Not fudding, but can anyone tell me why they needed a token...

OP you aren't asking the right question. The right question is: Why wouldn't Ethereum build their own on-chain oracles? Why is the ChainLink token necessary at all?

Furthermore, if a bank or an insurance company wanted an oracle for blockchain use, why wouldn't they build one in-house so they know they can trust their data verification and munging processes?

There's literally no reason for ChainLink to exist right now, especially since they don't even have a working product (the chainlink token is literally ERC20 solidity boilerplate code). Correct me if I'm wrong.

If you want to use smart oracles to swap data between different blockchains, each blockchain will still need a centralized node that will be sending and receiving JSON queries

It’s a multi million dollar scam bro. That’s why it exists.

>what is ethereum
>what is centralization
I won't waste my time correcting dumb niggers like you

See

oh yes, every company needs to build an entire oracle network, so they need to sponsor all data subscriptions they'd need for a fully functioning system

they'd only have access to a portion of available assets instead of the library of options

e.g. Wells Fargo could build a network to get interest rates. Sure, but they'd never have complete access to write contracts about weather forecasts, car insurance live feeds, or any other asset they don't directly own.

It sounds weird but its actually advantageous for them to get a common opensource standard flowing so they don't have to establish large chunks of network for private use

Basically: its like using a middle-school network instead of the internet and thats why you're retarded.

>not blockchain agnostic
>centralized
Wow that's like the exact opposite of the point of link. There's a reason noone is using smart contracts now despite oracles existing, and the reason is centralization

>mah decentralization
You two, dare to dispute this

wrong, there are adapters being built for the chainlink platform that allow multiple oracles to provide details

...

Nah, it's impossible to implement fool-proof. An adapter just sends on command. If a smart contract was executed and someone sent you assets on his end, you can manipulate your adapter in such a way that it refuses to send assets to the counter-party.

Not FUDing just curious
Will CL charging fees for data transactions kill the financial savings which blockchain was aiming for in the first place? Or would the totality of monthly transactions be cheaper than running the equivalent number of virtual machines?

I have a PhD in crypto economics and mathematics. Crypto incentives in Chainlink are a legitimate concern. I saw Ari Juels speak at a conference recently where he mentioned tokens and asked him about the token economics of a node staking system like the Chainlink network is planning to use. The problem is that node operator incentives are fuzzy at best and not even figured out fully by the team (see the gitter for Steve stuttering about this). When I brought it up to Ari Juels, I told him that in the way the network is expected to be used, the fees payable to node operators would actually decline as requests become more ubiquitous because as the network grows it becomes cheaper to use. This makes sense if you took a few advanced cryptoeconomics courses. Ari admitted that it was a great question but that they were "actively pursuing research in that area." I sold my LINK immediately after that and saw a significant dump on the binance charts. It's pretty clear these guys are pulling you along making you think they're doing something revolutionary when the incentives aren't even fully determined yet.

Having a token creates a self-contained free floating market where the market equilibrium price is constantly updated as people buy and sell data using link tokens. This allows the supply to settle on the demand and vice versa, so customers know they’re paying for the most efficient price possible (sellers sell for the highest available market price they can, and buyers buy for the lowest available market price they can. Bid/ask)

This decentralizes the market for smart contract data and creates the most efficient way to buy data for use in smart contracts. Honestly, these are all pretty simple concepts and most people just don’t understand because they’re literally low IQ or lazy assholes who think they’re smarter than everyone else on the planet without considering that maybe they’re actually one of the dumbest.

I hope that’s not you user.

It's not a currency, it's what it is. A token. A measure of reputation.
It being sold and bought is a secondary function.

Smart user.

>Uses masternodes
Time to move on then I guess...

>I have a PhD in crypto economics
Didn't know that it's actually a thing.

So what your saying is
>token never designed to go above $1

I've heard this FUD before. Nice try.

Totally false. An independent oracle can witness an event from one blockchain and trigger a smart contract on another blockchain. Nice fud, marine

It's not it's FUD

>mfw the FUD is 100% all in LINKies trying to keep price low to accumulate

too fucking easy to read, like a book i tell ya

>An independent oracle can witness an event from one blockchain
By trusting a third-party adapter, which is unreliable and potentially forgeable. With decentralized oracles, it all boils down to whether the end user (blockchain operator) performs the transaction or not

salaam

who is Jason Parser?

>I have a PhD in crypto economics

It's just trolls pretending to be retarded, my dude.

LINK will pump then crash because of security hole, then LINK will stay dormant for many months, then LINK will moon.

based
been away from Veeky Forums for a week, good to see you

A token can have any value, since it's price is driven by actual use and it has 8 decimals.

What if the blockchain has smartbridges, like aion that has oracles?

github.com/ethereum/EIPs/issues/677

See this is important that link is erc667 SPECIFICALLY designed by the Chainlink devs to make the token an indispensable part of the network protocol.

And when someone mentions it on biz, it immediately gets glossed over. You people are fucking retards