Chainlink token pays node operators

Yes, node operators will be paid in link each time their API is called by a smartcontract using LINK.

You need node operators in a decentralized network. How are you going to incentivize node operators? You moron

Trillions.

Go buy more ELIX.

I'm always curious when I see people like you. Shill me your bags. I want to know what you think has value and you can't just say ETH or BTC.

You've had weeks to read about it on here. You had weeks before you were able to buy it under fifteen cents.

nope, these are the exact token metrics that lead to a coin being dumped hardcore.

biztard brains are literally unable to comprehend the magnitude.

I'm a poor linktard, what does this mean in plain english?

i understand, i'm saying since this chain is primarily being built for ethereum/smart contracts, paying them in yet another token is increasing costs and complexity, and the only reason is fundraising. plasma/transient networks are going to destroy a lot of these business models because at the end of the day nobody wants to be paid in gift cards, nor do they want to have to deal with liquidity or middlemen issues to exchange their ether/bitcoin/whatever for a token to use a system, and no, having contracts exchange your tokens for you doesn't make it that much better.

i dont shill, nor do i have any bags to shill, i'm just one of those assholes who got in crypto early, so i'm mostly interested in the bigger picture and how all of these pie in the sky ideas are going to interface together, because i personally see the value being in the underlying chains and not the applications built on top of them (of which chainlink is absolutely an application, as much as they want to market themselves as a protocol). and for that to be the case there needs to be as low friction as possible between these applications, and right now we're in the caveman era of people simply shitting out a new token to fund their app without thinking of the long term.

Like you know shit about metrics. You saw some fud and believed it because you have no idea what link does and now you want to sling your ape shit all over this board.

Fair enough. Chainlink is an application but it works with more than just one blockchain. Link wasn't just for funding. It's to incentivize the node network and provide a standardized payment method for node operators.

Why not just use ETH? Because Link is representative of the value of the Chainlink network. The value is ETH is independent of the value of Link. They are two separate things though one is built upon the other.

The value of Chainlink at the moment is getting the ball rolling on integration of legacy finance and block chain finance in a simple and easy manner. It has the potential to speed up the adoption of blockchain by a few years.

Plasma has nothing to do oracles in any sense. Plasma is about transact scaling. I'm curious as to what you mean by transient network. Anything off blockchain is off blockchain.

If you're making a living off running a node I don't think you'll give a fuck if you have to Liquidate every once in a while.

As long as block chain is deterministic, there'll be a use for Chain Link. On the other hand, if IOTA somehow implemented trustworthy oracles natively, then Link is dead.

i have my doubts that its going to see much usage outside of ethereum though, other than private chains.

> Because Link is representative of the value of the Chainlink network. The value is ETH is independent of the value of Link.

this only works if the fee is a fixed value, as soon as you let the fee float, it doesn't matter where the underlying value comes from because the fee size will scale to match that same network value, just like the value would be calculated in the bitcoin or fiat or whatever value of the link token itself. this logic only makes sense if the blockchain itself is a closed system, and unless i'm mistaken and they intend to move link tokens completely off ethereum chainlink isn't.

plasma was just an example of a "transient network", something that settles the delta on chain, but it can also just hold information like oracles, which can be fetched by clients and included in blocks as the result of some computation using that value. the point is in theory all you need is one generic transient network, because all the data is live and partitioned on a need to know basis only, unlike a classical blockchain, and its going to be very important to have oracles and contract execution both be able to exist in the same layer, in which case you really need to have it built into whatever second/transient layer will be running on top of ethereum, for example.

no, but all the users who now need some other token will care, and hiding it behind an exchange contract isn't a solution. if some poor user is having to spend ether to buy a link token, just for it to be sent to some node who then has to sell it back into ether or whatever, is just wasteful and not sustainable in the face of competition that bypasses it completely.

you mean they'll be the need for a consensus based extra-chain data provider, sure.

When I look into sergeys eyes I see a glint of something special... Something like I know something good something genuine, something big

B A S E D SERG

It means that people and companies who manage nodes will want to buy as much LINK as possible, to make sure that other people/companies doesnt get as much LINK in their node. More link in node = more trafic and management = more income for the nodeholder.

Which means that even if the fee for one contract is very little, maybe not even a dollar, this doesnt matter because the price of LINK will go up when the nodeholders start hoarding them.

If you dont understand this far, look up what a node does. I'm all in on LINK because of this

Given your experience in the market, what do you think about chainlinks prospects given they're one of, if not the, earliest developers of the oracle system? We saw how valuable being first is with Bitcoin, as new coins which are much stronger in different areas (Dash is much faster, Monero is much more secure, etc) are valued far lower than BTC. Does this not apply to chainlink?

The 18 decimal factor plays a huge part here but I think the different avenues for demand for the coin, hoarding for nodes being one, gives it quite a strong upside from a $150m market cap.

Thoughts?

Chainlink is quite a different concept from other coins. I don't think it has much in the way of competition since it has a unique value proposition. The examples you provided are all blockchain vs blockchain, and LINK isn't a blockchain at all.
On the other hand, I think LINK not being a blockchain is part of the reason its struggling to grow right now dispute all of the good news and industry connections. People are just hesitant to invest because it's uncharted territory and they're unsure of its proper valuation.

Thank you for all your insightful posts.

Do you think chainlink is worth holding long-term? I'm feeling like I got memed on and LINK doesn't really have that much potential for growth.

as someone's who's worked for a well establish pharmaceutical company that relies on oracle for various reasons. they're going ancient technology to its very last leg in order retain as much profit as possible. even if the customers expect quality assurance from this company, if it doesn't make dollars it won't make sense to them.

Town Crier and Oraclize are both already competing, though I don't know much about how their services differ from Chanlink, I just know a few companies looking to implement oracles are deciding between which of these to adopt, SpectreAI being an extremely small but very fitting example.

I think you're right about why it's struggling to grow though, that's definitely a big part of why it isnt valued as high as other digital currencies. It's fairly uncharted territory, but we need to be focused on the value of the token, not the company itself. The company itself will unanimously grow, regardless of whether or not they become the first mainstream provider of oracles, because its extremely unlikely there will be only one player in the market long term. It's just the uncertainty surrounding demand for tokens scaring people off imo, and it seems to be a valid concern.

Dude. Oracle is not a reference to anything related to the company Oracle.

oh, never mind. ill stick to medicinal subjects

Good insights, regardless.

This entire thread is very nice.

I think it has a lot of upside potential, but I also think a lot of it is speculative. I'd consider it a fairly strong short term hold, Good mid term, but long term (2+yrs) could be somewhat of a gamble. I think it will at the very least hit 300M market cap before it dies if it does. Keep in mind its only on 2 exchanges, only 1 of which is really worth anything in terms of volume.

> oracles are available natively
Dear lawd google.com/url?sa=t&source=web&rct=j&url=https://m.youtube.com/watch?v=WSN5BaCzsbo&ved=0ahUKEwjt5fSj2fbWAhUL0oMKHU4wABgQwqsBCFQwBQ&usg=AOvVaw0gcouPDCBa00HyREB6q-B2 Im too lazy to timestamp but someone mark the point where explains why ethreum's motto is "we have no features" . The retards here who don't understand protocol level coding.

Short term it's going to suck. Today proved that. I'm not saying it won't 2x by next year, but growth will be slow after that, probably barely outpacing BTC if at all.
It will take about 5 years for the network to reach maturity (i.e. getting the largest data providers on board) according to Sergey.
Maybe two years from now we'll start getting an idea of where the price is headed long term. I wouldn't sell before then. This is a very long term hold imo.

Oraclized is a centralized service and chainlink makes it obsolete. Town crier seems to be a particular hardware/software configuration that smartcontract is currently using as part of their centralized oracle. Not an oracle service in and of itself.

Great input especially in regards to Oraclized and TC. Thanks for sharing mate

Thank you, I appreciate the reply. I get it now, will look more in to it though.

The amount of shilling for this shitcoin is ridiculous. Enough already, nobody wants to buy your bags

This would probably be mid teens 20k had it been listed on real exchanges by now. fucking fuck sakes

>every bank will just make their own decentralized oracle network to avoid link fees
>supercomputes on every city
have you noticed that it's usually the brainlets who think everyone else is retarded

How can one get into operating a node for chainlink?

This thread was actually insightful and full of good info. Thanks everyone!

Ist time OP on Veeky Forums. This went way better than expected. Learned some shit and didnt get called a fag. Lifes good

Also can someone explain what the 18 decimals means?

fag

you're a fag

>Short term it's going to suck. Today proved that.
a good announcement involving banks will send the price to neptune. ripple proved that. every crypto is 5 years away from maturity, that doesn't stop people from buying them now.

18 decimals means its divisible to 1/10^18'ths of one token. This means if the price is extremely high, you can send a tiny tiny portion of 1 link to equate to a small price in fiat. Essentially means the minimum transaction value is lower, improving scalability. Fag.

It means if it gets to a point that the value of 1 LINK is too high it still wouldn't be a problem because you can trade for 0.00000000etc etc anyway

Gotcha thanks

It's nice when people are nice

No worries, ty for the thread, lots of great criticism and benefits came to light here

Dear Veeky Forums, please be like this thread from now on. Luv you all.

I haven't read this paper yet but if you feel like geeking out:

cs.cornell.edu/~fanz/files/pubs/tc-ccs16-final.pdf

I saw an interview with Ari Juels, he was talking about Town Crier. Sounds like its purpose is to bring confidentiality to smart contract agreements over the blockchain.

Since, say you want to buy an airplane ticket and purchase insurance via smartcontract. The oracle pulls flight data to see if your flight left on time. If no, you get compensated for the delay. But you don't want your flight itinerary accessible to the public, which it would be ordinarily as a smart contract over the blockchain. Town Crier is meant to maintain the confidentiality.

And it seems to be a project Ari Juels had going on before he was involved with Chainlink. I don't know that, but I kind of got the impression from the interview.

Anyone have more insight into Town Crier and how it implements into Chainlink? It seems like a really important feature that isn't discussed much, assuming it actually enables reliable confidentiality.

You got fucked by the Nazarov.

Suck it up and move on.

i think oracles are a harder sell given that their only utility requires a blockchain like ethereum or some other arbitrary code blockchain for the oracle data to actually derive value. and there's no reason ethereum itself won't strive to add such a layer onto their network if they see it becoming a valuable or even necessary addition, which dampens the reach of third party oracle platforms for it, but who knows, it all depends on how well the ethereum team can execute on that.

what i am sure of though is that for oracles to be truely trusted and valuable it can't just be chainlink offering them, because theyre external to ethereum there's no reason why multiple providers of oracle data can't be used, and i believe given the trust necessary for oracle data, important applications and contracts will at least use two independent sources of oracle data, so i don't see chainlink turn into a near-monopoly.

as for being first, honestly, i think the more blockchains that get released the less being first in a particular niche matters. especially given that most of the new coins out today barely get a chance at building a network of users before they get tossed aside by the speculators when the hot new competitor comes in.

and as far as hoarding goes, its antithetical to the nature of decentralized oracles, the last thing you want is any unfair distribution of truth in an oracle platform, given there's no hard and fast consensus rules on external data.

i'm not sure i would bet long term on many of these new coins, everything is moving so fast the risk is significantly higher now than it was even a year ago.

change.org/p/bill-shihara-get-chainlink-listed-on-major-exchanges

Wrong oracle