Interesting article in which they talk about how SmartContracts can change the legislative power, just what Chainlink is being created for.
CHAINLINK TRANSFORM THE LEGISLATIVE SYSTEM
First of all, it's not that easy. Second, you don't need Link for this at all, just ETH contracts.
those smart contracts need information from the real world.
This. And just to preempt the dumb faggot who always chimes in with "companies will just make their own though."
With link - they won't even need to. They'll be interested in buying their own tokens for trust node relationships for sure, but in comparison to the cost of developing and maintaining their own private oracles is fucking dumb compared to a decentralized alternative.
Link doesn't even work yet, so stop mentioning it.
Contracts are good for selling stuff (cars, electronics or even properties to some extent), but they are awful when it comes to mapping the awful complexities of legal paperwork. And no, you don't need Link for those contracts, ETH is good enough.
good. i hope you don't own any link...and stay out of the fomo when it hits 5 dollars in a week.
contracts aren't good at handling legal paperwork
BMW wants to sell a car to some person, the car has an initial Public Key coded within its keys that belongs to BMW.
BMW deploys a simple 10 line contract that executes once an ETH payment has happened.
The sale is written on the blockchain, car keys now have a new Public Key associated, which belong to the new owner.
Please tell me why on earth would BMW need to use Link in situation.
I don't own Link, never will. I never fomo, I'm not a moron.
They are absolutely useless when it comes to legal complexities.
I don't own Link, never will
I'm going to screenshot your post. I hope you don't mind.
the blockchain as a contract will still only be as good as the legal brain formulating the smartcontract paramaters
Sergey and Docusign CEO go to SXSW to discuss how SmartContracts can eliminate lawyers. I guess a company the size of Docusign will be wrong and they will not be able to offer their services to the legislative system
To access the exchange rate if they accept fiat/other crypto? To access interest rate if they provide car loan?
For simple buying and selling it will perhaps even real estate and companies however complex matters will still require a good lawyer
Lawfag here. I disagree by way of example.
I contract for the shipment of XYZ container from Hong Kong to Long Beach; DAT (Delivered at Terminal - Incoterms). Risk passes at DAT and seller is no longer responsible for the shipment triggering release of payment. LINK will feed the GPS coordinate data (LONG BEACH terminal location) to the ETH smartcontract to release payment.
Please tell me why on earth would BMW need to use Link in this situation:
Still waiting for an answer.
hurr durr one situation means it has no use
weak fud faggot
Every little bit of automation makes the lawyer's job easier. Easier jobs means fewer employees needed for the same amount of work.
What? That's what's Link is all about? Just adding more steps to a process that doesn't actually need it at all? Holy shit and you people are buying this? No wonder you guys shill it so much, it will never work under real world conditions and you sadly know it LMAO.
One can only guess. Perhaps it is to do with purchase and/or leasing and repossession.
Smartcontracts dont create new ways of contracting merely new ways of fulfilling contract criteria. Once a clause has been fulfilled it progresses automatically to the next until completion. It attempts to prevent frustration of the contract by either party by the absence of deliberate human interference. Id rather not say too much more because docuServe may not have nailed it down and they are not getting it for free from me
Why do you keep bringing up buying a BMW? This isn't a currency coin. You don't seem to have much of an imagination.
Ah, you're just pretending to be retarded. Epic.
To import cars can be very useful, within the European Union if you want to buy a used car in another country you need to do a lot of paperwork that with SmartContracts will be simplified.
What? LMFAO dude, buyer and seller can simply agree beforehand on a single source of exchange rates and that's it, that's how the real world works. Why the fuck would you need Link for that? To make sure that data PUBLICLY AVAILABLE TO EVERYONE EVERYWHERE is not being tampered or something? Shit is this a token for paranoid people or something?
stay out of the fomo when it hits 5 dollars in a week
Can Linkies set a deadline? Say, agree that if it doesn't reach X value by X date, they will stop saying things like this?
They could say for example "if Link doesn't reach $3 by May 1st, we'll limit ourselves to a single thread a day, and keep it so until Link reaches $10". Would that work?
pretending to be braindead to bait people into debunking FUD
You have no idea what you're talking about and you're relying on buzzwords aren't you
Yes. LINK can encompass almost all contractual use cases.
When you're settling a contract worth millions of dollars, you want some security.
Link "Smartcontracts" are not necessary. Ethereum is good enough.
Because that will be the major real world usage of cryptos, exchange of goods. Anything else is, at best, incredibly experimental, moron.
Link "SmartContract" is just adding more unnecessary steps to a process that can be already solved TODAY using Ethereum alone.
Holy shit is this bait
If not, when did you discover crypto buddy? You have a ton to learn
Just adding more steps to a process that doesn't actually need it at all?
I actually sat down a couple of times to design/program a few smart contracts, and it was suprising how much I needed to rely on something like LINK...
buyer and seller can simply agree beforehand
Because seller/buyer can be a fraud sometimes?
Are you really missing a point of smart contracts here, right?
legal complexities are a buzzword
link encompass almost all contractual cases
million dollar worth contracts using Link, the most shilled coin in the history of Veeky Forums, that is actually being """developed""" by two people: a philosophy major and a guy who just started learning Golang.
kek ok guys I'm out, this is going nowhere. Thanks for the laughs though.
Do you have any minimum knowledge of engineering software? If you want to connect Ethereum with existing software in for example the legislative system you need an intermediary (oracle) that obtains the information, interprets it and sends it to the SmartContract. If you want that information to be transferred securely, you need a solution like Chainlink.
Wow you r le ultimate troll!
he did actually made a compilation of most FUD pastas
what a fucking genius
better overload the thread with all kind of FUD so it would took a lot of time to debunk
inb4 mentions shadowfork
The thing is that Link proposes to be a blockchain agnostic second layer solution, which is good. If smart contracts ever become a huge things, many companies might see it profitable to cast Link aside and work on their own solutions, but that's all hypothetical. I'm not bullish on Link over the long term, but it's not as simple as you seem to think either.
Because u dont trust bmw employee
Docusign is already used in non-attorney real estate closing States. Some states (mostly east coast require attorneys to settle home closings) Others (mostly west coast) don't require an attorney. Real Estate Agents from non attorney States use Docusign + escrow companies to close. With a few clicks the sale contract is all done. Eliminating attorneys saves the consumer $1,500-$3,000. This is the way forward.
the only FUD in the thread is an undercover linky fishing for shills
Says a lot. I feel bad for nolinks.
I believe link is the token required/created to monetize the smartcontract idea not necessarily the contract itself
everyone knows LINK maxes out at like 15 transactions a second. It will never go anywhere. Oracles don't even have a problem to be solved.
Same Im bullish smartcontracts but not necessarily link but who knows where it goes
Link doesn't even work yet, so stop mentioning it.
Imagine being this much of a brainlet.
Please refer to this very well informed post:
With Link, Bmw and the buyer could be using any (crypto)currency.
In your scenario, they have to use ETH.
Guess which one is infinitely more likely to occur.
Also, simple payments are just a tip of the iceberg for what oracles can do towards smart contracts. You dope.
LINK maxes out at like 15 transactions a second
That's hilarious. You obviously have zero clue what Link is or does.
they're fucking with you user
Depends how many layers of fuckery you're prepared to explore. Take my hand, user, we're going in hard and deep.
They are absolutely useless when it comes to legal complexities
You are right, that's why we need link. Are fuding or shilling? I dont get it