CHAINLINK GENERAL - Sideways action edition

Look at ETH.
What makes it worth the $300 it is today?
Smart contracts
They are revolutionary. Don't know why? Google it. You will find all sorts of uses for them, from Finance, Insurance companies, Airlines, you name it. There is a problem however, which is probably slowing down ETH's growth. Right now, smart contracts on the Ethereum network are limited; it's confined within the blockchain and with data on the blockchain.
Chainlink changes that.
All of those potential uses for Smart Contracts - that's all now a very legitimate possibility now. In the simplest terms, Chainlink allows for external data to inform smart contracts. When you consider the fact that it's decentralised, it gets a whole lot better.
People that keep saying things like "why would banks use chainlink when they can just make their own version" clearly don't understand the fundamentals of this project. Chainlink's goal is not to "be used" like (e.g.) Ripple hopes to achieve.
Chainlink is merely the bridge that enables data which is outside of the Ethereum 'universe', to communicate with it, and thus execute various actions. Thus, it's not unlikely that adopters will use their own private blockchain (biggest reason would be to avoid the market fluctuations in it's value). But - what will they use to get their data, onto the blockchain - whether it be their own token, eth, etc... Chainlink.

B-b-bb-b-b-but... Metaverse

MICROSOFT PARTNERSHIP

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 centralization.
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.

>3848011
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.

Essentially, Smart Contracts are flawed because they, by their very nature, can't interact with data outside the blockchain. Oracles are the bridge which allow that to happen, but current oracles are centralized and could possibly manipulate the data they are passing for their own benefit, which causes big companies wanting to implement smart contracts to get cold feet.
Chainlink is a decentralized oracle network, which will allow the oracles on the network to act in a similar manner to how we see bitcoin miners interact with the bitcoin blockchain --- they don't care about what they're processing, they just process it. This allows the trustless and tamperless translation of the data from the source to the smart contract, which opens up a whole world of possibilities. I wrote a couple examples to help open your mind to it:
Securities smart contracts such as bonds . . . You have a Bond which you have a smart contract for which is fed market data through an oracle, calculates the effective interest rate and payment based on the terms of your bond, and processes your dividends through a payment network oracle (SWIFT Payment network)
Insurance smart contracts, which uses data from IoT devices in your home to support claims for insurable events, such as your fire alarm or home security system automatically beginning a claim with the company providing your personal property insurance when one of those events occur.

Trade finance smart contracts. For example, you're a manufacturing company, your automated factory produces plumbuses which are then delivered to your clients via a self driving semi truck company. You have a smart contract in place with the trucking company that smart contract needs to track GPS data on your shipments and compensate you for any delays, it will need to integrate data from supply chain ERP systems, and will need to interact with other smart contracts involved with the international customs shipping to ensure fulfillment of the original smart contract obligations.
Once you start thinking about this stuff, it's simply incredible what we're going to be able to do with it. It's like learning about the "next big thing" 10 years in advance.

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.

Bitcoin isn't the bubble
Shitty scammy ICOs are in a bubble
"Hey idiot, read this thing about this thing I didn't make yet"
"Fuck yea moon! Take my money"
"Thanks, bye bye idiot lol"

>tfw the dip missed my buy order by 75 satoshis today

Ethereum is a blockchain with advanced scripting language whichallows running of decentralized applications (dapps) and Smart contracts. What are smart contracts? It is a digital contract planted in the Ethereum blockchain. It is a tamper-proof commitment of all participants of the contract. It is used to exchange money, property, shares etc, without a middleman. Ethereum's creator's description of smart contract is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you simply drop a bitcoin into the vending machine (i.e. ledger), and your escrow, driver’s license, or whatever drops into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.

Now, how do we get tamper proof, secure data feeds into Ethereums blockchain in order to expand the variety of use cases. How do we get information, external data, about markets, shares, web API feeds, bank payments, back-end systems, retail payments, real life event data or data about other blockchains into the Ethereum blockchain.

The main use of smart contracts in Ethereum today is management of ERC20 tokens, which are a common functionality in most smart contract networks.The current focus on tokens to the exclusion of many other possible applications is due to a lack of adequate oracle services.

Everything is in a bubble. It's just a matter of getting in on new bubbles early.

>tamper-proof never heard of The DOA
Lol

If you'd pay any attention, not only do they have a working product that they've been working on for years, but they already have people using said product.

Stay poor faggot, no amount of FUD can withstand these kind of facts, sources, and high-profile investment / economics institutions giving credit.

Look at the SWIFT reports
Look at GARNER reports
Look at CAPEGEMINI reports
Look at WORLD ECONOMIC FORUM reports

Has anybody thought about what would happen if banks put supercomputes on every city?

>"Hey idiot, read this thing about this thing I didn't make yet"
Chainlink has a working product, the Chainlink v1.0 network is finished and being used as the basis for the demo at SIBOS.

Yes it's real. Look at the bottom of this article:

cryptoanalyst.co/2017/10/12/major-long-term-upside-chainlink/

...

Let's hope it doesn't go the way of DGB... jesus christ what a nightmare that was for everyone involved.

Ubercompoopers on every street.

Lets not compare Sergey the savant to that DGB fag.

i dont care how much of an autist sergey is there is NOTHING he can do worse than dgb's jared. he is the most incompetent guy in crypto

newfag here, whats wrong with Jared lol. i know DGB tanked because its useless and hyped too much but why Jared?

Hi Jared

what will be happen if they cant announce partnership with swift?

Which exchanges can I actually buy/trade this on?

What is the likelihood that this coin reaches 128 dollars? I wanna be a millionaire tbqh

It would take a couple years, but its more than possible.

expect $30 if that happens. not even kidding
and lol, as much as i'd like that to happen it probably won't.

What??
They already have a partnership with swift..

Not that high, but remember that ETH went from $10 to $400 in half a year. If things go REALLY well, it could happen, but I doubt it will move that fast.

Is there a chance that SWIFT have an agreement with Smartcontract that allows them to use chainlink tech without using the token?
I guess there still would be plenty of potential users of the token, and that it wuld get a flying start in usage by using the selling point that SWIFT is using the tech already.

I'm an old enough cryptotrader that I remember people saying "what if bitcoin reaches $30 that would be amazing" and I didn't believe them and just bought some drugs using multiple bitcoin without holding some of it into my wallet.

I believe LINK is my second chance and I believe it could reach 128 dollars. The fundamentals are there at least

if eth hits 1k, i can see this hitting 128 easy in the next couple of years if not sooner/

I dont think its a partnership yet. SWIFT has tested ChainLink on their system from what I remember. Someone correct me if i'm wrong. If there is an official partnership announced then this thing will blow.

Tbh I can see it happening much quicker than it took BTC and ETH because the crypto marker is established now and growing.

i think we should see this as:

SWIFT fucking NEEDS chainlink more than chainlink needs SWIFT

My intuition is that the chainlink PoC is to convince banks to adopt the GPI, rather than go for something like Ripple.