/biz/ - Business & Finance

>>11046177
Smart Contracts are a type of digital agreement that automatically executes whenever certain pre-determined conditions are met, this allows to make cheaper, more secure and reliable digital agreements without needing to trust a third party
The problem is that Smart Contracts cannot communicate with off-chain data (interest rates, FIAT values, the time, et cetera)
This makes something as revolutionary as Smart Contracts limited to exchanging ERC-20 tokens mostly, and certain Dapps like cryptokitties (on-chain data; example: X amount of ETH = Y amount of ERC-20 tokens/kitties)
To make more appealing Smart Contracts you need something called an "oracle" that is basically a middle man that connects off-chain data to the smart contract, this person has a certain power since they can change the data to their favor (we're back to trusting a middle man, which is not the point)
ChainLink aims to become the leader Oracle service by creating a trust-less, decentralized oracle network, where you don't need to trust an oracle but rather the protocol of the network (think about it like Uber, you don't trust the driver, the driver dosen't trust you, but you both win by using the app, that is trust-less in nature)

This would allow financial institutions to save BILLIONS (Sources: Capgemini and WEF) and that would be just the first implementation of the network

They're working with Accord and OpenLaw so it works with the current legal framework and they've worked with SWIFT so they're compatible with legacy systems (ISO 20022)

>I recommend you read the whitepaper and the god protocol by Nick Szabo if you're interested in what I've said

>>10995594
Smart Contracts are a type of digital agreement that automatically executes whenever certain pre-determined conditions are met, this allows to make cheaper, more secure and reliable digital agreements without needing to trust a third party
The problem is that Smart Contracts cannot communicate with off-chain data (interest rates, FIAT values, the time, et cetera)
This makes something as revolutionary as Smart Contracts limited to exchanging ERC-20 tokens mostly, and certain Dapps like cryptokitties (on-chain data; example: X amount of ETH = Y amount of ERC-20 tokens/kitties)
To make more appealing Smart Contracts you need something called an "oracle" that is basically a middle man that connects off-chain data to the smart contract, this person has a certain power since they can change the data to their favor (we're back to trusting a middle man, which is not the point)
ChainLink aims to become the leader Oracle service by creating a trust-less, decentralized oracle network, where you don't need to trust an oracle but rather the protocol of the network (think about it like Uber, you don't trust the driver, the driver dosen't trust you, but you both win by using the app, that is trust-less in nature)

This would allow financial institutions to save BILLIONS (Sources: Capgemini and WEF) and that would be just the first implementation of the network

They're working with Accord and OpenLaw so it works with the current legal framework and they've worked with SWIFT so they're compatible with legacy systems (ISO 20022)

>I recommend you read the whitepaper and the god protocol by Nick Szabo if you're interested in what I've said

Smart Contracts are a type of digital agreement that automatically executes whenever certain pre-determined conditions are met, this allows to make cheaper, more secure and reliable digital agreements without needing to trust a third party
The problem is that Smart Contracts cannot communicate with off-chain data (interest rates, FIAT values, the time, et cetera)
This makes something as revolutionary as Smart Contracts limited to exchanging ERC-20 tokens mostly, and certain Dapps like cryptokitties (on-chain data; example: X amount of ETH = Y amount of ERC-20 tokens/kitties)
To make more appealing Smart Contracts you need something called an "oracle" that is basically a middle man that connects off-chain data to the smart contract, this person has a certain power since they can change the data to their favor (we're back to trusting a middle man, which is not the point)
ChainLink aims to become the leader Oracle service by creating a trust-less, decentralized oracle network, where you don't need to trust an oracle but rather the protocol of the network (think about it like Uber, you don't trust the driver, the driver dosen't trust you, but you both win by using the app, that is trust-less in nature)

This would allow financial institutions to save BILLIONS (Sources: Capgemini and WEF) and that would be just the first implementation of the network

They're working with Accord and OpenLaw so it works with the current legal framework and they've worked with SWIFT so they're compatible with legacy systems (ISO 20022)

>I recommend you read the whitepaper and the god protocol by Nick Szabo if you're interested in what I've said