/biz/ - Business & Finance

>>10545056
its a meme

>>10545056
DYOR/lurk more

>>10545056
Bunch of 4channers tried to force it as /ourcoin/, during the presale ico phase of chainlink there was a minimum requirement of 300eth to enter the presale. Bunch of anons pooled up together and shared presale links to fill them with their eth.

Coin continued to get shilled and pumped up and hyped for the sibios event that link was attended, whole event turned out to be a flop chainlink had a presentation in a room of like 18 people next toa the public toilets, literally no news or partnership came from the event and the coin dumped back to below ico prices and created 1000's of bagholder anons.

Now during this alt bull run lots of anons and took advantage of this and shilling this coin to all the new money and newfags that joined in december and don't know this story.

The coin is HEAVILY manipulated and the supply is dried up from huge whales who accumulated below ICO price to create a artificially lower supply (a lot like REQ) and these people have so much room to dump on all of you faggots to still be in profit when the time comes.

In regards to actual project that chainlink aiming to achieve it's nothing more than a basic json parser for smart contracts, would take like a day to add to ethereum by itself.. literally making links whole concept pointless and definitely no need for a token. Would take a lot longer to get it working with bitcoin but the bitcoin core devs would be able to work out the solution a lot quicker than chainlink will, think that's something worth noting that literally nothing is completed and you're literally just buying a whitepaper, they have only 2 developers and they don't communicate at all with no proven background on either, in fact sergey was involved in a project before chainlink called NxT that he since been abandoned until it was took over by a new developer team

>>10545056
don't buy

>>10545065
>>10545069
>t. don't know what the project actually is and thus can't teach it to another

>>10545084
pasta

Like when you order dominos you want to be sure that the dominos you ordered are really the doninos you ordered

link makes sure that the dominos you ordered won't be dropped to the ground or be mistaken with anothet pizza by retarded delivery wagecucks

>>10545129
good start. what is the pizza in this analogy? is there a simple way of explaining how link makes sure the pizza is your pizza?

>>10545166
its a meme dude

>>10545084
Thanks for the post, I appreciate when people like you post here

so no one can explain what link actually does

>>10545056
LARPs as an Oracle based solution to some imagined problem I forget what it is. Basicly a LARPcoin.

>>10545342
is resolves the oracle issue

It’s a newfag trap at this point. Pajeets on biz hold 1%

Buying a few hundred LINK today for a thousand bucks and holding them for the next several years will afford you a house with a garage and a lambo to park in it.

Smart Contracts are retarded.
They can only read in terms they understand.
That's why all they can do is exchange shitcoins, cat games and ponzis.
ChainLink gives a way for Smart Contracts to actually understand something else besides this shit.
So whatever operation a Smart Contract can execute which needs to feed data from the real world is done.
Oracles ain't new, but they are all centralized. Smart Contracts are supposed to be trustless, and it is dumb to trust a centralized Oracle.
ChainLink will be a decentralized Oracle network.

>>10545056
Glorified json parser with a lot of unrealistic goals & imaginary partnerships.

>>10545056
All my instincts tell me it's a meme and I'm being worked but my life is so miserable that I'm throwing money at it based on the off chance that maybe it could possibly make me rich. Feels like I'm playing the lottery.

Imagine that you rent an apartment in the city a few years from now. The lease is a smart contract. If you call the health the department to have inspectors check your apartment for mold, and their tests discover unacceptable levels of black mold, those test results are passed to the smart contract from ChainLink nodes paying attention to the various sensors and air-gaps of the world, et cetera. The lease automatically terminates, awarding you your security deposit back, instead of the way things work now, where the landlord just evicts you because it takes too long and costs too much to go through official channels to fight. Smart contracts keep people honest. ChainLink keeps smart contracts honest.

>>10545389
What the fuck does an Oracle network actually do every time I try to understand ChainLink it sounds like an autistic LARP. I know Oracle is a database software workplaces use is that related to Link? Also how does Link "connect smart contracts"?

>>10545419
There are so many ifs in that scenario. It’s not gonna happen anytime soon

>>10545430

>>10545106
>pasta
so? those are all correct facts

>>10545419
What.

>>10545453

>>10545425
The network creates consensus since the data will be validated from several inputs, not just one.
LINK has tools for APIs to be developed into it. That way it feeds smart contracts with the info they need, since like I said, Smart Contracts are retarded and can't read if a payment has been deposited into a bank account, or if there is a flight delay, or if a sports team won the finals, or any real world application you can imagine Smart Contracts could be good for.

Basically this guy called Jason Parser figures out a way to get free Big Macs for life for all link holders I think. Big Macs are like $4 so that seems like a pretty good deal to me.

>>10545477
That sounds cool but it sounds very subjective is there source code I can look at?

>>10545425
Are you joking? An oracle (lower case o), is just something that grabs offchain data so it can be read on chain. Unrelated to the company, Oracle. Ethereum can't see anything that's not on the ethereum blockchain. So an oracle grabs data that's not on the block chain, for example, the conversion rate of usd to eur, and let's a smart contract on ethereum see that. The data can be from the Internet, a private database, wherever. An oracle network is a group of oracles. You can have many oracles come to a consensus of data, just like miners come to a consensus of the state of a blockchain. Or you can try anyway, it's a difficult problem to solve.

>>10545106
Fuck you, seriously do your own research. Im not gonna spoon feed a begging little faggot just because he asks. If you care then you will put in some work.

>>10545342
Link will standardize how APIs interact with blockchain technology while also providing tamper proof access to real world data through the use of decentralized oracles.

>>10545056
why?

>>10545507
The project is open source. Just look at the github.

>>10545529
then fuck off nig. others are interested in helping

>>10545342
blockchains cannot intereact with the outside world, they are blind
oracles allows blockchains to "see" and use outside info, allowing a wide range of uses that are otherwise impossible or impractical
current oracles are "centralized" meaning they are a single point of failure. if for any reason the oracle fails or is attacked, the chain is blind and useless once more.
link is "decentralized", so it spreads out the risk across many points. this is much more reliable and secure. this is it's advantage

>>10545540
i'm computer illiterate. i don't understand the terminology but i could learn with a more brainlet-tier explanation

>>10545588
thanks anon. what types of things do blockchains need to "see"? can you give me some examples? does every project need an oracle? do the major projects like eth and btc have these oracles? is the "oracle issue" what you have just described i.e. centralization?

>>10545584
t. Too lazy to do any research and wants gibs from other anons
Pathetic

It's like you got a robot bank. The robots can't lie so you can trust them. They want to do cheap work for everyone and they want to do lots more work than a few human bankers could ever do. But these robots are blind and deaf and they can't talk either.

Chainlink is eyes, ears and mouths for the robots.

>>10545510
> The data can be from the Internet, a private database, wherever.

This is main main concern about ChainLink:
how are you going to decide who is right? You can't just meme average the data between feeds, only one right answer is possible. What's the exact criteria to determine that, for example, the private data feed is wrong and the internet data feed is right?

>>10545084
pretty much this

>>10545652
*my main concern

>>10545342
its just a meme

>>10545642
you're unironically a massive idiot if you can't understand how this is a very good form of research that has advantages over reading a shitload of jargon with no one around to respond to your questions. neck yourself and fuck off.

>>10545623
no problem. those are all relevant questions, this indicates to me that you are ready to begin digesting the information that is out there. if you are still interested after reading this beginner friendly article, I believe you will be inclined to take the link pill. good luck anon

https://hackernoon.com/the-middleman-of-trust-the-oracle-paradox-and-five-protocols-that-can-bring-external-data-into-the-df39b63e92ae?gi=5914dcb71c28

>>10545642
frens gib gibs to frens

>>10545664
reading now. will report back

>>10545671
based, we're all gonna make it

>>10545662
There are literally countless threads to lurk and read. So much information already exits on this site. How are you just now looking into this project after almost a year of constant shilling on this board.

>>10545689
also, since the article doesn't really answer your other questions, I'll offer some answers
>does every project need an oracle?
if it needs external data at any point, yes. this data can be anything really: market pricing data, event outcomes, weather info, etc
>do the major projects like eth and btc have these oracles?
at the moment, no. for example, building an oracle goes against ETH's design principles, so there is no official oracle (https://github.com/ethereum/wiki/wiki/Design-Rationale , see point 4). The most mature oracle service at the moment is oraclize, but it is centralized.
>is the "oracle issue" what you have just described i.e. centralization?
Yes, though it gets a bit more complex than that. you are ready to begin your own research, so you will find more in-depth information as you go

>>10545721
How are oracles run and how do they become centralized? How does Chainlink uncentralize them?

>>10545342
it solve prbolem

So, nobody can answer this? Allow me to rephrase my question: how do you decide who is right and wrong between oracle responses? Does this work using a credit system of some sort?

>>10545652

>>10545623
So we have smart contracts on the blockchain because we don’t necessarily trust people, when value is being passed around, to behave honestly without exception. So the smart contract acts as intermediary to make something happen under certain programmed circumstances. Problem is, most circumstances that can occur are going to occur in the real world, not natively on chain. And the blockchain can’t be regarded as the silver bullet of deterministic truthfulness, because it can only work with whatever input someone has given it. I may want to track my flight itinerary so that I can get some insurance payout in case my flight is delayed. But if the insurance company provides their own oracle to input that data to the blockchain, they may fudge the numbers so they don’t have to pay out. I can’t trust their oracle, they can’t trust my oracle, but if we created a network of oracles incentivized with rewards for honest data transfer, we can all be reasonably confident that accurate info is inputted. Hence decentralized oracles, especially those that make use of trusted hardware, become essential to the trustlessness of the whole smart contract ecosystem

>>10545721
thanks. i get the general gist of the article but it's still a bit over my head. i can't really visualize any of this well, it's all a bit rote.

one last question and then i'll start digging up a bunch of stuff: why is a human oracle less threatening than something like a centralized oracle? i understand why a centralized oracle is dangerous, i don't understand how a human oracle isn't capable of being centralized. again, i'm having trouble visualizing how it all works so this question probably doesn't make much sense

>>10545652
>>10545770
More importantly how can feeds be trusted from uncentralized oracles

>>10545773
excellent summary. exactly what i needed to read. so what is the reward for honest data transfer that compels each party to contract in good faith?

>>10545770
Staking your tokens, if you don’t answer with the majority of nodes, you can be penalized. This is at the discretion of the client contract. Also, nodes get reputation, but this has not been fully explained. Supposedly there will be multiple third party reputation services that nodes must register with, and they will monitor a reputation for nodes. It doesn’t sound very pretty right now, but apparently it’s the easiest way to prevent a Sybil attack. Also trusted hardware can be used to guarantee that computation hasn’t been tampered with. When all’s said and done, however, everyone is at the mercy of the data providers, who must be trusted to accurately and reliably offer data required by the contract

>>10545056

Not gonna explain it again. You missed the 17c entry already anyway. Gg nolinkers.

>>10545840
if it's going to 1000 like you faggots say i think i'll be ok getting in at sub 30c

>>10545741
centralization or decentralization is determined by design. in link's system, multiple "nodes" retrieve data from separate sources, aggregate the responses to achieve a general consensus, and then feed the data to the chain. this gets around the centralization issue because there are many points you would have to interfere with simultaneously to undermine data integrity.
you can find more detailed descriptions here:

https://medium.com/chainlink/chainlink-an-overview-and-our-focus-14f03335b803

https://medium.com/@peterhaymond/why-decentralized-oracles-matter-7920ad04ee37

I'm actually more qualified to talk about this than most anons.I'm employed with a cyber-techno machinations company, I do a lot of security analyst programming type work. Open source, decentralized, APIs, partnerships, you name it. We'd be one of the first companies in line for something like Chainlink, if the decentralized smart contract space had more value over traditional data exchanges. There's a catch though, an underlying flaw more deeply embedded in the bedrock of LINK than the very code itself. The flaw is with the concept, and it's this: Companies won't actually go through the hassle of trusting their data API's through crypto.

Now I can already hear your keyboards going frantic, but hear me out. /biz/ hates banks, and traditional data providers. But actual companies, businesses, and investors do not. There's an old saying you might have heard of: "If it ain't broke, don't fix it!". The idea that any of our bosses would give us the go ahead if we approached them to put our companies valuable data in a smart contract on a cryptocurrency called Chainlink, that they've never heard of, we'd be laughed out at best and fired on the spot at worst. We already have API data buyers and providers we trust.

'But Chainlink is trustless!' I hear you cry, but is that really a good thing? Just listen to the sound of it. Businesses don't want to spend millions of dollars on something that is trustLESS, they want something trustFUL. 'But the reputation system!', doesn't that defeat the whole point of your coin? If companies only trust nodes with high reputation, what's the difference between trusting banks and data providers that already have high reputation, but in real life not on a computer screen.

The fact is, LINK is going to share the same fate as ETH will. A lot of 'real world application' hype, with a lot of 'crypto world application' reality. Only, this billion supply coin isn't going to come close to the $1k that Ethereum hit. Happy gambling though anons.

>>10545839
Yeah, it will get really convoluted real fast, especially the part about third party reputation monitoring services. It's an known old problem: who is gonna keep those third parties accountable? Another bunch of different third parties? And who is gonna keep those accountable? It's a never ending chain of monitoring that doesn't make sense.

Also each client contract will probably end up being so unique, that you won't be able to generalize Link beyond a couple of really simple and ultimately useless cases.

I understand what Link is trying to do, but I'm skeptical about the entire decentralized oracle model they are proposing.

>>10545800
most likely because a human working as an oracle would be screened, monitored, and able to be held directly accountable for any fuck ups. a. outside, centralized oracle service is different in that it isn't under your control.

>>10545895
Your point is valid, but what do you think will happen when PSD2 takes effect? For those of you that are unaware, next year the EU is enacting new regulations that will force banks to make their APIs available for outside fintech use.

>>10545821
Essentially what I said
>>10545839
And the reward is basically payment for doing a job correctly, each node is paid for completing the terms. So it’s not necessarily a cost efficient method to decentralize your oracles. But as Nick Szabo would say, it’s spending pennies to save millions because of the increased security.

>>10545895
>the internet won't have a bigger impact than fax machine

>>10545056
It's a meme.
All the supposedly use cases for Chainlink are use cases for a trustless oracle.
Chainlink hasn't solved any problem related with that, and probably never will, at least not with a two person team, one of wich is a philosophy major. It's just an glorified JSON Parser.
Even they it were to make it, that still wouldn't secure that the Link token will have any use.

>>10545588
best description in this thread
bravo sir

>>10545895
Applications of blockchain like this will need oracles.

https://bluenotes.anz.com/posts/2017/07/why-bank-guarantees-need-blockchain

The application of this solution must be explored across other industries like the trade of goods and services, financial transactions, industrial and property development projects or the development of property.

anz is a top 4 Australian bank

>>10545895
>a crypto they’ve never heard of called Chainlink
It won’t be a crypto they’ve never heard of once they hear their competitors have been cutting costs for all sorts of middlemen, brokers, clearing houses, auditors ect. by taking advantage of smart contracts. Once they see their market share going down, you can bet they will look to board the ship

My main concern is, where is the data going to come from? I understand smart contracts, I understand LINK can connect real data to them, but where does that data come from and how can you trust it? How do you know that it's "real world data" and not just false, if it's coming from sources that don't also have a decentralized incentive for truthful reporting like LINK?

>>10545862
Holy fuck your a literal brainlet dude. Just got done reading all of your replies.

You need to do yourself a favor. Really research it and understand this technology because if you dont "get it", you will not have the know how to hold onto your investment and you wont have much faith in it.

Research Smart contracts. Do it. Then youll have a much better time understanding chainlink.

Another reminder youre a brainlet.

>>10546767
Chainlink isnt made to ensure the source of Data is valid, Chainlink is made to ensure the Data being brought onto the smart contract is valid.

>>10546837
Exactly, fake data its all fake, worthless and you cant tell. Bullshit

it's a literal sjw coin
supports open borders
and hilldawg
basically if you are white and hold link you are betraying your own race

I just bought 2,000 and I only did it based on the fact that andreas antonpoulos endorsed it and that's enough for me.

>>10546831
>your a brainlet

It's a joke that's been on here too long.
Same thing happened with Digibyte on this board which stopped having threads last year thankfully.

>>10545911
town crier and intel sgx.

chainlink isn't concerned with whether or not the data source is correct. it simply facilitates information from data sources you choose to trust into your smart contracts, and does so in a decentralized way which makes your oracles extremely secure.

>>10547912
Sounds really impractical... Actually feel like selling right now

>>10545084
This is a capypasta do not listen to this man. In all seriousness Link will either take off and reach 1000 within the next 2 years or it will just kinda grow slowly and probably be $2.00 eoy

>>10548291
then sell. if you don't understand the tech then why on earth would you buy it?

>>10547912
>town crier and intel sgx.
Let's see:

>SmartContract.com's TC-backed-oracle creation tool is a nice, easy way to get started with Town Crier in just a few minutes. Today, this tool is only available for cryptocurrency prices.

VS

>Interfacing directly with Town Crier requires a little more work, but is also straightforward, and gives access to all of TC's currently supported set of data types. To query one of the supported data sources....

I seriously don't understand what's the point of chainlink besides somewhat making it easier for the average joe to get his cryptocurrency quotes right now (closest example I come up with would be using keras instead of tensorflow directly).

Problem is, real industries, as stated on the website, can easily bypass Link and create their own smart contracts using the base code, they don't need Link. Why would they want to add a token layer above all that complexity? There is literally zero gain in doing that.

>>10548391
You don't understand the tech either. Read the whitepaper and then come back.

>>10548404
Just answer the question:

If anyone can use town crier and intel sgx right now, what do you need Link for? Why do you need to create a token based infrastructure to decide if the data feeds are tampering the data if town crier and intel sgx on their own already help prevent that? Why add an economic layer when the tech is already here? Why add an additional contract above it all? I don't get it.

Already read the whitepaper btw, all I saw was a really far fetched project with a lot of good intentions but not so many practical or even doable solutions.

>>10548437
Because you would be using a centralized oracle. There is no point in using decentralized computation if you're just going to use a centralized oracle. It would be more cost effective to just use centralized computation aka computers in your basement.
The key, you fucking brainlet, is decentralization. You decentralize your computation making it trustless and functionally unhackable/tamperproof, and you decentralize your oracle, making it trustless and functionally unhackable/tamperproof.

>>10545466
how much has come through

>>10545084
Upvoted
(You)'d
Need anything else?

>>10548391
>Why don’t companies just create their own oracles? Link is useless

>Why don’t companies create their own outlook? Microsoft is useless

ClinTex’ partnership with ChainLink is important because it frees our developers to focus on the core CTi applications without having to concern themselves with the technicalities and security risks of connecting to external systems. ChainLink specifically was chosen because of its proven track record of building trusted and secure oracles for other major decentralized applications"

https://medium.com/clintexcti/clintex-partners-with-chainlink-b64bc3ca8255


Also, read the part about consensus of data in the whitepaper if you worry about the data sources.

>>10548437
>why don’t companies use Intel SGX
Intel SGX allows you to run protocols securely on a computer without the owner knowing what data are in these protocols. Link is using this feature to build an API network where node operators can’t know the information within their nodes.

How the fuck are companies going to use Intel SGX to fetch data securely? Besides building their own network of decentralized oracles?

you need some information from a specific source. you make a number people ask that source independently. The people revel their answers amongst themselves and the ones that are lying are punished. Then the group reveal the information you asked for publicly.

>>10548391
>I seriously don't understand what's the point of chainlink
You need multiple oracles to trigger a smart contract, and the more numerous and diverse those oracles, the more "trustless" they become.

Here's Vitalik's explanation:
https://blog.ethereum.org/2014/07/22/ethereum-and-oracles/
>instead of a long-running contract being run directly on the blockchain, all funds that are intended to go into the contract would instead go into an M-of-N multisig address controlled by a set of specialized entities called "oracles", and the contract code would be simultaneously sent to all of these entities.
>Every time someone wants to send a message to the contract, they would send the message to the oracles.
>The oracles would run the code, and if the code execution leads to a withdrawal from the contract to some particular address then the oracles circulate a transaction sending the funds and sign it.
>The approach is still low-trust, as no single oracle has the ability to unilaterally withdraw the funds

Read that last line a couple of times: NO SINGLE ORACLE HAS THE ABILITY TO UNILATERALLY TRIGGER A SMART CONTRACT TRANSACTION.

Multiplying oracles is not a matter of luxury when it comes to major financial transactions; it's an absolute sine qua non. Consequently, decentralizing them would be ideal, and Chainlink is the first (and so-far only) ground-up, dedicated decentralized oracle solution.

>>10548779
>ChainLink specifically was chosen because of its proven track record of building trusted and secure oracles for other major decentralized applications.
What the fuck did they mean by this? LINK has a proven track record? Top kek. What are they taking about?

>>10549248
You think the PoC they developed for Swift for instance was just a slide show?

>>10549248

Y'all have absolutely no clue what is going on behind the doors lads.

>>10545056
It's pretty much a guaranteed moon. Set buy orders @less than 3$ and sell targets @ over $100-200$. Then u can retire like a boss ;)

>>10545056
Idk but im holding a few incase it goes crazy like bitcoin and moons. My friend mad3 a binancee account for me because i couldn't make won that shit looks like a robotic simulator lmao shits difficult as fuck to understand

>>10545056
Theres was a write up going around that said Link was like blockchain to Google. Google is important as fuck and was fudded heavily but look at it now its worth hundreds of millions. Chainlink will be the same in a few months to.

I’ve got 105k link 20 Eth and $400 in my checkings account. I have a mortgage payment of $1200 at the end of the month I’m hoping my wagecheck comes in before then or idk what happens. Everyday I look for confirmation that what I have done is not completely insane but deep down I know it’s irresponsible to put everything on the line over a startup company aiming to create the first decentralized oracle network. Hope we all make it and this all works out.

>>10545056
I'm not gonna explain it again Rory, make us rich though thanks