/biz/ - Business & Finance

if you're a newfag, you probably still think the value of crypto is as a payment alternative to fiat money; it's not
bitcoin is a worthless meme, but the underlying technology that allowed it, called a blockchain, is where the value is
a blockchain is a registry or a database, without a single owner, where each new entry gets validated by multiple independent parties; censorship/manipulation proof
ethereum was the 2nd stage in the evolution of crypto, not focused on payment but on developing the possibilities of the blockchain layer itself, notably by adding a coding language called solidity making it easy for devs to script applications on the blockchain
so now it's not just a stupid registry book, it's a full blown computer that can produce new applications, that cannot be manipulated; that's what we called smart contracts, and that's the blockchain killer feature
"if x happens, then y triggers" if we bet that tomorrow it will rain, and it's sunny then your collateral is send to me automatically
automated contractual terms, triggered autonomously without counterparty risk, without middleman; it promises to automate backoffice white collar job the same way robotics will automate blue collar jobs
wonderful right? but the issue is it's more complex than that, and the blockchain is still dumb, it is a closed off environment that cannot interact with the real world; they need an additional "data feed" layer, called "oracles"
but because of the decentralized architecture of blockchain, simply using APIs in a centralized way defeat the whole purpose, as that would pose a single point of failure.
chainlink is the first decentralized oracle network, applying the decentralized architecture model of blockchain to the data feed layer, by having multiple different parties push the data on the blockchain in a way that cannot be manipulated
simply put, ethereum is the computer, chainlink is the internet, and those 2 form the core stack, on which apps can be built

if you're a newfag, you probably still think the value of crypto is as a payment alternative to fiat money; it's not
bitcoin is a worthless meme, but the underlying technology that allowed it, called a blockchain, is where the value is
a blockchain is a registry or a database, without a single owner, where each new entry gets validated by multiple independent parties; censorship/manipulation proof
ethereum was the 2nd stage in the evolution of crypto, not focused on payment but on developing the possibilities of the blockchain layer itself, notably by adding a coding language called solidity making it easy for devs to script applications on the blockchain
so now it's not just a stupid registry book, it's a full blown computer that can produce new applications, that cannot be manipulated; that's what we called smart contracts, and that's the blockchain killer feature
"if x happens, then y triggers" if we bet that tomorrow it will rain, and it's sunny then your collateral is send to me automatically
automated contractual terms, triggered autonomously without counterparty risk, without middleman; it promises to automate backoffice white collar job the same way robotics will automate blue collar jobs
wonderful right? but the issue is it's more complex than that, and the blockchain is still dumb, it is a closed off environment that cannot interact with the real world; they need an additional "data feed" layer, called "oracles"
but because of the decentralized architecture of blockchain, simply using APIs in a centralized way defeat the whole purpose, as that would pose a single point of failure.
chainlink is the first decentralized oracle network, applying the decentralized architecture model of blockchain to the data feed layer, by having multiple different parties push the data on the blockchain in a way that cannot be manipulated
simply put, ethereum is the computer, chainlink is the internet, and those 2 form the core stack, on which apps can be built

>>27148907
200k from 1k 2 years ago
I will die a multi millionaire there is no doubt about it