Can somebody please explain once and for all what LINK does?

Can somebody please explain once and for all what LINK does?

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youtu.be/hJQ35sJzRkE
docs.corda.net/key-concepts-oracles.html
twitter.com/AnonBabble

Solves the Oreo problem

Pays node providers on the chainlink network

smart contracts without an external data source are pointless
an external data source is called an Oracle
rolling your own Oracle service has a lot of problems
they solve the problem

You sure you wanna be red pilled on all shitcoins before it?
Chainlink is an addiction

happy to esplain furder. let me know if thats unclear

An oracle was having a problem and then LINK fixed it for her. Now everyone wants some LINK because they think it might fix their problems too. I've got a lot of fucking problems so I'm all in LINK.

it was a scheme to help Sergey getting rich

A smart contract is a piece of software that can perform a trustless exchange of value. What that basically means is that you can trade your Xcoin for my Ycoin and we don't have to trust each other, or trust a third party to hold both of them and swap them for us. The software simply "looks" to see that you've fronted your end, and I have fronted mine, and when both conditions are met it executes the trade. There is no way for us to rip each other off. Only when we have both fronted our end does the contract make the switch.

But smart contracts are limited at the moment because of the fact that when the smart contract looks to see that we have put up our share, it can only "see" things that are programmed in code that the smart contract can understand. So it's good for trading shitcoins without having to trust a third party, but it would be way more useful if we could trade, say, money for concert tickets, or for company shares. So to solve this, companies have popped up called "oracles". Oracles' job is to translate data into a form that the smart contract can understand. So they could reprogram, say, my concert tickets into a form that you and I could trade them in a smart contract.

But there's a problem here. If the whole reason we are going with a smart contract is to take out a trusted middle man, but we have to go through a trusted oracle to use it, then what's the point? You might as well use a trusted escrow service at that point, if we're going to be putting our faith in a private business anyway.

LINK solves this problem. It creates a decentralised network of nodes who compete with each other to provide accurate information, who are prevented both from reading sensitive information that you enter into them, and from reading the outputs of other nodes in order to copycat from them. What this means is that ChainLink opens up smart contracts to be completely trustless, end-to-end. This marks a revolution in the space.

It's the next Confido. Sergey is an incompetent scammer who's going to sell all his LINK sometime in the coming weeks and leave the bagholders with a worthless shitcoin.

Is that why he has been hyping the coin so much recently?

what fucking hyping?! there's been ZERO

This post is our Bible. Our reason to live. Our ticket to lambo land.

That's my point, friend.

Stays at $0.16 forever

It was outed yesterday as a scam. There's a class action lawsuit in the works. I wouldn't touch this thing with a virtual reality nuclear explosion proof robotic arm.

It's a decentralized oracle solution for converting investor fiat dollars into Big Macs

brb going to buy another 500 link

2/10 FUD

thanks just bought 100k

trends to $0.00

checked and kek'd

Solves the orifice problem

It's not FUD. This is the worst performing crypto considering the hype of all 2018.

Look at the chart. This thing just keeps bleeding out. Good luck if you're actually holding these bags.

Oh now I understand. I'm all in. Buying 100k

>It was outed yesterday as a scam.
>It's not FUD

Pick one.

goes to the moon

Underrated post. Did a screencap for the future.

that's why you buy now when it's on the floor but yea, keep following pnd's Im sure you will get far in this market
what a brainlet

>the price is low because the price is low

While nice, that's not really "revolutionary." And the market sentiment proves that. Oracles are awesome. You'll have a hard time justifying that they're worth $32 million though.

it takes the money from stupid people away

This explains the use case.

Also, the fundamentals are rock-solid; see the white paper.

And then there's the industry exposure:
These have mentioned Smartcontract(.com) by name: World Economic Forum, Capgemini, Gartner, ...
And these have actively used Chainlink: Swift, AXA, Sony, Santander, BNP Paribas, Barclays, Fidelity, Société Générale, ...

Nice meme.

what if i just dont sent you the concert ticket

request network is also looking into using chainlink

It's not up to you. You'd have to "load" the ticket into the smart contract in a way that would invalidate any remaining copy of the ticket, and make the transferred ticket the only functional copy. You would not have the option to "not send", because the smart contract would execute the exchange as soon as the other party fronted the money.

They're going to be worth far more than $32 million as the adoption of smart contracts becomes more standard, and it will become more standard, thanks in large part to ChainLink.

what are you suggesting? that then entire top100 list is better than CL ?

no i'm being glib, mocking the people here that take coin price as an indicator of worth

link doet evrting

PLUSSSSHTARRRRD GIVE ME BACK MY MOONEYYYYYYYY

1) do I get paid dividends by holding LINK or staking it?
2) if yes to #1, how much dividend
3) Is there any inflationary or deflationary mechanism regarding the LINK token in any of its processes?

Nobody cares

>1) do I get paid dividends by holding LINK or staking it?
no. however, nodes will be incentivized to hold LINK
>2) if yes to #1, how much dividend
n/a
>3) Is there any inflationary or deflationary mechanism regarding the LINK token in any of its processes?
unsure

Nothing related to coin burning or anything like that, but use of the network will drive token demand and value.,

>no
Why the fuck would I invest in non-dividend yielding coins when there are so many good PoS networks out there that will pay me without having to cash out of my coins

>money for concert tickets, or for company shares.

I'm confused. Ethereum can already do this. When I went through the solidity tutorial, company shares was on Remix website as an example smart contract

ok go invest in those bye

Because holding a token that multiplies in value 10 times gives you more money than holding a token that pays out a 10% annual dividend.

And more money = good.

so you gonna barge into every non-PoS coin thread now with this bs? buzz off

It's almost like LINK holders are a little testy....

Node operators are paid to operate nodes and node operators have to have a certain number of LINK to be reputable. More and more nodes coming online will push the price up if I understand it correctly. So you could "mine" link as a node operator. But not all coins are proof of stake so that seems like a stupid reason not to invest.

What is there to invest in?
What were the "tokens" that were sold?

yea everyone will hold his comfy pos coin making bank and they will all be living off of the passive income for the rest of their lives

meanwhile we're going to make 100x gains and then buy your lousy PoS coin and retire off dividend income

So...literally nothing but snark and bullshit huh?

I think there's a reason you LINKholders have a reputation

the answer is LINK will have more gains than your silly PoS coin will. what more do you want

>silly PoS coin
I didn't even name a coin.

Are you okay?

well go ahead and name it, please. we'd all love a laugh.

I don't think I want any more conversation with such a miserable group of people.

Enjoy your bagholding.

lol so every coin has to be proof of stake now? Guess I should have sold off all my $4000 bitcoins $10 eth and 50 cent Litecoin and bought ark. What was I thinking.

Fuck off

Takes money from greedy people

Very underrated

This is poetry.

How do you become a node operator??

and what exactly is a node?? Is it a physical object or a program?

Will node operators basically be working a full time job?? or is it going to become so competitive that getting early for good reputation will be the only way to get the important contracts and newbies will rely on luck??

Also one last question


Will there be a penalty for wrong decisions or fraud behavior?

Yes

look up thomas hodges' instructional videos on yt about running nodes

These are all excellent questions for a supernode based, quasi-centralized, reputation based system like Chainlink.

Yes, there will be work involved in gaining reputation as a node operator, provided you become one. There also may be programming requirements as you upgrade your node operations or switch to other, better node software.

Now provided that you are a good programmer with some time on your hands, being a node operator for LINK could well make you a pretty penny, assuming these smart contract market makers actually like you, don't have other entrenched interests, etc.

But none of these potential impediments exist on public, open, permissionless, masternode-free PoS systems. Just a thought

Listen to this man. You dont want no part of this shit! And someone make a dewy cox Chain link meme! From the cocaine scene Asap
youtu.be/hJQ35sJzRkE

Now explain this please docs.corda.net/key-concepts-oracles.html if you don't trust the link Google corda key concepts oracles. Did they solve the oracle problem as well? I know there's a company developing blockchain solutions in real estate that has a partnership with a couple of banks. They use corda

It is a shovel that digs and owns http

i'd be curious to know the answer myself. i dont know enough about corda. sounds like it might be private though (it doesnt even use blockchain), in which case you wouldnt have the same adversary issues as Ethereum has