How will Link node operators actually make money? Do they need to provide data to the network to fulfill customer queries? E.g Insurance companies want weather info to make policy determinations (poor example).
So how do the Link node operators get this data? And how do you know they didn't just get it from the Weather Channel?
I want to know what specific services Link nodes will offer to provide value. Will specific nodes specialize in specific types of data? Are they liable for bad data?
There's a document that answers most of your questions called "the whitepaper" and if you can't be bothered to take the small amount of time it takes to read it, you can go and then you can fuck yourself.
Cooper Ross
So you don't know enough to answer these questions? Funny how every time any questions are asked about Link, no one seems to have any good answers except "hurr whitepaper". I don't think anyone actually knows the answers at this point, only meme and joke Link threads happen, no actual discussion of details.
Ayden Long
Don't be expect to get spoon-fed all the time. You are lucky that you discovered this project in the first place. Read the white paper. It Unironically tells you.
Austin Bailey
>"hurr whitepaper" the whitepaper answers all your questions. why wouldn't you read it instead of shit posting here?
Grayson Thompson
Apparently, no one on Veeky Forums knows the answer. It's the same in every single thread these questions are asked.
Why should I type it out for you when there's a document from the people that run the project who lay it out already?
Ian Rogers
Nice try, you are not squeezing it out from us with your shitty bait, quit being lazy.
Levi Carter
The team hasn't actually addressed what the payment structure will be. I don't think they themselves know yet, but will likely start figuring it out once the ropsten network gets up and running.
Brody Cox
You don't have to regurgitate the doc. You just have to state your understanding of how Link nodes will make a profit and what service they provide. Surely you understand the whitepaper and can answer this in a couple of sentences?
Adam Sanchez
You go to the nearest McDonalds toilet and ask for a a list of APIs, then a gentleman whos taking a juicy dump will slide over the APIs over the floor and then you input them into your node and then a smart contract will contact your node to confirm that you input the right codes. Once the contract is executed you go back to the toilet and write your eth address on a piece of toilet paper and you'll get your LINK fees in 3-5 business days.
Joshua Smith
fuck off stinky cunts, too yellow, so M O I S T
Camden Miller
>the whitepaper answers all your questions. >Read the white paper. It Unironically tells you. and then... >The team hasn't actually addressed what the payment structure will be. I don't think they themselves know yet
This is part of the problem
Jordan Rogers
READ THE WHITEPAPER
Robert Williams
>The team hasn't actually addressed what the payment structure will be. wrong
Liam Walker
Okay, assuming the payment structure needs to ironed out. Is the primary purpose of a node to provide data to the network? What kind of data and how does it get verified as real data? If a node is providing weather data, where does it get this data from? Using the weather example, unless it is an independent weather station, what makes the nodes data source any better than a centralized source?
Jackson Parker
Holy fuck you are retarded. All of this is answered across fifteen different platforms. If you are asking this stuff you don't have an understanding of what chainlink is. Fuck off you dumb nigger.
Jason Baker
Blockchains can get verified across a trustless network with crypto keys and hashes, etc. How does a network of independent nodes verify the actual authenticity of data coming from other nodes? Is it basically the nodes with the most frequently cited answers are considered true?
Noah Williams
Once again, no one can answer the questions. Either they don't know or don't understand, or the answers are too complicated to summarize briefly.
you just keep acting like a nigger. Don't you dare fucking say everyone only says "read the white paper." These literal exact questions have been asked on rebbit, Veeky Forums, the slack, telegram, facebook, private messaging Sergey on discord, 600 times. Go fucking find them. Quit being a stupid little nigger pajeet.
> How will Link node operators actually make money? Do they need to provide data to the network to fulfill customer queries? E.g Insurance companies want weather info to make policy determinations (poor example). So how do the Link node operators get this data? And how do you know they didn't just get it from the Weather Channel?
They get it from the Weather Channel. Or other public/private APIs. What you are paying for is several node to query the same (or ideally several) data sources and agree on the outcome to increase the reliability of the data your smart contract depends on.
> I want to know what specific services Link nodes will offer to provide value. The decentralization and aggregation of data queries + the on-chain / off-chain interface (people often overlook the value added of the trustless smart contracts themselves, for which you NEED off-chain data). That's all in the whitepaper.
> Will specific nodes specialize in specific types of data? Nodes can chose which API sources / data to serve. How that info will be indexed is still anyone's guess at this point.
> Are they liable for bad data? Yes. Read the white paper for a general idea if you feed bad data (data that the other nodes say is wrong) you will pay a penalty in LINK. The specifics are still unknown though.
While it's true you should look into the whitepaper to understand the basic ideas behind LINK. Most people on Veeky Forums have no idea about the specifics of the project. Which isn't surprising because there are still plenty of blind spots that even the devs haven't worked out (you can easily get in touch with them on slack/github) yet. LINK is still just about 50 Golang files with less than 10000 lines of code. There are plenty of things that are still unclear and that the team says will be worked out "with the community" or only has very elusive answers to. I'm not trying to FUD, LINK is the majority of my portfolio. It's just a reminder that the project is in its infancy and will likely need a strong devoted, tech-savvy community to flourish. Veeky Forums is devoted but no one here has a clue about the tech. People will claim it's "revolutionary" when at its core it's a very simple interface between the ETH blockchain and REST APIs. It's actually not that complex and the project could really benefit from having people set up nodes, start open source adapters, contribute to the github and collaborate on LINK-relate dprojects. Instead all we get are "$1000 EOY" threads. The $1000 are a possibility, but only if we make it happen.
Blake Bell
oh look another nigger who expects sergey to stroke his tiny little ego by having him share every detail of the project as it happens. News flash you dumb nigger, nothing "still needs to be worked out" they just have canned answers to placate pressy neckbeards and "investors." Anyone that thinks they haven't already ironed everything out (even if they still need to build it and even if it's just what they need to get started testing) but don't want to put it out there until they have to is unironically brain damaged.
Isaiah Foster
>People will claim it's "revolutionary" when at its core it's a very simple interface between the ETH blockchain and REST APIs. It's actually not that complex It doesn't have to be complex to be revolutionary, though. Everything else you said is spot on. There's a reason Sergey in his EOY announcement and DEVCON talk constantly pushed for developers to get on board. This project lives or dies on an enthusiastic, non-team developer community. After watching Ethereum's success in the same vein, I'm quietly confident.
Adam Roberts
Thanks.
If node operators just get their data from public centralized sources, why can't the people requesting the data do the same? What's the point of paying 200 node operators to go look up the info from the weather channel website?
Matthew Thomas
>nothing "still needs to be worked out" If that were the case then the main net would be up and running. If that were the case then ChainLink would have released a complete, comprehensive node operator guide laying out the specific mechanics of the token. You're out of your depth, the person you're responding to clearly knows a lot more than you do.
Parker Mitchell
>What you are paying for is several nodes to query the same (or ideally several) data sources and agree on the outcome to increase the reliability of the data your smart contract depends on.
Hudson Davis
ALRIGHT, time to talk about ChainLink's price.
I've been crunching some numbers, researching how much api providers charge right now, looking into Oraclize and other oracle services customer-base and how much are they paying...
And I've came to the conclusion that LINK holders are completely out of their mind. The network just WON'T have nowhere near the fee revenue to justify the price predictions that are thrown around in this board.
If we're LUCKY, we might see a 10MM USD a YEAR at the beginning at the network. It's fucking ridiculous.
Even if we the network eventually gets adopted by a few banks for derivatives trading purposes (which WON'T happen in less than 03 years, you idiots have no idea how far away smart contracts are from being actually usable) it'll be HARD to get over 100 MM usd a YEAR in network fees. Shit just isn't that profitable.
So yeah, LINK is basically overinflated in price because delusional neets bought into the non-sense from a group of LARPERS and didnt actually do any research.
Julian Green
It's not about the interface, it's about working out the reputation system, network economics, security and modularity that will enable it to become the standard that everyone can trust.
Looking at the surface, it's a really simple concept, fetch and write some data into a smart contract. But it's not so simple when you think about that it'll represent real life contracts and that Sergey has to convince big players to implement this experimental tech into real life businesses.
Ryder Morris
Notice how I said "even if they still have to build it" you stupid faggot. It's not a surprise you dumb nigger that Sergey wants to withhold any information until he has to release it. The faggot I responded to is just fuding and trying to read literally into thomas and steve's answers when asked about things that aren't public that "that's still something we're thinking about," as if they haven't already pretty much figured it out but have some reason for not sharing it. It's subtle "concern fud" that clearly fooled you.
Brandon Murphy
Okay, perhaps there is some value in that. But I'm not sure why they couldn't just engineer some other in-house data source redundancy rather than pay an external network.
I consulted for a casino company once, they auto paid out all sorts of huge bets based on the data feed from one sports data provider. They didn't seem to need or desire redundant sports data to pay off their claims.
Lincoln Harris
beautifully argued. this is very, very true
Brody Wright
Fucking retard. Here's one of the developers responding to questions via reddit:
1) Node operators stake LINK in order to get better reputation on the network? Does this mean that a good reputation can be bought?
Node operators may need to deposit LINK for jobs as a penalty fee in order to prove that they will successfully complete the task. They would still need to have enough reputation, according to the reputation provider chosen by the contract creator, to be able to accept the job.
2) Node operators earn LINK from providing good data. Is this a fee structure (gas) or just passive interest from staking? How does a node operator benefit more from more actively relaying data.
When a contract creator requests data, they'll need to supply some LINK in order for that to be distributed as payment to the node operators chosen to retrieve that data. Some data providers require authentication, and node operators would be able to add external adapter in order to provide that data.
3) How will the funds earmarked 'going to Node Operators and to Incentivize the Ecosystem' be distributed?
The details of how these funds will be used have not been released.
Levi Carter
>"that's still something we're thinking about," this could mean they haven't figured out these things, but somehow you interpret it as "we have totally figured out everything but are withholding the info", based on your gut hunch of $1000 EOY
Jose Martin
>But I'm not sure why they couldn't just engineer some other in-house data source redundancy Because it wouldn't achieve trustlessness with the other contracting parties. Think of it this way, in your scenario Company A and Company B would both process their own sources. There would still be a level of trust the "other side" were faithfully processing that data. In the ChainLink scenario both companies outsource the data processing to a trustless network that is incentivised to return optimal results. It is a far more robust and redundant system and both parties don't even have to have an established business relationship to know that "the network" will do the best possible job.
There's a reason Sergey has started drawing parallels with Software as a Service. He is asking businesses to "hand over control" of the data/smart contract interface to a trustless third party.
Aiden Flores
It's just as reasonable, and more justified if you look at the evidence and how they've operated in the past, as assuming they're just twiddling their thumbs and literally haven't figured it out at all.
I get that. But in many complex engineering jobs, sometimes they are driven to move forward knowing there will be technical challenges ahead but also knowing that they will probably find a solution, based on their current understanding of the possible roadblocks ahead. That's my take from that statement, that they still need to work some stuff out but they are not ready to do so yet.
It seems the nodes will be incentivized to find the most popular answers. If their answers are off from the consensus, then they could be penalized for it. This may work for a lot of things, but in say the example of the 2016 election, the nodes would have all predicted a 90% chance of a Clinton victory. Not the best example, but I'm trying to say that the nodes may seek out the same big-league centralized sources for data that most people use and have access to, and I'm not sure how much value there is in regurgitating that data. Is that really revolutionary?
Elijah Hughes
>if you feed bad data (data that the other nodes say is wrong) you will pay a penalty in LINK. This seems like a bad idea. It incentivizes all nodes to look for the same data other nodes are providing, so they don't stand out as an outlier and get penalized. I'd think just having a reputation system should be enough, but that essentially does the same thing.
Gabriel Watson
It seems like a bad idea to a lay person, maybe
James King
you think nodes are in the business of predicting presidential elections? you clearly don't know what you're yapping about, which is typical of a FUDer like yourself.
Levi Cox
>It seems the nodes will be incentivized to find the most popular answers. If their answers are off from the consensus, then they could be penalized for it The nodes can't see what the other node answers are, so they are incentivised to find the most accurate answer on the assumption that other nodes will do the same. >This may work for a lot of things, but in say the example of the 2016 election, the nodes would have all predicted a 90% chance of a Clinton victory. Predictions are not data. The nodes could have said "Most sources are predicting a Clinton victory" but they would not have said "Clinton has a 90% chance to win" >I'm not sure how much value there is in regurgitating that data. Is that really revolutionary? The value is in trustless execution. A business can "set and forget" a smart contract knowing that it will pay out correctly, and knowing that the data being fed into it won't be getting fed by either of the contracting parties, but by a decentralised network whose only incentive is to provide accurate responses.
