/biz/ - Business & Finance

>>13784751
shit, idk, better sell my stack

>>13784751
It has no value, it's all based on hype. It's just a way for the chainlink team to get funds.

>>13784751
It is the payment token used in the network. Nodes operators will be paid in link and link will be used as collateral

>>13784751
its up to you to educate yourself. here are the keys:
https://blog.goodaudience.com/chainlink-the-missing-piece-to-the-god-protocol-fd455dde92ab

https://www.google.com/amp/s/blog.chain.link/town-crier-and-chainlink/amp/

>>13784751
Whenever you need to make a decision in the real world which depends on certain data, you request data from a data provider and pay them for it. You trust them to provide reliable data and the amount you're willing to pay depends on the value of the decision you need to make, the reliability and trustworthiness of the data provider, and other factors. These data providers are centralized oracles.

Chainlink is a decentralized network of oracles. If you have a smart contract written on a blockchain and the contract requires data in order to know how to execute, the contract can query the chainlink network of oracles (data providers) and see which ones can fulfill the request. The oracles submit bids and the network selects the best oracle on the basis of criteria laid out in the contract. For example, the contract may stipulate that it only wants data from an oracle willing to stake X amount of LINK as collateral and is reliable up to 99.9999%. The oracle stakes the LINK and as a reward for providing accurate data, the operator is rewarded by the network.

May be a little rough but that's the basic idea.

>>13784751

>>13784751


Blockchain = Computer
Ethereum = operating system
Bitcoin = electricity
LINK = internet

Each of these alone doesn't carry much value. One cannot really reach its full potential without combining with others. BUT All 4 items working together opens a new realm of innovation and wealth.

>>13784751

>>13784751
When Sergey announces McDonalds partnership 1 LINK will be redeemable for a bigmac.

>>13785479
So, $5.85AUD?

>>13784786
but why? can't ether be used for simple payments between different parties?

>>13785785
payments...payments??? The LINK token (ERC677) transfers data.

>>13784751
LINK tokens have value?

Jesus, I didn't know. Thanks, OP.
Just market sold 20k

>>13786103
Hmm, I didn't realize that. So if a contract is requesting a specific type of data, the data is transmitted in the erc677 token itself?

Just fuck off OP
No one cares.
Buy on faith or sod off
You had two years

>>13785039
mhm okay, yes alright, i seenow. thank you

>>13787242
Fundamentally speaking

>>13787573
what is mainnet though?

>>13787671

When Chainlink says they're going live on the Ethereum mainnet, I believe what they're referring to is the Ethereum live product upon which ethereum dapps are currently running. Chainlink 'mainnet' here means chainlink will now be offering decentralized oracle services to ethereum dapps. Chainlink has a suite of 'external adapters' that allows them to pull in external, off-chain data through the chainlink oracles and pass that info to the ethereum dapps requesting the data. After ethereum, chainlink is building adapters to allow them to connect to other blockchains as well. How this all works technically, I don't understand yet.

But in general, mainnet here means that chainlink has successfuly passed their 3rd party security audits and is making their core service offering public and open access to anyone that wants to purchase data from chainlink oracles.

>>13787671
>>13787906
Here is the mainnet announcement video where Sergey goes into more detail about mainnet and the next steps.

https://www.youtube.com/watch?v=oBjq-cV2BkI

>>13787906
damn. i sure am glad there are people smart enough to understand this shit and autistic enough to meme brainlets like me into buying it.

>>13784751
There's no way for us to know he actually ate that pie. For all we know, it went right in the trash. I don't trust this chart

>>13787968
Honestly it wasn't the tech that convinced me. I am not a computer science guy and only understand the tech slowly and vaguely. For me it was the partners and the use-cases. Chainlink's market is vast, unexplored territory and they are the first mover with what appears to be major institutional backing.

If something 'like' chainlink never exists, then blockchains will always remain closed systems. Can you imagine a world with, fundamentally, two completely different systems, unable to communicate with one another? Sounds unrealistic on its face, at least over a large enough period of time. Chainlink is trying to bridge the gap and take the blockchain tech to the next level... meaning true mainstream adoption by real world companies. It was always said in the early BTC days that one day real world normies would be using blockchain every day without every knowing it. And that's the vision that Chainlink can help realize.

>>13788141
i don't get how its worth money though.

>>13785333
Checked. Link is the sauce for your tendies anons. Link tastes great with any brand of tendie and always goes great with all tendies. At the moment link can only be used on Eth tendies but in the future there will be many more brands to try this link sauce on.

>>13788187
Same reason BTC is worth money. I can transfer money to you and the *network* will verify & secure the transaction, rather than a bank or some centralized entity. In the case of chainlink, the value being passed through is valid data and the *network* is responsible for verifying/enforcing the validity/reliability of the data a contract needs rather than some centralized oracle like a mainstream data provider.

If your a financial institution who issues derivative contracts to buyers and pays hundreds of lawyers and accountants, as well as regular security audits at every level of your IT stack, among other expenses (including time), and you can move that whole process to a smart contract living on a blockchain and executed deterministically based on *provably* tamper-proof data inputs provided by a decentralized (read: trustless) oracle network, then..... you'll be saving a lot of money.

When you can trust the process rather than people, very efficient and valuable markets can emerge. Market economies actually create trust between people. They build trust among buyers and sellers. However transactions still require trust of some centralized entity. If we can interact in a market economy using systems that require *no* trust to use, the market only gains.

Chainlink allows people to purchase off-chain data about real world systems and events.