I have no idea how this thing works.
Chainlink offers smart contracts whatever the fuck that means. An Oracle? and its being supported by banks or some shit. Can someone explained this to me? I keep digging and digging but the whole just gets deeper. Is it a platform? a coin? what is it?
DYOR newfag
Nigger, an oracle is a thing that reads the blockchain and converts the data into real world applications. Basically you can connect your ether wallet to your bank account with an oracle.
It's not supported by the banks, it's made by the banks. SWIFT wants to move all wire transfers to LINK and JP Morgan wants to use it together with it's own blockchain for derivatives market.
LINK is what integrages crypto with the real world without the need for any extra apps of coins.
The tokens are needed to run nodes to make the network work and you can stake them. So basically by owning LINK you own a chunk of the future world banking.
Umm, doesn't literally every crypto wallet already "read the blockchain"? Like how would it even work if it didn't? Still don't see what's so special about an oracle.
...
No it's basically a system where nodes recrute other nodes to validate their data. You get paid when your affiliates use a data and when the affiliates their sign up use another data
It does read the blockchain, but your banking software doesn't. It parses the blockchain to feed it to outside apps.
But ... every public blockchain can be parsed by outside programs?
Huh? So it's just a glorified software library?
And why is it needed? Banking software could easily just use some wallet to "hook into the blockchain". It's all open source anyway. There's literally no need for a middleman.
Yes. There are many oracles. Every coins that runs a debit card uses an oracle.
But how do you know it has been parsed right if the oracle is centralized and how do you know the data wasn't intercepted? That's why the LINK oracle nodes have their own consensus layer and are decentralized.
meant for
If you think "parsing blockchains' is easy check out bitcoin-iterate on GitHub and see how huge that project is - written by the dude who made the lightning network.
Not something you can just code up in a day. ETH has RPC requests but they're too slow to do anything real
Anyway ChainLink is special because it takes external data and *securely* feeds it into smart contracts. Going from smart contract to real world isn't even the problem (although it is hard)
>Banking software could easily just use some wallet to "hook into the blockchain"
That requires every banking software to develop their own solution of parsing the wallets and add support for 1000 shitcoin wallets that exist.
LINK is a standartized solution, that works with every blockchain, every wallet and every banking software.
not only is it glorified its extremely dated, they're moving old code to Go for some reason, there isnt a lot of companies interested in using go language, i dunno why they didnt go with solidity
I'm not saying it's easy. I'm saying that problem has already been solved. Every wallet does it. From what I can see ChainLink is merely a wrapper that perhaps adds an easier interface.
Oh shit you're right
Get Ari Juels and SWIFT on the phone they all fucked up
Well not really, because those 1000 shitcoins are mostly all just copies of existing technologies. Once you support one the rest is easy. And also why would banks even want to support noname shitcoins that nobody uses? Yeah, they wouldn't.
Also, no. What you're talking about is a different issue. Wallets can know current balances. That is end of list.
They can't tell you whether or not Billy has a 567 or 642 credit score based on blockchain data. Too complicated for bitcoin-qt
by the looks of it swift has forgotten about link and are more into ethereum, since link doesnt do anything other than being a wrapper.
>But how do you know it has been parsed right if the oracle is centralized
By running it yourself? You still have to run some software yourself to interact with link anyway, that just moves the problem.
You've figured it out. Now all you have to do is never buy LINK.
Ok that makes more sense now. Thanks.
I'm just surprised that Link would be the only project attempting something like this. Or am I wrong?
Go to a bank and try connecting your monero wallet to you banking account. It's not ISO200222 standardized, doesn't have banking security standards and even if your banking software did somehow integrate it, you won't be able to send it to another bank, which didn't integrate it.
That said, you'd have to give the bank your private key for them to be able to withdraw money from it.
LINK solves all these problems - standardization, security,integration with the existing software and the smart contracts - the bank doesn't need your private key, you just authorize a smart contract with the bank and it gives the bank permission to do permitted operations on your wallet without doing anything else.
Sergey figured it out so you don't have too, just buy some you brainlet
You don't have to know how it works, I bought 10k and still don't know what it does it just makes money anyway
>Won 100k at innotribe with just a wrapper
You guys actually think Sergey pulled something that retarded over a company as big as SWIFT
theres nothing significant in links code to prove otherwise, go read and understand the code.
>You still have to run some software yourself to interact with link anyway
No. That's the thing. You don't run anything. The banks run the software, you won't ever be seeing any LINK software, unless you want to start a node.
LINK is not a currency, it's a token that is required to be staked to run the nodes.
That is why they are focusing on btc, etherium, and hyperledger. Why would companies pay millions to software engineers to reinvent the wheel? Are you really going to spend 3 years paying people to write buggy untested software?
No, you can run the nodes without links. You get paid in links to run a node. Nodes also get ranked.
Sounds like UFR. "Get paid to seed torrents"
ChainLink works by ShadowForking
Dude I dont think LINK is used for that. Its to enable the staking algorithm to run data provider nodes on the link network, and that data is then fed to a smart contract to do stuff (for SWIFT it would be message record keeping). What I don't understand is how will LINK token value increase if its used for staking? (Unless I'm misunderstanding how this thing works)
Except this is get paid to verify every smart contracts data. Slightly bigger use case.
Sold this shit for mincoins.
Will make x200 in three months.
Desperate link retards can't even pump a coin.
JAAAAAASOOOOOOOOOOOOOOOOOOOOOON
>Dude I dont think LINK is used for that
It's used exactly for that. It's a banking wraparound for everything crypto. Basically what the banks do with money, they will be able to do with crypto, and the opposite - they will do fiat banking on blockchains. That's the whole purpose.
>What I don't understand is how will LINK token value increase if its used for staking? (Unless I'm misunderstanding how this thing works)
60% of world market cap are derivatives. Imagine 60% of world market cap running on LINK
>
This is the part these fucking brainlets don't seem to get. They think the "technology" is in the "blockchain". NO dummy, Chainlink is an incredible piece of oracle software that requires that you put in a token to make it work. The only token that makes the big machine go is LINK.
>Imagine 60% of world market cap running on LINK
Hardcore trolling on the software industry or do you genuinely believe that?