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17257342 No.17257342 [Reply] [Original]

Huge increases in contract throughput and storage capacity since bandwidth isn’t limited to any underlying blockchain consensus mechanism.
Almost complete elimination of gas costs, since computation is done off-chain and only final results are posted back on-chain
Chainlink: long-term viability as a standard layer in the web3 protocol stack.
Oracles far more functionality than data messaging. Become even more powerful when trustlessly process and perform scalable computations on that data using a trust-minimized form of computation like Arbitrum
SCs split into two parts: scalable off-chain computation and on-chain dispute resolution and/or settlement
Add additional security layer by staking LINK as collateral to back computations & allow system to scale as it grows in value
Use cases include determining collateral ratios for money markets, calculating aggregated interest rates for lending protocols, or managing portfolios by distributing assets based on collective market analysis
Many industry use cases are unfeasible on public blockchains due to lack of privacy and slow transaction. Arbitrum: high transaction speeds of traditional non-blockchain infrastructure + private, trustless computation of multiparty contracts that avoid information leakage of sensitive data
If a project launches an Arbitrum rollup chain can outsource validation to Chainlink nodes
Chainlink’s stood out as an obvious choice given its strong technical team advised by leading academic researchers, great track record of substantially solving the oracle problem for blockchains and robust set of secure nodes/validators for securely executing off-chain computations. Our long-term collaboration will open up a whole new realm of trust-minimized applications that are fully connected to the real world, yet scale to meet the current demands of traditional systems.” — Ed Felten, Co-founder of Offchain Labs, Computer Science Professor at Princeton, and former White House Deputy CTO

>> No.17257479

>>17257342
my brain is melting
it's town crier huge+threshold sigs huge combined

>> No.17257519
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17257519

The problem with scaling is a problem of costs. If you want a truly revolutionary smart contract/blockchain product, it's all but inevitably going to require high transaction volumes. High transaction volumes quickly become expensive regardless of the particular blockchain. ETH's proposed current solution is sharding -- fancy sidechains that are less expensive. Arbitrum offers a totally different model.
What Arbitrum does is employ some extremely clever game theoretical methods for moving smart contract computation offchain. They're being humble when they say that it's 'trust-minimized' -- what they've done is allow the majority of the computational logic to get orders of magnitude cheaper while simultaneously maintaining the reliability of a public network like Ethereum. The big point is this:
THEY IMPLEMENTED A SCALING SOLUTION SOMEWHERE BETWEEN SIX MONTHS AND A YEAR BEFORE ANY OTHER SOLUTION EVEN SNIFFS THE ASS OF FEASIBILITY
What does this mean for Chainlink? First: fuck you, what Arbitrum has accomplished is going to change the world and should be respected on its own terms. This is an extraordinarily well-respected team in the space and a lot of folks were waiting for them to roll out to enable a lot of previously cost-prohibitive use cases.
But what does this mean for Chainlink? Instead of developing their own node system, they chose Sergey. We're now the standard solution for one of the (and the only currently functional) scaling solution.

>> No.17257562
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17257562

>>17257342
>>17257479
>>17257519