StinkyLinky

Can someone explain to me what Chainlink is good for? What is an oracle? What is a smart contract?

If we could explain things we wouldn't be on biz

shitcoin

They have a dumb idea they can bridge data transfer between different blockchains in the future when other blockchain environments already have that available. It's also not hard to translate in the first place since many take that into account, but chainlink makes a big deal about it by hiring pajeets to do one job and leave "Muh I RATHER HAVE WOLVES THAN SHEEP" they are so fucking stupid.

THROW A SADDLE ON THESE HORSE BITCHES

The meme shitcoin I love tricking faggot redditors to buy

Read the whitepaper, you won't understand it because they made it complex on propuse but give it a try

>API
lol complex. There are already blockchains that take over linkchain and also provide their own environments. The only thing linkies have for them is Swift, which won't last long. Expect a big gain and drop faggots.

*chainlink, sorry I forgot your name because of how little I care. Throw some banking languages for coding and you have people gulping that shit up

A smart contract is a JSON heading router that connects parsed kernel packages to integrated blockchain node expression outputs. An Oracle is simply a diversified mechanism to secure those kernal packages, sign them, and forward them to predisposed data reformation entities (like, for example, an SQL database injector functioning in a virtual environment). ChainLink is the first company to merge oracles into a mechanised system loop to provide contiguous node monitoring in a virtual environment.
It's a god concept, but it's literally worth somewhere in the hundreds of thousands of dollar (as Vitalik said) and the meming on Veeky Forums is just a long running joke.

Smart contracts are contracts that execute automatically.

Me and you create an automatic contract that when I put $5 in a bucket it'll unlock the box where you put wheat in.

Ethereum has smart contracts. That's the "revolution" this is creating.

But not only that, Ethereums smart contracts are secure because it required multiple people to confirm that you put the $5 in the bucket.

The problem with Ethereum and any blockchain is that they are self contained. Meaning, smart contracts only work using Ethereum and the tokens created on Ethereum. So instead of $5 you have Ethereum, and instead of wheat you have ERC20. Ethereum doesn't recognize anything outside of those. It doesn't recognize Microsofts stock ticket price for example. It doesn't recognize the weather in Houston. It doesn't recognize your electric bill payment. It only recognizes Ethereum and it's tokens as input and output.

An oracle service is a service that converts real life stuff and puts it on the blockchain.

What does that mean? Now instead of Ethereum only recognizing Eth and it's tokens it could recognize all those things it couldn't recognize before. This is all thanks to the oracle.

ChainLink is blockchain agnostic decentralized oracle. Meaning, it could be used with multiple blockchain and decentralized. ChainLink is the only oracle service that comes with those features. It's badass because ChainLink doesn't only work on Ethereum smart contracts but also for Stellar BTC NEO whatever. It will support all blockchains. This is unique.

Not only that, but it is also easy to implement it in legacy systems.

Why is that so special? Banks don't like to spend shit ton of time and money upgrading systems. Now they can use ChainLink to enable payments using blockchain technology and smart contracts.

Institutions and banks are in need of smart contracts. This will bring them a lot of cost reductions. Kind of like what Ripple is doing but 100% better in every way.

That's about it.

thanks bros

Nice ass

Its a scam coin, dont buy. It has 0 use case and smart contracts are a meme.

are smart contracts legally binding?

>Institutions and banks are in need of smart contracts. This will bring them a lot of cost reductions.
HOW?
How would this make any company more profitable?
I don't understand

>A smart contract is a JSON heading router that connects parsed kernel packages to integrated blockchain node expression outputs

Are you fucking kidding me?

well see it's called CHAIN LINK because it LINKS CHAINS. ANY AND EVERY BLOCK CHAIN. LINKED. TOGETHER. FOREVER.

LINK's price will go up. If the company has LINK they will have more money, retard

Because you cut out the middlemen.

You don't need to pay lawyers to write up long and specific contracts because it's all self-contained in an automatically executing smart contract that you can't bullshit with legally because it doesn't care.

You don't need to pay staff or an external company to monitor the conditions of the agreement, because the contract will do that itself.

There are probably far more smaller things that I can't think of, but you get the general idea

Smart contracts are just programs. With ChainLink you can attach a PDF with the actual contract and terms and stuff.

Smart contracts are just the execution of it. A bunch of IF ELSE statements.

then they could just use any crypto
why use link?

>You don't need to pay lawyers to write up long and specific contracts because it's all self-contained in an automatically executing smart contract that you can't bullshit with legally because it doesn't care.
I have no idea how it's possible to make complex contracts without real people and lawyers

this shit will only work on the simplest of things

How the fuck can the program understand if the terms of the contract were met or not?

REQ for example will be cheaper to transfer money using it vs PayPal because of the effeciency of smart contracts. You don't need to pay employees and people to do certain tasks. Its all automatic and more secure since humans are not meddling.

Banks love this because they deal with trillions of dollars. They would rather put their trust on a decentralized smart contract than on some third party. It's less risky to use smart contracts.

Basically it cuts costs and makes transactions more secure.

SWIFT and many other banks have done shit ton of research over this. Go read their papers. Why would they invest in DLTs if it's not useful?

This is correct.

In banking, the 'middle office' is in charge of monitoring and maintaining various different rates (interest, dividends, insurance, etc) as well as costs (losses, payments, etc.)

With smart contracts, the back office (the people that calculate the rate of acceptable risk on various investments, among other things) will have a much easier time as they don't have to worry about Betty or Joe sucking at their job. They can be confident that the contract (that are self executing) are working as intended.

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In addition to this, a LOT of stock & security trading is done via learning algorithms. Because LINK is able to provide Oracle services to various blockchains/DLTs, these algorithms are able to play various markets simultaneously. This is already done at a very fucking complex level, but not including blockchains.

This is (potentially) amazing technology for banks, and will reduce the start-up costs for new fintech companies.

I bought 1000 link at 1.15 after hearing about smart contracts and oracles being in the coin. The smart contracts help the coin by giving it utility and when something had utility than it can be worth more than a coin without utility like bitcoin. So when they get this coin working the price could go even higher when more people realize what a great thing it is to have smart contracts. Oracles mist be a good thing also so you have 2 good things for the coin which means the coin is worth double even with the smart contracts already. So its obvious to put all your money into link since with both smart contact and link you would be dumb not to invest. So pleads buy more links. Please and thankyou

Because it's a bunch of IF ELSE statements.

For example, SONY and AXA Insurance tested out ChainLink. And it passed successfully. Basically ChainLink was checking if some firewall is up every certain amount of time. If it wasn't up SONY doesn't pay AXA. If the firewall is up SONY automatically pays AXA.

Without ChainLink the smart contract could never be able to see a "firewall". It doesn't know wtf a firewall is. Anything that's not on the blockchain it doesn't know what it is. ChainLink gives smart contracts that ability.

Do your own research. If you're too ignorant to understand the technology then you deserve to stay poor, nobody here owes you an explanation; get bent.

After reading this, I regret feeding the retard.

thanks, just bought 100k

then you're a fucking retard
why even ask?

"How the fuck does a light bulb know whether I flipped the switch or not?"

>they can bridge data transfer between different blockchains
aaaand they can put real world data into the blockchain and the other way around

if it's so good why doesn't it go up in price? Everybody is talking about LINK, yet shitcoins even with no hype go up more?

>a complex contract with many real world variables is as simple as a light bulb

It's price has been suppressed. Go check the sell wall. There is always at least 20 BTC sell walls blocking. They disappear and appear all the time.

When LINK mooned a huge wall stopped it at 1100 SATs and it's just been pushing LINK further and further and further. People lose interest. They move it. They look for something that doesn't have huge sell walls and in the green.

just like any other environmental blockchain. You guys think LINK will hit above 10 bucks which is silly haha since others do the same shit along with their own environments. You have no fucking clue about bank translation and how easy that is., Keep listening to the FUD on slack.