1. Eth and smartcontracts. We all know smartcontracts are revolutoinary, but their use cases are limited. Smartcontracts are awesome, but they are confined within the blockchain and data on the blockchain. In otherwords, right now smartcontracts are "you send 1 eth and I'll send back 1000 McTokens", and this contract is verifiable/trustless/amazing but its stuck within the universe of Ethereum and the data Ethereum understands
2. It is possible to use external data to inform these contracts, but right now that process is centralized. This is a problem. Lets say the external data is a transaction of Dollars for ETH. So you send 300$ to bank account X, and then I send one Eth to your address. Right now you either do that through a third party (CoinBase), OTC (LocalBitcoins) or whatever else centrlized system you want to use.
Knocking out that centralization, where you have to trust someone, is THE key to SmartContracts having a real world use case. But how do you get that information -- the fact that the $300 has been sent -- onto the blockchain using data that the smartcontract understands?
3. Oracles. Right now the answer is "hey we can hire Oracle X to do the translation to represent this bank dollar transaction on the blockchain." The "oracle problem" with this is that you are 100% TRUSTING that oracle to act prudently. That they don't tamper with the data. So we can kill coinbase but now we have to trust the oracle instead of coinbase .This is a HUGE problem for Banks who want to get into blockchain but have to trust a centralized oracle to translate data. This Oracle can be hacked, falsified, defrauded, really all the problems that come with cenralization.
4. ChainLink - this service DECENTRALIZES that translation process of the Oracle. Now, the translation is trustless, and you have a trustless data feed that informs the trustless smart contract.
Multibillion dollar institutions can rely on distributed blockchain technology and know the data that informs their smart contracts is tamperproof.
So Thats what ChainLink does. ChainLink is the first decentralized Oracle that allows anyone to securely provide smart contracts with access to external data, off-chain payments, and really literally any other API you can dream up. Confirmation of delivery of an items (RFID, like Walton), confirmation of a wire being sent or received, interest rates from any central bank, sports scores, product/machine uptime, price of Eth/BTC in real time, weather patterns etc. Right now smart contracts are simple if/then functions where you go and manually do the if so the then comes back. Now with Oracles smartcontracts can automatically confirm or deny if then statements without any human interaction. Transactional automation for agreed upon terms on steroids.
Anyone can now engrain off-chain data directly onto the blockchain in an actually decentralized way and use that data to directly inform trustless smart contracts, and since the Oracle is decentralized you know the data feed is secure and you’re not concerned with tampering on the Oracle’s part. This is like a skeleton key to actualize the data on the blockchain and apply that data to real world use cases.
Eli Ortiz
Watch this video and you'll see for yourself the potential of this coin
† Ari Juels is a faculty member at the Jacobs Institute at Cornell Tech. He co-authored this work in his separate capacity as an advisor to SmartContract ChainLink Ltd., inwhich he has a financial interest.
In 2004, MIT’s Technology Review Magazine named Dr. Juels one of the world’s top 100 technology innovators under the age of 35. Computerworld honored him in its “40 Under 40” list of young industry leaders in 2007. He has received other distinctions, but sadly no recent ones acknowledging his youth.
We were selected by the World Economic Forum's Tipping Point report as the "Shift in Action" for Smart Contracts, for our work on allowing smart contracts in the Bitcoin network to be automatically triggered by external data.
------------------------------------------------------- We're partnered with Cornell's IC3, to help launch the first Intel SGX secured link between smart contracts and external data. This more secure way of running an oracle is the future and we're glad to be moving it forward. create.smartcontract.com/#/contracts/cc3ea3c76b5a60f171e0eaf223146f34?tab=info
Oliver Wright
-------------------------------------------------------- We've been chosen as a 2017 Blockchain Applications Cool Vendor by Gartner. We feel this validates the value that CTOs and CIOs see in our more secure approach to connecting smart contracts with critical external resources. gartner.com/doc/3698947/cool-vendors-blockchain-applications-
----------------------------------------------------------- We're proud to be working with SWIFT on their own SWIFT Smart Oracle. Allowing smart contracts on various networks to make payments, send governance instructions, and release collateral with over 11,000 banks. slideshare.net/slideshow/embed_code/key/HJglipax9KmMPx
Jose Green
Listen very carefully to what I'm about to say.
Ambrosos wants to represent external data (food) on the blockchain.
Walton wants to represent external data (RFID tags) on the blockchain.
Ripple wants to represent external data (financial transactions) on the blockchain.
These use cases are ENTIRELY contained within ChainLink.
ChainLink is the skeleton key that makes all these proects obsolete. It gives every company the building blocks to use oracles that represent ANY data, not just single use cases like food/RFID/financial transactions, however they want.
Wyatt Phillips
This is exactly why LINK will moon. It is desperately needed in current technology and systems. It's the next step for companies that would benefit from smart contracts but are limited by its narrowness. Also this will have a huge impact on ethereum especially since it's foundation is smart contracts and chainlink will widen it's use cases by a fuck ton
Leo Sanchez
Holy shit OP
Julian Baker
Thanks for taking the time to write this.
Nathan Mitchell
DELET
Nathaniel Williams
I LOST MY 30K LINK AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHH MOOOOOOOODSSS
Cooper Allen
I would put all my money on it reaching $5 by the end of the year.
oh wait..
Charles Perry
Well said.
Grayson Sanchez
TL;DR
Bought more Links from dip
Dominic Martin
id buy some in a 2 months. having fun with the forks right now.
Adrian Roberts
I'm pretty sure IBM is literally talking about ChainLink in this tweet
Kayden Flores
Honestly, a lot of companies may need Chainlink so they can make their blockchains actually useful.
Daniel Carter
and people think this won't balloon to astronomical levels by EOY
Nathaniel Diaz
...
Caleb Rodriguez
what forks are you talking about, m8? if you don't mind me asking.
Gabriel Parker
The BTC fork and Eth fork? Where the fuck have you been?
Juan Wright
i just got back after quitting in january. i'm still not caught up yet on the recent news so forgive me. any site i could reliably get information from besides biz of course?
Kevin Russell
oh yeah and what the hell is this BCH shit in my wallet? i have 300 of these fellers.
Aiden Bailey
I love chainlink but I doubt this is referring to it. Lord Sergey even said it'd be 2 years before chainlink gets into derivatives and trades. 1-2 years for remittance and overseas transfers in banks (using SWIFT)
Xavier Morris
where did he say that?
Henry Roberts
amen
Camden Smith
Yeah its probably talking about Ripple truth be told.
James Martinez
just bought 100k
Sebastian Clark
NICE TRY FAGGOT. PATHETIC FUD ATTEMPT
BY PAJEET NIGGER WHALE. KYS OP
BUY LINK FOR 10000X GAINS. SERGEY = SATOSHI CONFIRMED
Austin Sanders
great FUD pal, lets see that source faggot
Elijah Martin
Did you even read the post? You're the worst person on this board
Levi Jackson
>limitations of codes Im sure those external data is decentralized too right and theres no way to falsify those
also people forget youre limited on the ethereum network kek
faggots when another decentralized provider thats better coded comes aound what do you think will happen taht new one will still use chainlink tokens run hell the fuck no
Logan Baker
LMAOOOOOO
Mason Jenkins
FUCK YOUR MOONS. FUCK YOUR LAMBOS. FUCK YOUR SHILL-S FUCK YOUR FUD-S.
HOW CAN YOU UNDERSTAND TECH AND NOT GO ALL IN?
IF THIS SHIT WON'T GO TOP 10 COINS --WORLD MAYBE DOES NOT NEED BLOCKCHAIN....
FUCKING PAJETI CLOWNCOINS ARE MOONING, MESSENGER APPS, POT COINS, EVERYTHING MOONING, AND LINK STILL NOTHING.
Luis Bailey
it's okay, he copy pasted 1/2 of it at least. ive seen this one 3 times
Carson Cook
Chainlink is the bridge to all major blockchains, not just ethereum.
The astounding thing is that it is designed to work on Bitcoin, ethereum, and Hyperledger. Not many blockchain companies are targeting the 3 most popular blockchains.
Saving up all my monies for the conference dump dip
Hudson Brown
All those words and you explain LITERALLY NOTHING about how it ACTUALLY FUCKING DOES THAT.
>ChainLink is the first decentralized Oracle >Anyone can now engrain off-chain data directly onto the blockchain in an actually decentralized way
HOW YOU FUCKING SHIT, HOW?
God I hate you lazy ass shills.
Lucas Flores
Here you go: link.smartcontract.com/whitepaper
Owen Wood
Read the whitepaper
Jacob Watson
Even though it will be like reading an Elder Scroll to you
Brody Brooks
whitepapers, mother fucker. DO YOU READ THEM
Adrian Jones
KYS FAGGOT
Xavier Robinson
How about you go fuck yourself you lazy faggot shitposters.
You shit up this board with your completely empty and lazy posts which are nothing more than marketing bullshit.
At least copy paste from the fucking whitepaper you faggots instead of writing empty bullshit. And I have to wade through this bullshit because you retards apparently have no idea what the actual value of the coin is.
>I'm up literally 100000% because I do read and actually understand whitepapers unlike you brainless retards >When I shill a coin, I actually post facts and descriptions of the real utility, and all coins I've bothered to shill have mooned 10000+% since I shilled them based on actual fundamentals rather than retard pump and dumps
Oliver Lewis
I just got kicked from a telegram group for shilling Chainlink... and calling them Pajeets. Hopefully they got the essence of my message.
Hunter Taylor
Who are you calling lazy when you can't be bothered to read the fucking whitepaper?
Grayson Lee
They have a highly technical white paper you utter brainlet
Cooper Jenkins
Nicely done Satan
Ethan Martin
So.. you want someone to hold your hand instead of opening a PDF file and reading?
James Adams
>You shit up this board with your completely empty and lazy post
Yeah, ok buddy. THIS is the lazy post on biz today. THIS
Luke Thomas
user its not technical at all, a concentrated ddos attack on a single node connected to the oracle block executing the smartcontract makes the contract not execute
unless they run everything centralized they cant keep people with malicious intent out
Colton Rivera
How would they even get the ip let alone get past cloudflare
Cameron Barnes
do you have any self awareness?
Isaiah Richardson
>cloudflare Id explain it but this is biz youll just call me a fudder
just shows how little people know how blockchain and crypto currencies work
David Ortiz
You're literally fucking retarded, that's the point of a DECENTRALISED Oracle. Another node will confirm the transaction if one fails you absolute fucking moron.
Kevin Johnson
explain it anyway
Luke Diaz
damn dawg how balls deep in LINK are you
Xavier Ortiz
I think you are just being intentionally retarded at the point or English isn't your first language and you are also retarded.
