You know, I still wonder how chainlink is supposed to become that important when it is still an ERC-20 token. Shouldn't it be its own thing? For such a revolutionary tech. I just can't see how could it be more important than ETH when actual ETH is what it lets it be.
Also no ERC-20 token is yet over a $800M market cap.
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OMG is an ERC-20 token and it did pretty well despite having no real use-case.
same way why gas is almost the same price as neo.
>Also no ERC-20 token is yet over a $800M market cap.
OMG got to 1 billion you dumb newcoiner.
Fuck you, bitch bastird. Oracle
Problem is real.
ERC20 token is just a way to develop your idea quickers and easier...
Honestly, how hard is it to convert to their own token later? Didn't QTUM just do this?
Yup. It's trivial, really.
It wouldn't make sense to make LINK it's own blockchain. LINK is meant to make ethereum smart contracts work with external data, so why would you move it away from ethereum then?
The usage of LINK is to pay node operators like once every now and then. You don't need a separate blockchain for that.
Also, LINK value is not tethered to ETH value.
My point is, it makes no difference at all if LINK is an ERC-20 token or not, except complicating things. What's important for ChainLink is the network and technology, not the token.
You're missing the point.
The use case for this project is incredible: mainstream smart contracts.
The reason bitcoin (and blockchain in general) is so innovative, is that it is "trustless" BECAUSE IT IS DECENTRALIZED.
Hundreds of thousands of nodes hold the entire version of all proofs ever created.
Oracles translate real-world data into data the blockchain can use, but centralized oracles are not trustless.
That's where Chainlink comes in: the first decentralized oracle network.
So now you have the trustless backbone (blockchain), AS WELL AS the trustless link between the real world and the blockchain.
And how can decentralization exist? Through incentives.
Not many people would be running bitcoin nodes if it weren't for the money.
Thus: you need to pay the Chainlink oracle nodes as well.
With what?
Fiat? Obviously not, converting and processing payments would require a completely separate payment and conversion system all its own.
ETH or BTC? Would not make much sense, the price and supply of those depends on a whole slew of factors that have nothing to do with the Chainlink network.
And therefore you use a native token, the price and supply of which are adapted to the Chainlink internal system itself.
This is why tokens exist in the first place.
>inb4 "no bank is going to buy a bunch of Link off Binance!!"
You're right. And they won't have to.
They could simply pay the node operator in fiat, who will then use his Link to work the Chainlink system (staking, confirmations, etc.)
There could also be an exchange native to Chainlink/Smartcontract.com; Sergey has experience with decentralized exchanges (NXT).
A million ways to make this work.
So as you see, it would make zero sense for Chainlink to have its own blockchain.
Because the bigger the blockchain used by Chainlink, the more trustless it becomes.
That's why Chainlink currently works with the three most sensible blockchains: Bitcoin (the biggest); ETH (the smart contract blockchain); and Hyperledger (the industry blockchain).
Fuck you, bitch bastird. Oracle is real problem.
I love it when pajeets can't control their anger.
lmao this is amazing. bitch bastird.
If anyone here doesn't have LINK and isnt aware of what is massive supression youa re retarded.
Go look at some whale trying to show off and get people to buy his sells as we speak.
Been riding waves all day
we are seriously going to be fucking rich, LINK bros.
this is ETH all over again.
Fuck you and whore
Mother. I am Johnny go lucky go free American man.
10k Link isn't going to make you rich. You might be able to afford a Miata if you sell now and buy one used.
It would go a long way where I from.
Ethereum is the best network to host your token on, period
Chainlink isn't mean to be used as a standalone blockchain or as a currency so creating their own blockchain would make no sense and make integration more difficult, ERC20 fits the tokens needs perfectly.
>doesn't understand the true potential of LINK
>will remain poor
am I the only one who thinks none of this shit makes any sense whatsoever?
And OMG say they want to migrate to their own blockchain. The fact LINK is an ERC-20 is a complete non issue
no, there are plenty of brainlets here to keep you company.
well all I see is a bunch of buzzwords
no real world examples of wtf this shitcoin is gonna do
and Ive yet to see even one user explain this coin in a way that makes sense
I get a feeling most of you bagholders have no fucking clue what you invested in
>ID is literally PnD2.0 up
Is today your first day here or are you just a brainlet? There are plenty of good LINK threads everyday.
>Oracles translate real-world data into data the blockchain can use, but centralized oracles are not trustless.
wtf is this supposed to mean? what data? what problem would this shitcoin solve? and why does the oracle have to be decentralized?
none of this makes any sense whatsoever
PRICED IN
>no real world examples of wtf this shitcoin is gonna do
>Oracles translate real-world data into data the blockchain can use
LINK is the token that incentivizes nodes on the decentralized oracle network.
If you still don't get it, you are meant to stay poor.
Ask your answers, user.
Start by looking up "smart contracts".
They were always envisioned within mainstream transactions, but they remained a theory because they require extreme amounts of security. Understandably, nobody would allow their agreements to be executed automatically and instantly if there was any doubt regarding the security of it all.
And then the blockchain came along, and suddenly there was a "backbone" that was secure (= "trustless") enough for smart contracts.
Downside: you need to translate external data into data the blockchain can use, otherwise the only use case of smart contracts remains shit like token sales (ETH).
The solution: oracles.
But if these oracles aren't themselves decentralized, it defeats the purpose of the blockchain.
>wtf is this supposed to mean? what data?
Any external data.
From aggregated interest rates to flight arrival times (see AXA fizzy).
>what problem would this shitcoin solve?
>and why does the oracle have to be decentralized?
Because without decentralization, the process isn't trustless enough for smart contracts (which require enormous amounts of security/trustlessness).
The blockchain is decentralized/trustless, but if the oracles aren't it defeats the purpose.
Like if you trust your cook not to poison you, but the servant who brings you the food is some shady slave, you can't trust your food not to be poisoned.
thx user
at least youre making an effort to explain this shit
still doesnt make much sense to me though
>From aggregated interest rates to flight arrival times (see AXA fizzy).
so why not just grab it from some website?
lets say you have a smartcontract that executes once gold hits XXX dollars
why do you need a decentralized oracle?
how is this superior over simply grabbing the gold price from finance.com?
and how would these decentralized oracles work vs just a simple website with a price ticker on it?
there are algorithms RIGHT NOW that move around huge amounts of money based on data they get from centralized websites
so how exactly does chainlink solve a problem? seems like things are fine just as they are and this whole decentralized oracle thing is just a huge gimmick that sounds good but doesnt really serve any purpose.
it's really quite adorable.
people don't want to believe how YUGE chainlink is. literally every single piece of data in the entire world can be verified in a trustless way and transferred to the ETH blockchain for use in any kind of decentralized application.
you heard of how the future is going to be full of automation? well how the fuck do you think it's going to be automated without a network of decentralized oracles constantly getting real world data and feeding it into computer systems? LINK is going to be the backbone of our entire fucking FUTURE.
I know. I know. it sounds too good to be true. But user, I'm telling you: it is.
$50 LINKs. it's going to happen. LINK holders will truly be the new elite.
>so why not just grab it from some website?
That's what they're doing, sorta.
Data typically comes from APIs. Banks collectively carry out BILLIONS of similar API calls every day. They rely heavily on this.
But the way they process and record this data does not allow for smart contracts, or they would have existed a long time ago.
In order to be able to use this data in smart contracts, this data needs to be translated into data you can feed into the blockchain.
That way, the data becomes decentralized and thus extremely secure ("trustless").
The way to translate this data is through oracles. They have existed for some time, but in a centralized form, which defeats the entire purpose.
Chainlink is the first decentralized oracle solution.
Look at pic related. Data is going to and coming from a multitude of very different parties to a single transaction (smart security/bond).
Each and every single party to this process could in theory use its own decentralized oracle to process their data, but that would be useless to all the other parties.
Having all those oracle computations happen within the same network is a massive benefit.
>Each and every single party to this process could in theory use its own decentralized oracle
Meant to say "... its own centralized oracle".
>so why not just grab it from some website?
>lets say you have a smartcontract that executes once gold hits XXX dollars
>why do you need a decentralized oracle?
>how is this superior over simply grabbing the gold price from finance.com?
nobody with any significant sum of money is going to use your smart contract when the centralized point finance.com can be hacked and manipulated. decentralization of oracles solves this problem, because there is no longer a central point of failure.
One day they will move to the Komodo Platform, whenever they decide they want true freedom. This would allow them their own blockchain with Bitcoin security, not locked down.
THERE IS NO SUCH THING AS A DECENTRALIZED ORACLE.
Holy fuck. The data comes from SOMEWHERE, it comes from SOMETHING.
That something is centralized. The weather balloon is centralized. The atomic clock is centralized.
Who gives a fuck if the transmission of the data is decentralized -- it already is anyway. You're still trudging the source of the data at some point.
Chainlink """"solves"""" an unsolvable problem.
They should have their own chain because doesn't this limit their use ability to ETH?
>But the way they process and record this data does not allow for smart contracts, or they would have existed a long time ago.
what about robot traders? arent they defacto smart contracts, executing certain trades once certain conditions are met? they rely on centralized data feeds and they move around shitloads of money already.
To be honest if you're this far behind in understanding crypto you really shouldn't be trading alts in the first place. If you just want to speculate invest in BTC and ETH and probably get fucking rich in 5 years. If you don't understand or have any interest in blockchain technology and smart contracts then you're just going to be throwing money around completely blind and leaving it to pure luck.
yeah also this
8 corps control like 90% of the information flow worldwide
isnt this the real bottleneck? and not whethere you use one website or 10 websites to get your data...
desu if you cant explain it in a simple maybe you dont really understand it as well as you think you do.
just invest in BTC and/or ETH dude. clearly this is too over your head.
>hurr durr you dumb
well if youre so smart go and explain it then
or maybe you dont really understand it either and got lured in by a bunch of hype and buzzwords
>LINKers literally telling people they're too dumb to understand why their shitcoin is incredible
I've seen everything
For simple transactions with two parties and a single data source, sure.
For more complex transactions like the pic in a decentralized network is essential.
Those operate in a simple closed system.
So LINK is no decentralized Oracle at all.
It's an Oracle multiplier. That's all.
Wonder why Money Skeleton said it was vastly overpriced.....
people would be more likely to help you understand it if you didn't obviously come to a conclusion already (hurr LINK is scam durr)
reddit.com
It's a reddit repost from a Veeky Forums post explaining how ChainLINK truly works with real life examples as well.
where did I say its a scam?
Im just trying to understand what this shitcoin is all about
so far noone could even give me a tangible, real world example of what this coin would do thats not possible already
for all the self-proclaimed geniuses in this thread, only green id user took the time to actually answer my questions so far.
A decentralized network of oracle consists of multiple oracles, yes.
That pic clearly shows various input sources for a single market rate smart contract. This is not simply multiplying oracles for a single data source. Which should have been clear to you by now.
You're being a very shitty student after all that trouble I just went though.
>Wonder why Money Skeleton said it was vastly overpriced.....
The same Money Skeleton who said home owners should risk getting kicked out because renters run that same risk?
we already gave you examples and your only retort is "why not just scrape data from a website hurrr". there's no helping you.
As far as I understand, this shouldn't be an issue. The token itself is only used to pay node operators whenever they want to "withdraw". Having done "work" on e.g. hyperledger shouldn't make a difference overall.
yah ok but by that definition ALL the financial markets are simple closed systems
so why are they not running smart contracts in the financial markets already?
also...
>That pic clearly shows various input sources for a single market rate smart contract.
hes got a point though. arent those input sources still vulnerable to attacks and manipulation? and what if those input sources all get their data from the same centralized source (like press agencies, weather forecast stations)... it would defeat the whole purpose of the decentralized oracle no?
Well, how are they here?
I only come to ask for a little help, because of the place where I am (Memezuela) it would be very useful, to help me with a donation in paypal, with what I can aspire to invest in something productive, and improve my condition a little this hole
The paypal address for donations; [email protected]
i think you just have a very superficial understanding of how this toilet coin is supposed to work. if you had a deeper understanding you could easily answer my questions.
>doesn't this limit their use ability to ETH?
No.
Chainlink works with BTC and Hyperledger too. Probably more to come.
>yah ok but by that definition ALL the financial markets are simple closed systems
Of course not.
What a stupid thing to say.
>arent those input sources still vulnerable to attacks and manipulation?
Always.
Which is why you need as much security as possible at every turn.
>what if those input sources all get their data from the same centralized source (like press agencies, weather forecast stations)
Banks do not get their own interest rates from press agencies or weather stations.
>superficial understanding
>ALL the financial markets are simple closed systems
There's nothing wrong with being an ERC-20 token. it makes the creation of tokens extremely easy and standard for developers (hence why Ethereum is so successful).
>Banks do not get their own interest rates from press agencies or weather stations
ok you totally lost me
maybe I am a brainlet
but why would a bank need a decentralized oracle when its relying on its own interest rates in the first place?
so where would the oracle get the data from then?
this shit just makes no sense.
can you maybe give one clear cut example how a decentralized oracle would work and how its superior to the solutions we already have in place?
dude we got robot traders in 80% of the financial markets already
and green ID user said those are simple closed systems
HE said that not me
so why are they not already running smart contracts in those financial markets if they have robot traders?
and again Id appreciate if you could form a coherent argument instead of just posting pepe memes.
>but why would a bank need a decentralized oracle when its relying on its own interest rates in the first place?
Christ man, look at the pic I keep referring to.
Jesus Christ, do you honestly think this goes "interest rates => oracle => smart contract"?
It's more that your questions are the fundamental ones of why Bitcoin was even made and why any blockchains exist in the first place. Your question of what LINK can do that's impossible now has a very simple answer: nothing. More specifically, there's literally nothing you can do with blockchains that you can't do faster and more efficiently with a centralized network of PCs. What you gain is trust and transparency. Incentives ensure that your transactions are handled honestly and the public ledger ensures that they are handled transparently. Smart contracts take that same concept and apply it to computations, specifically designed to function as models of actual contracts but their uses are more general than that. ChainLink takes that concept and applies it to oracles. Oracles supply data to smart contracts. They are not the source of data itself: they are the middlemen. ChainLink makes it so you don't have to trust those middlemen. People pay a lot of money for middlemen in many industries today, so it is clear that there is a lot of actual value added by having trustless middle men. No oracle service can guarantee that the data itself is trustworthy, but it can guarantee that nobody can manipulate it between the source and the blockchain. For classes of data where you can distribute the sources (basically all public and independently verifiable facts) ChainLink will pull from as many as the user wants. For other classes of data your best bet is oracles that use trusted hardware, which right now means Intel SGX but in the future will probably mean many different competitor chips as well.
great post. this guy doesn't even understand why bitcoin is valuable, which is why trying to explain to him an esoteric token like LINK is proving an insurmountable task.
>It's more that your questions are the fundamental ones of why Bitcoin was even made and why any blockchains exist in the first place.
true but thats the point. I can totally see the value in BTC (decentralized ledger). I can also see the value in ETH (smart contracts).
and I could easily explain how those work with real world terms and examples.
LINK on the other hand seems really esoteric and like nobody really thought this shit through. I mean still noone can give me any real life applications of this... only abstract concepts.
And I think I DO understand the abstract concept of link I just fail to see how this would translate into a real world application. and so far nobody could give me a simple, clear cut example how it would be used. so maybe Im not the only one :P
>PnD
Hmm...
I do understand the value in bitcoin
I DONT understand the value in link
just slapping "decentralized" on top of a thing doesnt make it better by default...
Someone just market sold around 500k LINK.
>I mean still noone can give me any real life applications of this...
There have been several itt already.
And if you can understand the importance of crypto smart contracts (ETH), then you can understand the importance of mainstream smart contracts.
In fact, you should be able to understand that crypto smart contracts are child's play, and mainstream smart contracts are the true game changer.
>just slapping "decentralized" on top of a thing doesnt make it better by default...
Strange. That's exactly what made the blockchain into what it is today.
Green anons intelligence is wasted on some brainlets. someone please record his wisdom for future non believers
This
what a moron
buy high sell low
...
Isn't aeternity doing the same thing, with a bigger team?
better social media presence as well. Never hear about it on here, makes me wonder..
quiet, aeternity fag
Get your seat belts ready.
Not a partnership and not news. Sergey always mentions Intel's enclave chips in his talks and the ChainLink whitepaper also describes its use of them.
>Strange. That's exactly what made the blockchain into what it is today.
>a decentralized ledger is a good idea
>therefore everything should be decentralized
yes and Im the stupid on here lol
apparently link is so advanced that noone can explain what it actually does. except that it aggregates data from different sources and is decentralized... and thats somehow superior to centralized data aggregation., because... well lets not think about it too much.
TO THE MOON!
intel sgx has been part of sergeys ramblings since day 1??
Decentralization brings trust and transparency to the system. If you don't see why that might be useful when it comes to oracles, you are a brainlet. We have explained it multiple times. Decentralized oracles allows the elimination of middlemenin various industries if it gets off the ground. This saves money, lots of money. Big institutions like saving lots of money.
The partnership in this context is between Smartcontract.com and IC3, and the result was Town Crier, which implements Intel SGX.
And no, it's not exactly news, but it is something that so far has one almost completely under the radar.
>a decentralized ledger is a good idea
>therefore everything should be decentralized
Everything that is at risk of being compromised by single points of failure, yes.
>apparently link is so advanced that noone can explain what it actually does.
Apparently you are just a huge troll.
It's been explained in many different ways.
>and thats somehow superior to centralized data aggregation.
ONCE AGAIN
Refer to pic in Now imagine all those individual banks, Standard&Poor's, Swift, ... all using their own proprietary oracles instead of a single decentralized network.
No smart contract could exist under such a hypothesis, since nothing is shared and/or commonly accepted.
I have referred you to this pic too many times. Stop acting like an idiot.