Marines! Report in for duty

Marines! Report in for duty

let this memecoin already die

I wish I was smart enough to understand linkchain

Just made 121 LINK by shorting. Feels pretty good

do you actually need help understanding it user? im feeling helpful today, im no expert but will do what i can

New recruit here sir. Ready to uhhh sign my life away?

Sure. My current understanding of crypto ends at immutable database though, so it might be too much even if you feel helpful.

$1000/linkie when?

Ive given up hope sgt

LINK is centered around smart contracts
which are literally just contracts but carried out by code as opposed to written agreement and good will of two or more human parties.
the issue with smart contracts, is they are very particular to whatever platform they are written on currently (think ETH, EOS, etc) so in order to be usable with current institutions and tech, they would need to be able to say do something like reference the price of stocks or something in real time, or reference data from an item connected to the IoT (internet of things)

for this outside data to be reached by a smart contract, you need what is called an oracle, something that bridges the gap between the two data sources, LINK is a decentralized oracle network, cutting out the current "one oracle per provider" issue

I bought 1k linkies after assblaster larp. How rich will I be?

Companies have all sorts of contracts for all sorts of things (obviously) but the legal system never works like it's supposed to. Let’s say you agree a contract to sell a table, say, for $20 next week. You give the guy the table but next week he doesn’t pay. Are you really going to take the buyer to court even though he legally owes you the money?

This kind of thing happens on a huge scale between companies. If they do decide to go to court it's expensive and wastes time. Usually, the side who’s owed money settles out of court for much less than they’re owed.

This is where smart contracts come in. Smart contracts are basically code that executes a contract when conditions are met. An example might be “I'll buy $100 of bonds if the base interest rate hits 1%”.

Once agreed, a smart contract will execute as written, no matter what. No one can fuck each other over once the contract is agreed (unless they BOTH agree).

What’s more, the contract is stored on a blockchain and so can’t be interfered with without hacking 51% of the nodes (this is practically impossible).

But there is another attack vector for smart contracts. Returning to the $100 for bonds example above, I could hack the input to the contract to (falsely) tell the contract that the interest rate is now 1%. The smart contract sees this and executes when it's not supposed to. The security of the contract is only as strong as the weakest link, which in this case is the external data input (also called an oracle).

Chainlink (LINK) solves this problem by decentralizing the oracle – i.e. the information that goes into the contract. It means smart contracts can't be triggered by false inputs (i.e. the attack vector I described above) without hacking 51% of the nodes (again, impossible).

And the bond example is just one of millions of use cases.

Thanks for the write-up!

So, in your examples it basically works like an automated escrow account?

fuck this fag meme coin, i lost $20k by falling for the mem on Veeky Forums

if you are retarded enough to fall for this ABSOLUTE SHITCOIN THEN FUCK YOU

no

That's a very basic use case, of smart contracts, yes. LINK is the thing that provides the information to release or not release funds.

This ^^^ is massively oversimplified and smart contracts can do a lot more than just 'automated escrow' - although even that is a surprisingly big deal. A lot of time and money is wasted with middle men and escrow services

has there been any activity from sergey recently, whenever I look at the github or twitter it seems ded

this, if it escalates to the complexities and abilities i am sure it is capable of, entire industries and building of beauracrats will be wiped out

Is a mil enough?

I think I kind of get it now. I'll read up on it a bit more, but it's much easier to understand this stuff when the general idea is somewhat clear. Thanks!

biz is always right, right? This coin will go to $100 eoy, right? They said ethereum would be big too! Now it's huge, I trust biz :)

i hope you prosper user, good luck :)

The Linkies are the Chosen People of Kek.
Praise be to him.

200 000 chainlink for sale

...

>let this memecoin already die
Because it a biz meme coin. Biz clubbed together to buy at at the ico which sergey fucked up. Dispite incredible OC memes and non stop shilling it failed to moon spectacularly This lead to a lack of mooning and much angst and heavy bags.

Luckily many normies arrived in November/December who were in fear of missing out. Oldfags dumped their LINK onto them at 1:20 and ran away reeeing at normie stupidity. It tanked shortly thereafter with everything else. However the OC originally generated was no powerful and radioactive that the original chainlink shill echoed in eternity. The newfags who bought at a dollar in turn preyed on even newer fags barraging them with my sides link meme material and LO THE BAGS WERE PASSED. Some, those with a cripplingly low IQ believe that this is in fact some revolutionary technology so powerful are the memes. Ignoring the fact its a couple of guys with ego problems who made themselves millionares by raping biz in their ico and now could not give a fuck about LINK or anyone who owns it and will never work a day in their lives again and don't, indeed going mysteriously silent after they got much dollar. The end. Now shutup and buy link newfag.Look at my meme, see you are in a secret club! Buy fucking link phaggot. It has now become chaincancer even spreading to the origami and papercraft board and indeed may one day rival the facepalm meme as a reaction to stupidity. However dispite this the bag pasing is now an endless cycle and in the year 100000 link will still be at 20-50 cents and shilled and fudded by aliens and artificial intelligences its roots being lost in ancient history

hahahaha

Add to this that the 'community' sources their news on the fundamentals by a person called AssBlaster.