/biz/ - Business & Finance

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>>51251457
>>51251650
Chainlink solves this problem by decentralizing oracles. Aggregating the results of multiple ‘nodes’, to come up with one answer. There are multiple levels of security ensuring these nodes provide honest, accurate, data to the network, but i’m not going to get into those too much. Tl;dr is that they’re economically incentivized to be honest, penalized if they’re dishonest, and there is a reputation system and a number of safeguards that work to keep the oracles Chainlink provides reliable and secure.

The Chainlink token is used to pay for any of the services on the network, and eventually will be ‘staked’ by chainlink nodes, meaning it is locked in the network, and will be taken from these nodes if they misbehave. Chainlink is inherently modular, and customizable, so customers can pick and choose their nodes according to whatever needs they have.

Chainlink is currently the only major player in the oracle space. They have a significant first mover advantage, and the network currently secures billions of dollars locked in DeFi. Chainlink is already the standard. They have yet to see any serious competition, with other competitors like api3 having nothing more than a whitepaper and no customers. Almost every major protocol uses chainlink oracles to secure it, with the notable exception of MakerDAO and Compound. Notably, both these networks have suffered from attacks on their oracles, which have lost their users millions of dollars, Compound recently announced that it was planning on moving to Chainlink oracles.

In the long term, unless some other, superior solution is found to the oracle problem, chainlink stands to have a monopoly on secure oracles. The market for this is massive, the derivatives market is worth literally quadrillions, and chainlink is primed to secure that entire market as it moves on-chain.

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>>50198003
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>robinhood adds chainlink to their platform
>link finally starts pumping
>nexo trannies short chainlink into the ground

how do we combat this bros we are the link marines we cant keep getting beat like this our coin was supposed to be 1000EOY

It solves the oracle problem

There can only be one ponzi scheme

>>27657999
Checked and based
We iz kangz

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All this talk of DeFi is making me horny.

>>26500061
And he's going to make it

>>26432790
That's the newfag logo

They should have used the updated one with the text flipped correctly

Why did you buy a car? You could have bought some LINK instead

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