Best way to sum it up

That's what I'd like to know as well. Also, how hard is it to actually create such a system? ChainLink has a great idea, but a small team and weak marketing. What if there's huge money poured into a big dev team and some marketing Chads, wouldn't they surpass Link? Genuinely curious.

There were claims it was patented.

There are 8 billions people using a currency that could be interested in bitcoin.
There are millions of people using cryptoes that could be interested in ethereum.
There are 5 companies using smart contracts.

IF they become mainstream, maybe Chainlink has a chance, but for now they are doing extremely fine with centralised oracles.

I would buy some to gamble on an official swift partnership announcement and then if that came through re evaluate for long term hold. It's not going to outperform bitcoin after a partnership announcement moon

i've just about had it with this constant chainlink shilling

make a chain link general and go post your pink wojaks there, fuck sake

even is swift wants to work with them, the banks themselves have first to
>accept to use the blockchain technology at their costs for the implementation
>use smart contracts
>accept that their confidential infos in the oracles will be given to anyone running a node

Yes the info are crypted, but it's way less secure than the blockchain.
Sergei himself said that's a problem.

Ofcourse. When oracles actually need to be used for anything, it wont be a problem to implement for most of the teams.

LINK is the only decentralized oracle network.
It's certainly the only one of its kind with this kind of industry exposure, involvement, and backing.

>how hard is it to actually create such a system?
The system itself is four years in the making, with v1.0 of the network finished very recently.
Go take a look at the white paper, this is not something they shat out in a couple of weeks.

>weak marketing
LINK just did a showcase at SIBOS for SWIFT, as the ONLY external crypto dev to receive this honor.
And with the following entities directly involved in said demo:
AXA
Sony
Barclays
BNP Paribas
Fidelity
Societe Generale
Santander

This is marketing you cannot buy.

Smartcontract.com was also mentioned by name by the WEF back in 2015, and by Capgemini in 2016.

Someone could rip off the idea and set up their own decentralized oracle network for mainstream smart contracts, but Sergey and his team have a MASSIVE head start when it comes to development and industry exposure (SWIFT etc.).
AND Sergey owns the domain name "Smartcontract.com".

Even if nothing at all comes of the SWIFT relationship, the exposure effect remains.

It is not going to be easy to dislodge Smartcontract.com/Chainlink.

I completely agree, but the IBM stellar lumens announcement proves mainstream companies pump the fuck out of cryptos

Thank you, kind user, for a great answer. You cemented my decision to invest into ChainLink.

Smart contracts are one of the hottest items in finance today.

Here's four examples of major finance influencers talking about the importance of smart contracts, AND mentioning Smartcontract.com/Chainlink by name:

WEF: www3.weforum.org/docs/WEF_GAC15_Technological_Tipping_Points_report_2015.pdf#page=24
World economic forum talking about smart contracts and crypto as a technological tipping point, specifically mentioning Chainlink/Smartcontract.com by name

Capgemini: capgemini.com/consulting/wp-content/uploads/sites/30/2017/07/smart-contracts.pdf
Massive consultancy and IT firm Capgemini devoting an entire report to the importance of smart contracts, specifically mentioning Chainlink/Smartcontract.com and Sergey Nazarov by name as the only providers of a smart contract solution that can use external data

SWIFT: swift.com/node/39911
SWIFT itself saying how "Distributed Ledger Technology (DLT) and Smart Contracts (SC) promise to transform automation in the financial industry, and are generating huge interest amongst financial institutions and technology providers."

Gartner: (see pic)

If you're not sure who these four entities are, please do yourself a favor and look them up. Especially if you haven't gone into LINK yet.

pastebin.com/6xcsc2jR

Here's a compilation of information incase you wanted to do some more of your own research

I hope you're not invested in oracalize
Confido ditched oracalize for chainlink

"We recently made the switch from Oraclize to Chainlink because of the decentralised aspect of Chainlink. The way we use Chainlink is pretty simple; our smart contracts track packages by using multi-carrier shipping API’s like Easypost and Postmen to view the delivery status of a package. We connect to, and pull data from, these API’s using Chainlink.
Before we made the switch from Oraclize to Chainlink we relied on one single API to serve us the correct data, which simply wasn’t secure enough when dealing with people’s money. Chainlink allowed us to stay decentralised and improve the security of our platform by allowing us to pull data from several API’s.
We are bullish on LINK and hope to accelerate the adoption by using it in our own project. There are so many use cases for LINK, our project is just one of them."

...

This would be right if you were describing ripple. Banks have to adopt there solution.

Chainlink merely connects any external data with ease to the blockchain
Legacy systems as well.

I thought all this was already known??

The absolute state of /g/
They think they are so much better because they earn $40k a year programming.

More like 50 but wagecucks are wagecucks regardless of whatever knowledge and skillset you have.

Just because you can paint fences doesn't mean you're an art critic

create.smartcontract.com/#/contracts/cc3ea3c76b5a60f171e0eaf223146f34?tab=info

>there is no use for LINK, the token
You cannot have a decentralized network without incentive.

As a comparison: hundreds of thousands of people would NOT be running full Bitcoin nodes if it weren't for the monetary value.

The token is that incentive.

Why not ETH or BTC as incentive?
Tokens exist to dissociate the underlying asset from any blockchain that it itself a distinct asset.
A token reflects the value and characteristics of the product itself, contrary to ETH or BTC which reflect the value and characteristics of a completely distinct asset that is influenced by an enormous multitude of other factors.

Why not fiat as incentive?
Same reason you use airplane tickets at the gate instead of fiat. The information and format of the ticket allows for much faster processing within the airport system itself. All the payments and processing is done by the time you reach the gate (or node operator in the case of LINK).
And in practice, users of nodes will only ever have to consider the fiat cost.

They are pathetic. But you are right.

Yes they connect external (and sometimes extremely confidential) datas to a publick blockchain.
Anyone will be able to run a chainlink node and access those datas.

Do you think banks want everyone to know how much money their clients transfered and who got it ?

...

I was going to ask /g/ about Chainlink in general, but then I remembered that I was in Veeky Forums.

Read the whitepaper pls. A lot of it explains confidentiality.

Go bait them, its fun

So you don't know?

This is where there's a misconception about chainlink. It's use case is much broader than just for banks. Confido is using chainlink for their shipping apis.
Swift demoed a proof of concept of them connected to blockchain using chainlink as the middleware. They didn't have to fumble with a new implementation. They just connected through chainlink.

Explained briefly here
And other anons detailed report that you seemed to have neglected even though the whole bowl was fed to you

Can I put LINK on a ledger nano s