Ambrosos wants to represent external data (food) on the blockchain.
Walton wants to represent external data (RFID tags) on the blockchain.
Ripple wants to represent external data (financial transactions) on the blockchain.
These use cases are ENTIRELY contained within ChainLink.
ChainLink is the skeleton key that makes all these proects obsolete. It gives every company the building blocks to use oracles that represent ANY data, not just single use cases like food/RFID/financial transactions, however they want.
Ethereum is a blockchain with advanced scripting language which allows running of decentralized applications (dapps) and Smart contracts. What are smart contracts? It is a digital contract planted in the Ethereum blockchain. It is a tamper-proof commitment of all participants of the contract. It is used to exchange money, property, shares etc, without a middleman. Ethereum's creator's description of smart contract is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you simply drop a bitcoin into the vending machine (i.e. ledger), and your escrow, driver’s license, or whatever drops into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.
Chainlink is network that reads JSON files and sends the data to smart contracts. (That's called an "oracle".) Useful, but not a good investment since the idea can easily be copied and 66% of the tokens available are not in circulation.
Also, although they claim that it solves the "oracle problem" (The oracle problem being that oracles are centralized, not decentralized.), it doesn't, since the data being fed through the ChainLink network still comes from a centralized API feeding data to ChainLink through a JSON file.
You mean to say that ChainLINK is just a.. JSON parser? WTF? Is that it? Is that what's making Veeky Forums go crazy?
Yes, thats what jason parser said at sxsw
Actually those are the projects that make chainlink obsolete. By putting items directly onto the blockchain via rfid chips, there is no need to use APIs. Fortunately for chainlink, tokenizing everything is a massive overhaul in infrastructure so most industries won't do it for some time. Supply chains represent one of the best cases of blockchain so this will be tokenized first and have less of a need for chainlink than other industries.
but is a token even necessary for most projects to perform? I see the mass tokenisation as merely a way to monetize these projects 99% of which will probably fail. It seems many projects just throw in a token/coin haphazardly for revenue when the underlying project would work just as well without it.
Big companies doesn't need decentralized Oracles. By invalidating theire current Centralized Oracles the netloss would be too immense.
Sure Chainlink might be considered by some smaller niche startups in the coming years, but the delusion in here that it might reach 100$ per token a few years after adoption on the mainnet (if its succesfull.) is pure garbage and a biz meme made by oldfags to lure newcomers into loosing money. Chanlink tokens might be worth 2$ tops in 3 years at most.
God bless you anons for making these threads. My hands feel weak from time to time. It’s hard... going to need money soon...
Disclainer: I don't know much about chainlink so fill me in
VeChain is already putting product history on the blockchain without decentralised oracles using IoT devices. VeChain clearly don't think it's necessary to use decentralised oracles, nor do DNV GL or PwC
Now I don't know, but my question to linkies is how can you get more than one source to confirm the temperature of a product during different points of the supply chain? You Can't, only the IoT device can do that
How do you decentralise all the information going onto the blockchain? I feel like you can only decentralised certain things, that are publicly accessible such as weather, sports scores and things like that. How you gonna decentralise a fiat transaction made by one company to another to record it on the blockchain?
uses multiple exchanges to get a price based on weighted average of volume.
Someone please disprove this FUD pls
How do you account for the fact that:
>1. The entire major Ethereum development community, including Vitalik, follows Oraclize on Twitter and doesn't follow LINK?
>2. Oraclize, not LINK, is invited to all the recent Ethereum community events. In fact, LINK used to be invited, and no longer is.
>3. Vitalik has publicly criticized LINK for taking too much money in their ICO.
If you think you're going to rely on Ethereum integration to get to your lambo dreams, why don't you explain why the Ethereum community is against LINK?
Why don't you address how you imagine you're more intelligent than them, who clearly believe fucking Oracle data delivery doesn't warrant an entire fucking decentralized ecosystem?
Maybe you LINK retards should develop a more nuanced view of the use cases of decentralization before you go wasting all your money and time on a fucking shitcoin.
You cannot have decentralisation without a store of value/currency, then there is no incentive to confirm transactions. This is why private 'blockchains' are not decentralised immutable ledgers, nor are they trustless
Trustlessness is the entire promise of blockchain
your're right about vechain, but it's not fud, it's just most of the link holders don't understand it and think chainlink's uses are much much more expansive than the really are. For example I see a lot of people giving IoT uses as good chainlink implementations. Fortunately again, chainlink has enough uses to be wildly successful, but most of the holders here do a disservice by not understanding what it's actually good for.
I think you're sidestepping the point of the question, which is:
Why must *Oracle data delivery* be decentralized?
You've already agreed upon the data source in the contract. Why do you have to decentralize it? Where else are you going to get it?
The ONLY way decentralized Oracle services make the most sense is if we live in a world of quadrillions of sensors constantly feeding data.
Otherwise, your data must come from one, or a tiny group of, centralized sources. It's retarded and unnecessary.
No the question I'm asking isn't Why, it's how?
Disregard this I thought you were replying to my other post
lol, terrible fud
want reliable data from a centralized source? have 1000 oracles get the data for you, then eliminate outliers & odd responses
also, ChainLink will be able to integrate with decentralized APIs as well, so you could just use 1 oracle, if you REALLY trust the node operator & the original data source
no one said the data sources have to be pre-picked. only the type of data desired - leave it to the oracles to know where to go looking
There's no point in figuring out how to decentralize something if there's no point in decentralizing it.
There is no point in decentralizing the DELIVERY of Oracle data.
It'd be like decentralizing the fucking mailman.
Instead of delivering ONE tax bill from the government, he delivers 15 different tax bills all from different government offices all showing the same fucking thing.
Inefficient, unnecessary, retarded. You've already agreed to being taxed by the government. Why do you need 14 extra copies?
No I agree with you on this one, I was just referring to some other projects that have tokens
Even basic shit like weather is only good down to its local weather stations, I don't see how distributing the data just to collate it again is necessary >inb4 chainlink solves the oracle problem via personal thermometers
>why does bitcoin need 6000 nodes
consistent, reliable data sources likely don't require many oracles if there is already widespread TRUST in the data provider, but this is often not the case, eg with volatile assets (BTC) or untrustworthy data providers (shady pajeets selling goods & services online)
LINK is Veeky Forums crack, plain and simple.
>Plausible but overly technical use case that makes people investing in it feel smart >Plausible relationships between coin creators and an existing industry that make people investing in it feel smart >Plausible "industry insider" LARPers who come to Veeky Forums to divulge SECRETZ, which convinces the aforementioned wannabe-smartypantses that they're part of something revolutionary that has flown under the radar so far
Truth is, the decentralized oracle problem doesn't have a market yet, and won't for many years.
We're at a phase where smart contract adoption will happen regardless of centralized/decentralized oracles, because smart contracts solve several existing business problems. No one gives a fuck whether their oracle is centralized or decentralized yet, and when Linkies realize they're investing in the crypto equivalent of the Sega Dreamcast, LINK will dump faster than anything you've ever seen.
The Wojaks will be delicious.
Yeah it doesn't make sense to me. Decentralised oracles - not necessarily a non existent problem (for certain situations) but definitely one that is almost irrelevant as of right now and with a much, much smaller scope than linkers believe it has
Not at all an equivalent question and you're too retarded to appreciate why.
Decentralization works in Bitcoin and Ethereum because the decentralized operation is simply computational power. Everyone has computational power, and so it can be harnessed in a consensus protocol.
Everyone does NOT have relevant Oracle data. So the effect of this is that the ONLY THING LINK can offer is decentralized Oracle data delivery.
Which as I've already argued is fucking retarded.
You realize your own LINK system has a reputation component yes?
Finally a thread about ChainLink that is logical. The actual use cases where a decentralized oracle is necessary are so few and far between. This is why when anyone asks for a tangible example, they get general responses like, "for derivatives and interest rates" parroting AssBlaster.
Even if SWIFT were to use ChainLink, they would use it for so few cases.
It is admirable that Sergey and the team don't want to just shill the project so it pumps and dumps like most other cryptos...but to compare this to ETH, hyperledger, etc in far-reaching utility is silly and spreading hopium to people that probably can't afford to lose money.
yeah, and the creator of a smart contract can specify which reputation contract to use (either CL's master rep contract, or another contract based on a custom analysis of historical performance).
also, re: your point on millions of sensors constantly feeding data, that is where the world is headed. perhaps not yet fully, but it's begun. someday your fucking goldfish will be fed by a smart contract
SWIFT/derivatives is always what everyone talks about. what will be much more valuable in the short term is simple web APIs - once businesses start offering external adapters for their existing systems, the ChainLink ecosystem will BOOM hard - not a PnD either, real adoption
>he doesn't understand the difference between full nodes and mining
did you take a time machine from 2009 or something? What a cuck.
>The ONLY way decentralized Oracle services make the most sense is if we live in a world of quadrillions of sensors constantly feeding data. You’re absolutely right. This could never happen. Just sold it all.
All actual arguments aside. Smartcontract.com had a working product with a lot of real clients and got the attention of SWIFT (and had been working with them since 2015). They then decided to shit focus to the decentralized oracle network because they and their users identified that as the major barrier to smart contracts being used. It's okay if you don't think it's useful or necessary. This is very enlightening.
from what I understand is oraclize just works with ethereum and bitcoin. Chainlink is blockchain agnostic. I expect IBM's hyperledger to be a big player in dlt with major companies running their own chain. Their own chain will need external data and hyperledger will use none other than chainlink.
>The ONLY way decentralized Oracle services make the most sense is if we live in a world of quadrillions of sensors constantly feeding data.
we are already there. Cars now a days have ambient temperature sensors as well as Sun load diodes and now more recently internet. There ya go. One tiny sliver of the data out there to be utilized and made more valuable in this way
Good to know LINK relies on a massive infrastructural overhaul of the entire world. I'll definitely wait around for that.
What are you even trying to say
Good to know you have to go against the literal Ethereum community to support LINK. I'm really ready to do that.
He hasn't said anything about LINK since his blog post over 6 months ago. He doesn't even follow LINK on Twitter and follows the direct competitor oraclize. Theres a rumor he's even left his advisor role.
So yeah that's who Hudson Jameson is.
>we are already there. No.
>chainlink only works with APIs Lol. And that's not the only way you're wrong.
been a while since I've seen this pasta.
Definitely, I don't discount partnerships in it's entirety. Partnerships can open doors to new markets and assist to fill expertise holes in the company allowing you to focus on the important stuff.
However not all partnerships are noteworthy and needs to be announced. Nor do they add significant value for delivering products. Sometimes they can be liability if they don't hold up their end well or they go through internal turbulence and bring you down with them to.
Majority of people in crypto in general don't understand this because they probably never worked on a decision making level in any business or invested in markets previously. Hence they don't actually evaluate information and use these partnerships to validate why they bought X coin. Deep down they know they know they have no clue what they are doing and need someone (omg Alibaba is partnering with this coin, I knew I was a genius) to hold their hand.
>Good to know LINK relies on a massive infrastructural overhaul of the entire world Actually the opposite is true because it is middleware. Nice job outing yourself as a brainlet
If you expect that the rule of law he implemented into the block-chain, then you’d better expect that each oracle has to be decentralized. Decentralization if each smart contract goes to the heart of the lawyer client confidential relationship. Without this decentralization then stick with this entire fiat system for exchanging goods and services.
1- Oraclize has been out since 2015, Link ICO is only 6 months. So unless they don't follow LINK in the next 2.5 years, you're just comparing apples to oranges. 2. LINK needs to have a finish product to be taken seriously. Invitation or not is meaningless with a product 3. Vitalik has also publicly said Ether is over priced.... it doesn't mean he's right either.
>The actual use cases where a decentralized oracle is necessary are so few and far between Take a load of this ignorant.
You aren't even considering the amount of projects that will need oracles if they want to succeed. Most crypto projects relying on smart contracts will use ChainLink. Swift is just another client. A major one, but one of many.
>Good to know LINK relies on a massive infrastructural overhaul of the entire world. I'll definitely wait around for that.
I guess you wouldn’t wait around for Google or Amazon either, fucking brainlet. Go buy TRX.
>Good to know LINK relies on a massive infrastructural overhaul of the entire world
it doesn't, but that will certainly help speed things along. in case you haven't noticed, sensors are starting to appear everywhere even without chainlink. once you can hook everything up to any blockchain through 1 interface, you bet your dick it's gonna be the biggest innovation since the world wide web
>middleware >the age of disintermediation >let's invest in middleware
>middleware doesn't implicitly depend on the things it's inserting itself between Good luck user
>Ethereum people aren't actively supporting tons of projects in development that they actually believe have futures Do you even pay attention to the space?
>middleware doesn't implicitly depend on the things it's inserting itself between
Uh, no? It EXplicitly depends on them. Faggot
>once this 2 person team creates the most successful blockchain project of all time, it will be the most successful blockchain project of all time. No leap of faith here at all. Completely certainty.
Man, you got me by agreeing with me harder.
It is complete certainty, if you can’t see that you’re not smart enough to hold it.
>middleware doesn't implicitly depend on the things it's inserting itself between What are you implying here? No one denies this, in fact it's what middleware is designed for.
SWIFT (arrow -->) LINK (arrow -->) Ethereum
>complete certainty >that's all the evidence I need >No leap of faith >It'll just happen >nobody wants Sergey in Ethereum circles >doesn't matter >It'll happen >middleware >blockchain middleware >SWIFT
God you guys are fucking pathetic. I honestly feel bad for you.
checked. 1000 eoy.
>calls others pathetic >literally crying on a Bangladeshi street shitting forum
If dubs or trips i add my linkstack
>race of autistic automatons who follow a collective autistic 'intelligence'
stinky linkies truly are the borg of our day
Wow i just market sold... the fud in this thread made me realize LINK is useless. Fud posts havent been disproven...
Yeah it’s good you got out now before it hits the shitter.
Oh I wondered where all the AMBjeets went. I guess chainlink headhunted them for more "grassroots" marketing
Most people cannot grasp the fact that devs will create applications using Chainlink as their oracle infrastructure. There are limitless ways to go with this. Reddit does not understand
>there will never be enough data-producing APIs on the 'internet of things' to make chainlink useful >people will never need the internet in their pocket all the time >people will never need a phone in their pocket all the time >people will never use their credit cards to buy shit on their internet computers >people will never have computers in their houses all connected to everyone else's >people will never need a telephone in their own home >people will never need toilets connected to sewer pipes when you can shit in a pot or a hole
This guy gets it.
API's are the entire backbone of the internet. Just if you've not ever been worked with API's in anyway, you won't have a clue.
But these fags say that ChainLink is simply a Json parser.
This doesn't mean that any of this data needs to be via a decentralized oracle.
People are developing plenty of blockchain projects using regular oracles without any issues right now.
> Big companies doesn't need decentralized Oracles. By invalidating theire current Centralized Oracles the netloss would be too immense. "
Can't even write proper english you fucking pajeet. But ofcourse your the expert on cutting edge tech.
Because one data point - Centralization - would be vulnerable to being hacked, or compromised. If the contract is high value this is problematic. Also if a single source could be trusted at one point in time, that is not necessarily a que that it can be trusted in future dealings. Therefore, decentralized oracles are desirable.
Ad honinem for reasoning, very intelligent pajeet sir.
And how the fuck are you gonna decentralise RFID tags that measure temperature and other things. How are you going to decentralise the action of making a payment in fiat to be recorded on a blockchain. You cannot decentralise these data sources so there is always going to be a point of centrality
>>middleware doesn't implicitly depend on the things it's inserting itself between
Was this not why they made it compliant with Swift's ISO messaging system. Pretty fucking big thing to insert itself in
I believe. How do you feel about the market cap issue around $1000 EOY?
>The ONLY way decentralized Oracle services make the most sense is if we live in a world of quadrillions of sensors constantly feeding data. Why do you think ChainLink is the investment opportunity of a lifetime lol
>Good to know LINK relies on a massive infrastructural overhaul of the entire world >I'll definitely wait around for that.
You have to specify what kind of hypothetical use case. Lets say its about car insurance, then sure the individual car RFID tag would be the only centralized point possible, - the car.
But potentially other factors might be required to consult before executing the payment of insurance, such as general weather conditions and traffic conditions, say in a accident type situation.
The type of specifications and requirements to execute a smart contract will have to be settled by the insurance company itself, so as of yet it is just speculation what type of parameters would be sufficient.
However it doesn't take a a genius to realize there might be a certain potential for profit if they can fire the type of investigators they have currently, or atleast limit the on-staff required to investigate these types of situations.
> How are you going to decentralise the action of making a payment in fiat to be recorded on a blockchain.
The decentralized oracles come to an agreement if payment should be made. Then they tell the legacy system to actually make payment. The only person making payments are the people executing their terms of agreement as specified in the contract.
Just typing 2 lines of bullshit does not invalidate the innovation Chainlink will bring. Have fun accumulating.
>middleware doesn't implicitly depend on the things it's inserting itself between
You could also have numerous data sources, dumb dumb. Now your data is decentralized too.
Most things are simply other things used in a novel way. Only part of its functionality is it parses JSON.
>Also, although they claim that it solves the "oracle problem" (The oracle problem being that oracles are centralized, not decentralized.), it doesn't, since the data being fed through the ChainLink network still comes from a centralized API feeding data to ChainLink through a JSON file. This part always makes me laugh from the sheer ridiculousness and stupidity of it.