Look at ETH

Look at ETH.
What makes it worth the $300 it is today?
Smart contracts
They are revolutionary. Don't know why? Google it. You will find all sorts of uses for them, from Finance, Insurance companies, Airlines, you name it. There is a problem however, which is probably slowing down ETH's growth. Right now, smart contracts on the Ethereum network are limited; it's confined within the blockchain and with data on the blockchain.
Chainlink changes that.
All of those potential uses for Smart Contracts - that's all now a very legitimate possibility now. In the simplest terms, Chainlink allows for external data to inform smart contracts. When you consider the fact that it's decentralised, it gets a whole lot better.
People that keep saying things like "why would banks use chainlink when they can just make their own version" clearly don't understand the fundamentals of this project. Chainlink's goal is not to "be used" like (e.g.) Ripple hopes to achieve.
Chainlink is merely the bridge that enables data which is outside of the Ethereum 'universe', to communicate with it, and thus execute various actions. Thus, it's not unlikely that adopters will use their own private blockchain (biggest reason would be to avoid the market fluctuations in it's value). But - what will they use to get their data, onto the blockchain - whether it be their own token, eth, etc... Chainlink.

1. Eth and smartcontracts. We all know smartcontracts are revolutoinary, but their use cases are limited. Smartcontracts are awesome, but they are confined within the blockchain and data on the blockchain. In otherwords, right now smartcontracts are "you send 1 eth and I'll send back 1000 McTokens", and this contract is verifiable/trustless/amazing but its stuck within the universe of Ethereum and the data Ethereum understands

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$300? Dude its over $800

hello, yes we know, anyone that says otherwise is fudding or is just overwhelmed by the shilling here, not our fault they don't understand it

exactly, over $300



Why are there so many Chainlink threads each day?

why not? Are you a nolinker ?

Old copy pasta kys new fag

you're missing the most important point though op:

if smartcontracts are the future, and oracles are critical for their widespread success, and ethereum is going to be a dominant platform: oracles will become part of the ethereum network itself.

ethereum must have it's own oracle layer, because like you said, if they're critical, ethereum simply can't afford to rely on a second network with it's own token.

I don't own any, no.
Will buy some around 2200 sats though.

2. It is possible to use external data to inform these contracts, but right now that process is centralized. This is a problem. Lets say the external data is a transaction of Dollars for ETH. So you send 300$ to bank account X, and then I send one Eth to your address. Right now you either do that through a third party (CoinBase), OTC (LocalBitcoins) or whatever else centrlized system you want to use.

Knocking out that centralization, where you have to trust someone, is THE key to SmartContracts having a real world use case. But how do you get that information -- the fact that the $300 has been sent -- onto the blockchain using data that the smartcontract understands?

3. Oracles. Right now the answer is "hey we can hire Oracle X to do the translation to represent this bank dollar transaction on the blockchain." The "oracle problem" with this is that you are 100% TRUSTING that oracle to act prudently. That they don't tamper with the data. So we can kill coinbase but now we have to trust the oracle instead of coinbase .This is a HUGE problem for Banks who want to get into blockchain but have to trust a centralized oracle to translate data. This Oracle can be hacked, falsified, defrauded, really all the problems that come with centralization.
4. ChainLink - this service DECENTRALIZES that translation process of the Oracle. Now, the translation is trustless, and you have a trustless data feed that informs the trustless smart contract.

and if you want precedent, look at vitalik and other ethereum developers reaction to raiden launching it's own token, vitalik himself pledged millions to the development of a native competing protocol, that doesn't use its own token.

chainlink is a bet for smart contracts, but against ethereum, or any superdominant platform. it's the same gamble people are making with "cross platform" connection blockchains, like ark, or particl, which are also very pie in the sky.

>Knocking out that centralization, where you have to trust someone, is THE key to SmartContracts having a real world use case.
Why does decentralisation matter?

because if you have a centralized oracle then it can be manipulated and does not have a reputation system and so on

What's stopping big companies to fork Chainlink and change the fundamentals of the token that's used? That way, companies wouldn't need to buy LINK, they'd just have to hold their own tokens.

oh my god. read the btc whitepaper and kys

found the newfag

why doesnt everyone fork chainlink in that case?

fucking retard

Who else fucking comfy with 20k LINK? It’s an incredible feeling knowing that I’ll have $200k in couple months.

The whole point of using ETH in conjunction with linkies is to keep the decentralization aspect alive. Please read up on crypto fundamentals.

decentralization is the copout answer from coiner shills. don't listen to them, decentralization is literally crypto scientology

Sadly you won't because I will buy link as well. Giving my bad luck at the beginning of this year, link won't be worth much. Sorry

reddit faggot, I hope you get raped by a pack of niggers and then killed by isis

So what you're basically saying is that ETH and LINK are worthless.

Thanks, just sold 100k.

kys namefag

$10 eoy is literally the highest this will go
its not a currency, its an erc20 token with a convoluted use case. price will grow more and more as the tech is adopted and this will NOT happen instantly.

next time this shit pumps i sell and go all in on ark