was a thing, but vitalik's a smart mofo and there's good reason that its being used to be built on.
plus its the best way to get funded as an ico using ethereum
Bentley Allen
Appreciate the research and thoughts!
Thomas Cook
I just bought some LINK. Does it matter that I bought it with BTC and not ETH? Will I still be able to go to the moon?
Christopher Baker
No it doesn't matter.
Welcome to the LINK club fam_
Aaron Barnes
CHADLINKERS ARE THE MOST POWERFUL RACE
Samuel Rogers
>A blockchain that is not conpletely decentralised is just a database. oh my god you are completely clueless.
The blockchain doesn't store "the data", the blockchain is used as proof, as verification for executing the contract.
Jose Rivera
Chainlink promises to do for mainstream finance & business what Ethereum did for crypto.
Nick Szabo invented "smart contracts", and they were always meant to be used in mainstream finance & business. There was simply never a supporting structure secure enough before the blockchain.
Tyler Bailey
This.
"Smart contracts" were invented in the 90s by Nick Szabo; and they were always envisioned to exist within mainstream business & finance.
The problem is that "smart contracts" are meant to be automatic, meaning they have to be extremely secure or no-one would trust them. Centralized solutions for instance are worthless here, as single points of failure (or small number of points of failure). So they remained a theory.
In comes the blockchain, and suddenly there is a secure way of executing smart contracts.
Why is the blockchain so secure? It's decentralized. The proofs are everywhere.
How is it decentralized? Because it is "incentivized"; i.e. people benefit from owning the proofs because bitcoin for instance is worth money. (This is also why Chainlink's network is going to use tokens btw)
Now all you need is something that relays external information IN A DECENTRALIZED (and therefore secure) WAY to this "blockchain", and voilà, you can execute smart contracts in the "real world".
Chainlink is pretty much the ONLY solution that does this. With a decentralized data input network built from the ground up.
They've been working on this since before Ethereum, which came earlier because it's that much easier to do smart contracts within the crypto space itself.
Justin Jenkins
absolute newfag mong here, link is really hyping me, i have some money in my bank account that i can spend on it, whats the easiest proper way to buy link right now?
Ethan Ortiz
But the data is effectively decentralized... consensus throughput of data from multiple centralized sources eliminates all the voulnerabilities of a centralized data source, and the more centralized sources there are, the more secure is the oracle. So unless a malicious party controls the majority of the data sources (highly unlikely in most cases), the consensus throughput method eliminates any chance of fat fingering / tampering.
Joshua Reed
Buy ETH or BTC on your preferred exchange, if you've never bought any just go to coinbase.com, register there and buy some. Then register on binance.com, transfer your BTC or ETH to your binance account and buy LINK.
There are other exchanges than coinbase that might be cheaper in terms of fees, but this is the easiest way if you're totally new.
Jaxson Jones
im a newfag too can i buy link on bittrex or where should i buy that?
Justin Ward
Binance.com
If you don't want to click my link google coinmarketcap, search for "LINK" and click markets and select Binance.com
Thomas Cox
LINK is only on Binance or EtherDelta, it's not on bittrex.
t. another newfriend
Ian Adams
No, you have to buy on Binance.
Carter Carter
ur a flower bro lad
seems to me like BTC is crashing wole day, should i just wait till the end of the day to get it cheaper or is it too risky?
Camden Cooper
thanks lads also while im still waiting for my verification on kraken(europoor) how do i get those btc to binance if i have them?
Wyatt Long
You just send them to binance you'll get a deposit link where you can send them.
Ryder Brooks
how save is to trust the chinks at Binance with my debit card?
James Allen
si, lamboland
Juan Sanders
What did he mean by MOON components and GREEN cheese exactly? Is Sergey playing 4d chess?
Jacob Ramirez
This is most likely SWIFT's last ditch effort before they're replaced. In the end it would only be a small upgrade to a dated payment infrastructure. Eventually the dated payment structure will need to be replaced entirely.
Wyatt Foster
noLINK BTFOed
John Nguyen
LINKers BTFO
Evan Sullivan
regardless, link is reaching at least 1$ next week, its basically free money
Michael Harris
Yeah it will but link gives banks autonomy and the ability to integrate and update at their own speed without Ripple.
Bentley Long
>In the end it would only be a small upgrade to a dated payment infrastructure. Fiat isn't getting replaced any time soon user.
And LINK will still remain as relevant even in an entirely crypto world. Real-world transactions will still require a decentralized input network before smart contracts can be executed with blockchain backing.
