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16676480 No.16676480 [Reply] [Original]

Can someone explain what Chainlink does using a metaphor in a conceptual domain other than crypto?

I’ll send you 5 LINK if I like your analogy.

>> No.16676502

>>16676480
pee pee poo poo

>> No.16676519

>>16676480
bitcoin is the easiest usecase of blockchain technology, currency. i pay you, you get the money, its done. ETH introduces smart contracts. a smart contract can look into the blockchain and see "billy paid bob $5" you can now use that true information to make other things execute automatically, hence smart contracts. when the two ends of the deal put up their ends then something they agreed upon executes. BUT right now smart contracts are dumb. they can only see transactions that have happened on the blockchain. chainlink makes it so that external information thats not on the blockchain can be used in a smart contract ina secure way. for example, a temperature reading isnt on the blockchain. but you can code up a chainlink adapter then translates the temperature reading onto the blockchain where then a smart contract can use that information to execute something automatically. the easiest way to understand a smart contract is kinda like vending machine.

0xaC0a099946D20461C1Dc69b3Ef2F2303DDad68AE

>> No.16676526

>>16676480
>Can someone explain what Chainlink does
it's used to show the price of ethereum. very rare technology.

>> No.16676528

>>16676480
Its like a sandwich shop trying to sell you reciepts for the sandwich you just bought.

>> No.16676540

>>16676480
It’s like buying a cup of coffee

>> No.16676554

>>16676480
A vending machine

>> No.16676580

>>16676480
blockchains are computers, oracles are the internet

>> No.16676597

>>16676480
It's like those essential oil and leggings MLMs: it scams retards out of their money.

>> No.16676604
File: 1.32 MB, 2880x1800, SergiefZangarov.png [View same] [iqdb] [saucenao] [google]
16676604

Ethereum is a walled marketplace built on a magic spring, where vendors trade their goods and the vapors from the magic spring mean that every trade is fair and trustworthy. It's the perfect place to do business.
But there is a thick wall around the marketplace to keep the magic vapors in, and all the people outside who have goods they want to trade in the market can't get in.
Chainlink is the armored carriage that takes your goods and conveys it into the magic market. They can even take the goods of multiple vendors and come back with concrete proof that the goods were traded in the market in accordance with the magic rules.

The market on its own isn't that valuable when it can't trade with the outside world. The outside world can't benefit from magic trading when it can't breach the walls. Chainlink is the only safe way to cross that wall.

>> No.16676608

>>16676480
it applies the technology of Jason Parser to the blockchain

>> No.16676610

>>16676526
kek

>> No.16676621

>>16676480
lets say u bet on oil futures but u dont wanna go through all the hullabaloo(lawyers, scammers, retards who wont pay u etc). well the best thing to do is write a smart contract. however, that smart contract has no way of confirming what happened in real life(the price of oil in etc). LINK is what does this for the smart contract so it can execute, fast and secure, with legit data, automatically.

>> No.16676627

>>16676480
you want to cross the most commercially important river in the world, you can take a ferry, a bridge, make your own boat, fly or many other options, or some combination of options, all your goods are insured, but to cross you have to pay LINK

>> No.16676636

>>16676608
nice, that was a good movie

>> No.16676645
File: 11 KB, 200x200, 1515804619602.png [View same] [iqdb] [saucenao] [google]
16676645

>>16676480
We needs oracles

imagine u gonna fuk som ho and she lik u payin up front and u dont wanna

so u set up a smart contract, she gets the money when your nut hits her skin nom sayin?

But how the smart contract know wats good?

Oracles

>> No.16676650

>>16676480
LINK is http requests for smart contracts.

>> No.16676665

>>16676480
FUCK YOU SCAMMER

>> No.16676668

>>16676480
A medieval general awaits news about enemy troop movements to decide on his next move. It's imperative that he receives accurate news, but it's known that the enemy will do anything to affect this, including capturing and bribing or blackmailing the General's spies to relay inaccurate information. In order to account for this risk, the General sends multiple spies to observe the enemy from different locations. This way, he can expect a more accurate understanding of his enemy's movements even if few of his spies are compromised.

>> No.16676672

Alright here goes.
Chainlink is a middleware program that allows who ever to build apis (application programming interface) to connect the block chain to legacy systems which can then be triggered autonomously by a smart contract.

>> No.16676674

>>16676480
Imagine the following:
It's 2021 and you have finally made it. You own 10 link and are officially considered a billionaire in the financial world. Does a billionaire own multiple properties all around the world because he can afford it? Of course. Does he have the time to constantly upkeep his property, make sure it is clean and not broken into? Of course he doesn't, he needs to take coke and fuck hookers every five minutes and actually enjoy his life.
Now let's say that you hire someone who would do the cleaning and security aspect. Paying him is the easy part and you can send a bitcoin transaction that he will receive in only a few seconds, but how do you make sure that they will do their part? How do you keep track of that information? People are niggers and you can't trust their word.
You get CAMERAS. If company A sets up 5 cameras in your home lets say that you keep track of how well 5 rooms in your home are cleaned. Can't see the dust particles because company A's cameras are shit? You set up a contract with Company B who will set 50 quantum cameras in your home which allows you to see just the quality of your cambodian's maid work. The entire concept of Chainlink revolves around verifying information and relaying it to the person who needs it. Why the fuck would you pay $800k for a home and secure it by paying someone more money without constantly knowing that it is actually secure?

>> No.16676745

>>16676672
Lol bunch of desperate jerk off artists trying to pump their gaycoin

>> No.16676753

>>16676672
So why does it need to be a cryptocurrency then and not just be a feature added to ethereum

>> No.16676769

>>16676480
>invest 100$ dollaros in 2019
>after 2 years is 2020
can't even do a proper shill

>> No.16676784

>>16676480
You think 99.9% of morons on here even know what LINK does? The majority haven't even read the white paper. They just dumped their entire net worth into a project because a handful of larps said it would be bigger than the internet itself

>> No.16676816

>>16676480
Chainlink is the internet of blockchain

https://blog.chain.link/interoperability-and-connectivity-unlocking-smart-contracts-3-0-2/

>> No.16676818

>>16676668
Kek pretty much this

>> No.16676825
File: 399 KB, 930x722, Screen Shot 2019-12-28 at 9.10.09 am.png [View same] [iqdb] [saucenao] [google]
16676825

>>16676753
let me feed you with this spoon

>> No.16676831

>>16676753
why does ethereum need to have smart contracts and dapps? why not just be a currency like BTC? after all we already have apps and contracts without a blockchain, we even have currency for that matter. if you dont understand why we need better and upgradeable versions of the above then you shouldnt be in the market. faggot.

>> No.16676844

>>16676831
i only care about privacy, thanks for the rundown though
>>16676825
you too

>> No.16676854

>>16676753
shouldn't use a stablecoin for staking/payment because then the oracle protocol depends on the security and success of that stablecoin protocol to be functional rather than just its own security and success, an unnecessary weakness

shouldn't use ETH for staking or payment because then an unnecessarily complex escrow protocol would need to be implemented to lock ETH on one chain and open (or mint? lol) the native token of another chain, why not just use LINK on all chains and when you need it as payment/stake on a chain other than ethereum you lock it up, then mint LINK on the other chain and vice versa, no conversions or creation of new (non-LINK) tokens on other chains, in short using one protocol token makes blockchain agnosticism easier

>why does it need to be a cryptocurrency
as for this, people don't do shit for free lol

>> No.16676855

>>16676844
privacy? so u have monero? retard.

>> No.16676883

>>16676844
>privacy
https://chain.link/mixicles.pdf
https://arxiv.org/pdf/1909.00938.pdf

>> No.16676981

>>16676480
Smart contracts are like a walled medieval city where every law is enforced by threat of death. This city operates as a perfect utopian society, but there is one problem. The city does not produce enough goods to sustain itself and its population is slowly dying. In rides Sergey of Nazareth on a bright white horse. Sergey has accumulated a legion of soldiers who follow his every command. Sergey told King Vitalik that he is willing to command his soldiers to bring supplies for the dying city in exchange for Vitalik helping him secure all the Rothchilds riches. King Vitalik has been reluctant, but he has no choice but to agree, for Lord Sergey will do it whether Vitalik likes it or not. Hes just a massive Chad like that.

If you like my analogy, send the 5 LINK to Sergeys 0xdad wallet.

>> No.16677036

Imagine you have two doors. One offers financial freedom and one offers financial misery. Link is the 3rd door, the unknown.

>> No.16677047
File: 1.06 MB, 320x180, sergey_says_fundamentally.gif [View same] [iqdb] [saucenao] [google]
16677047

>> No.16677485

>>16676604
pretty good

>> No.16677634

>>16676604
Kek, fuck. I didnt read the thread before I posted. Crazy how similar of a description I came up with.

>> No.16677666
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16677666

>>16676645
delet

>> No.16677669

>>16676645
niggers arent allowed

>> No.16677683

>>16677666
Checked

>> No.16677716

>>16676480

Paid thread
Copypasta.
Shill Link team.

>> No.16677805

Like a shuttle service from your house to you new mansion

>> No.16677810

>>16676480
chainlink is the money inbetween buying coke and doing coke

>> No.16677870

Ok so picture this:

You're a poor boy living in rural england. All your family has to their name is a cow named Betsy. Betsy stops producing milk one day and your family is just shit out of luck, there's no universal health care here you bitches gon die. So your mother is half Jewish and sends you to the market to sell Betsy before anyone realizes she stopped producing milk. On your way to the market you meet a fat alcoholic who offers to sell you magic beans in trade for Betsy. these beans will turn into a giant beanstalk with a goose that lays golden eggs. You realize this could be the solution to all your problems, and it sounds so crazy it just might work. So you sell Betsy, and get the beans. You go back to your house and your mother asks for the money, realizing you might have fucked up you tell her its ok you got magic beans instead. She starts crying, heart wrenching sobs, knowing its her fault for sending her autistic son to the market to sell your family's only animal instead of going herself. You know shes being dramatic though, these beans will make you all rich. So you quietly go out and plant the beans. You tend to them day and night, making sure those beans are fertile as can be. Then one day you see a tiny sprout coming up from the ground where the beans were planted! By this time your mother has started frequenting the local whore house to make ends meet.

>> No.16677874

>>16677870
You hear her come home at night and get into bed crying, calling your dead fathers name. It makes you so sad, you cry a little bit too and hold that vision of the golden goose atop the beanstalk in your head. Months go by and the sprout has not grown any bigger, just a tiny patch of sprouts in the ground. Your mother has taken ill, she can no longer work at the whore house. You have no skills, so you try begging on the street. You see dukes and duchesses pass you by day after day, a whimsical smile on their face. They turn their heads down and scurry by as they pass you, not a drop of change. Your mother spends the day sleeping silently, a thin grimace spread across her face. You curl up to her every night and cry into her bosom, telling her "just wait ma, one of these days my beanstalk will grow and I'll make you better, you wont be sick anymore you'll see ma". One night she wraps her arms around you. "I cant fight this sickness no more anon. I have to leave. Anon, please understand, I love you. I forgive you for selling the cow. I pray to god everynight to forgive me anon". You see a tear drop from her eye "Anon, there will be a professor from the university in the city coming to collect my body after I die. That should leave you with enough money to buy some room and food. Promise me you'll keep fighting anon." You see a tear fall from her eye. The man comes, you can't do anything but sit in the corner rocking, staring out the window at your withered beanstalks, knowing you will never have your mother back. Eventually the small sum of money runs out, and you sit there rocking, rocking back and forth just imagining how different life could have been if you had just sold the cow for money like a normal person. You feel so tired, day after day the pains in your stomach growing so large, you drink from the well to ease it but the pain only bites deeper. Your bones seem to not even be able to lift your body from the earth anymore, so tired. Fin

>> No.16677882

>>16677874
The beans are chainlink and this story is your actual investment into chainlink.

>> No.16677984

>>16676480
>Holding link is like having a normal life, plans and dreams then suddenly waking up in a mental asylum. There's 50 million dollars in a locker with your name on it, in a room full of lockers for all of the patients. The door has a sign saying 'Will unlock in illegible days.' You talk to the other patients, the wardens. Everyone tells you the sign says something different. Some people say the room will never unlock, that the money is fake, that the wardens already took the money. Some say the room doesn't even exist. You talk with another patient who agrees the room exists, but halfway through the conversation he pulls down his pants and runs in circles shitting and crying for chicken tendies. You find out that you can leave at any time, but that if you do you might not ever be able to come back. So you stay, questioning your sanity more and more with each passing day. Was I crazy before I came here? Is the man screaming in the corner that it's all a lie, even though he's still here, right or insane?

>> No.16678079

>>16676855
The only feasibly adoptable coin is spiraling downward to zero. Fuck privacy coins, world governments weren’t gonna let them exist anyway.

>> No.16678206
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16678206

>>16676480
??!

>> No.16678345

>>16676480
Bitcoin was the fig leaves and squat.
Ethereum is the toilet.
Chainlink is the sewer system.

Now give me my fucking linkies

>> No.16678378

>>16676519
Wow I don't know that much about Link (although I hold some) and somehow your explanation does not give me much hope that Chainlink will 10x, it sounds a little bit fucking trivial.

>> No.16678390

It's the bridge for real world data to the blockhain.

>> No.16678402

>>16676480
>one post by this user
looks like he ripped us off guys

>> No.16678415

people are finally installing toilets in their houses but the problem is that you can't really shit in it because there's nothing to flush it all away

chainlink is the plumbing behind the toilets that takes your shit away

>> No.16678420
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16678420

>>16678415
Chainlink doesn't solve the Toilet Witch Problem though.

>> No.16678423
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16678423

Bitcoin is Judaism
Ethereum is Christianity
LINK is Islam

>> No.16678430

>>16678378
That's because you are a brainlet.

>> No.16678436

>>16676480
chainlink is like when you're purchasing a big mac at mcdonald's and the price on the screen is lower than the price they tell you at the window so when you hand over your money since you can't pay in crypto you get less money back than you thought. if big macs were on the mcchain, this wouldn't happen. that's why chainlink is important. trustless big mac sandwich

>> No.16678444

>>16676668
that's one of the best descriptions of chainlink i've ever read. thanks anon, i'm saving this

>> No.16678447
File: 194 KB, 720x592, 20191227_211540.jpg [View same] [iqdb] [saucenao] [google]
16678447

>>16678378
>he talked about weather, one out of thousands of applications... i'm out

it's okay to be a tad stupid. we're here to help you.

https://www.investopedia.com/terms/w/weatherderivative.asp

>> No.16678506

>>16676604
oragles

>> No.16678764

>>16676480
ETH= pee pee
Link= poo poo

>> No.16678815

>>16677666
Satan doesn't like trustless and fair trade?

>> No.16678929

>>16676480
There's this problem that we don't have lambos. Chainlink solves that problem.

>> No.16678944

>>16676645
>imagine u gonna fuk som ho and she lik u payin up front and u dont wanna
>so u set up a smart contract
Finally a use case I can get behind.
I'm all in.
Thank you, friendly negro.

>> No.16678984

>Smartcontract is your brain
>Chainlink is your sensory organ
You, as a sensing and rational being, require reliable inputs into your brain, the storehouse of your past, and the centre of execution of rationality. A blockchain is the storehouse of the past, and something like Ethereum extends that functionality with logical programs that can act on the vast storehouse of the past. To extend Ethereum itself, it needs a sensory organ called an oracle, that can act reliably to deliver real time data, so that the smartcontract (a unit of rationality), can both act on the storehouse of the past and the input of the now.
To summarize:
Blockchain is your brain's memory
Smartcontracts represent the Logos
Chainlink/Oracles represent sensory organs

t. LINK OG and Philosophy nerd with some CS knowledge

>> No.16679022

>>16676645
A nigger shilling chainlink. I’ve fucking seen it all now

>> No.16679075

>>16676480

Scam

>> No.16679136

>>16676526
so like pegnet but without proof of work?

>> No.16679183

>>16676480
The blockchain is a parallel universe that we have become able to observe. We know that universe has very interesting properties that we would like to use to Make our universe better. We see that in blockchain universe, everything is a well ordered machine that behaves deterministically. It is very predictable and it doesn’t suffer from any single points of failure. Observing these properties makes us salivate because in our world, we have vulnerabilities to all kinds of failures resulting from our universe that is not deterministic and relies on trusted intermediaries to get anything done. Stuff breaks a lot and causes us a lot of unnecessary headaches.

We have found that we can manipulate things in the blockchain universe, but everything we do there is isolated from our own universe, so we can’t really leverage those properties in a way that makes our own lives better. All we can really do is watch what we have done in a world completely foreign to us. We need a kind of portal that connects the blockchain universe to our own so that we can use its benefits to bring automation, determinism, and elimination of trusted third parties to our world in a meaningful way. The portal we are building is called Chainlink.

Fuck you and your handouts, bitch

>> No.16679350

>>16676480
You know how during the railroad boom a lot of people became rich just from selling their land where the railroads were going to go?
LINK is like having land there.

>> No.16679412

>>16676645
Ok now this is ebin

>> No.16680169

>>16676645
Penis in bagina ::DDDDD

>> No.16680361

>>16676480
the image is wrong, the first Decentralized Oracle and first Smart contracts were created by ripple using Codius.

The 2 russian scam artists stole from ripple after interning at ripple.

https://ripple.com/insights/smart-oracles-building-business-logic-with-smart-contracts/

Here is proof

>> No.16680362

which demography will use chain link first?

>> No.16680364

>>16676480
This image is very cringe.

>> No.16680392

>>16676645
white boy larping as a ghetto African American while explaining Chainlink, and nailing down OP's question in a way that even a brainlets IRL can get understand (with a touch of humor).

Well done.

>> No.16680511

>>16676480
Imagine a traditional secure vault. Doesn't particularly matter what you're storing in the vault, whether it's information, valuables or contracts. So the traditional example of this would be a bank.

When you walk into a bank, you trust a teller to do what you ask of them, trust them with your money/information, and the teller trusts other members of the organization to execute their particular job. You trust the entity, the bank, with your funds. But the bank is built upon literally trusting individual human beings to do their jobs because the incentive here is to act maliciously. An employee at a bank is paid $50k PA, but each and every day they are trusted to not fuck with transactions worth many times their pay grade.

Blockchain technology replaces the trusted economy. No longer do you need people to pass around information and maintain it's integrity and accuracy, it's all verified and permanent. In a way, the blockchain is a perfectly secure vault that exists anywhere on earth you need it to with no downtime and no internal possibility of fraud.

Except for one thing. You still have to trust a person to put the information into and take information out of the vault. This is the oracle problem, and what it means is that instead of eradicating fraud, the fraud will just be displaced to the point of least resistance, i.e. the teller, or say a centralized company that is responsible for data feeds for insurance, for price tickers, for anything where there is incentive to manipulate data.

Blockchain decentralizes and secures information already *in* the vault. Chainlink decentralizes, secures and anonymizes anything *outside* of the vault. Instead of literally trusting a company to act in your best interests and handle sensor data honestly, even when there will always be an incentive to do otherwise, you do not need to trust an entity beyond the manufacturer of the hardware that generates the data.

>> No.16680523

>>16680511
Basically, blockchain makes decentralized trustless data, transactions and even economies possible, but does not displace enough of the incentive to be a bad actor. Decentralized oracles eliminate trust to the point where the arena for an entity acting maliciously may be so small and so expensive that it could eventually eliminate fraud.

>> No.16680664

>>16678444
>What is the byzantine generals problem

>> No.16680674

>>16680392
>>16679412
>>16678944
>>16679022
>>16677669
>>16677666
newfags detected

>> No.16680677

>>16677984
KEK. Thanks for this Anon.

>> No.16680682

>>16680674
>ooga booga muhfugga
fuck you

>> No.16680694
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16680694

>>16676480
the blockchain is a shared excel file, where each user has a copy of it and they can only modify it and send the excel to the other users if they agree on the changes.

the blocks in the blockchain are spreadsheets, each spreadsheet contains rows of transactions and each usee has to create a new block (spreadsheet) and send it to the other users.

ethereum brought the v2 of that excel file by introducing macros (smart contracts) now the macros can automatically create transactions in those spreadsheets. the problem with those macros is that they cannot write transactions depending on real world events but they can only listen to events that happen in the excel file.


then came chainlink, it allows those macros to fetch events from outsiide of the excel file, how sergey did it, is create a special macro that requests a parallel network of computers that answer to that macro. the other macros that couldnt fetch data from tthhe internet can now call that special sergey macro.

sergeys macro fetches its data from multiple sources and aggregates the result before giving it to the macro.

>> No.16680742
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16680742

>>16676480
The most simple way to explain it, is that Chainlink is a token for those who wish to operate a node in a "decentralized oracle system".

In order to run one of these nodes on this network, the user must stake Chainlink ERC20 tokens as collateral. The price will go up because the node operators must hold some of the tokens to do jobs which earn them money.

The best real world example of this, is taxi medallions. In order to operate a taxi cab prior to uber, Taxi drivers in NYC needed to buy a taxi medallion. The medallions had a very high price, as being a taxi operator was a profitable job, and the medallion also had resale value, as there was a limited amount of taxi medallions. There was more people willing to operate a taxi, than there were medallions, so the price rose greatly.

If running a chainlink node is a profitable business, a very similar effect will happen with chainlink tokens. In fact, they might get even higher since they need to have value equal to that of the jobs that they do.

It may not be a perfect analogy, but it is probably good enough to give a brainlet some idea of how Chainlink works.

0x9bF503ec7Fe73569Ed8C25884239c08E05e733B4

>> No.16680859

Blockhain is like homeschooled deeply autistic child. It can remember everything and compute everything based on things it remembered. Blockchain doesn't know truth from lies when it comes to outside world.

Oracle is trusted party telling the blockchain what is true and what is not. If moon is not cheese and Santa isn't real it will affect how blockchain will proceed its computations.

>> No.16680870

>>16676526
Now you are conflating centralized oracles with distributed oracles.