/biz/ - Business & Finance

>>8211767
More a case of the rich not being tacky enough to need to share their portfolios ;)

>>4941477
You're part of a large group of people that consistently take 'Oracles' and 'Data providers' to be one and the same. Confusingly, sometimes that is the case: a company that provides a data stream will themselves act as the oracle delivering that data to a user directly.

The difference with ChainLink is that its network of decentralised nodes will tap in to a variety of these data APIs, and then themselves form part of a wider decentralised network of other CL nodes all doing the same thing, but incorporating their own range of data APIs from a variety of providers. There's multiple layers of splitting involved, which are best displayed visually rather than by text (see pic).

That's the greatest misunderstanding I see in ChainLink discussion - this idea that oracles offered by the data sources themselves (fx Cisco or Nokia) will COMPETE with the CL network. It is far more likely that while they may offer their services directly to a user (representing a single point of failure), they would also happily offer their services (in return for a fee) to a ChainLink node who then relays that data back to a Smart contract alongside as many others as that contract deems necessary for their own level of security and trustlessness. Bear in mind other nodes selected by that smart contract may provide the same kind of data but from a different provider, again reducing any trust in a single party. That's the decentralisation layer. That's the whole point of ChainLink.