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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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7876593 No.7876593 [Reply] [Original]

I noticed a lot of you guys didn't know what ChainLINK would be actually useful for or get too hung up on the "banking" premise that was shilled a lot on /biz/. Let me explain the TRUE merit of ChainLINK.
Bitcoin was the first decentralized currency that was trustless in nature. Ethereum was the first decentralized smartcontract service that was trustless in nature.
ChainLINK is the first "bridge" between real life data and crypto that is decentralized in nature.
What does this mean?
ChainLINK can take real time datastreams like Sensor data/non-crypto financial data such as real time interest rates etc and combine it with smartcontracts.
What this does is create tremendous potential wealth and make businesses possible that weren't possible before ChainLINK existed.
Let's look at the examples of how ChainLINK could be used in real life with one thing that is already confirmed.
A startup called Confido wants to make a payment and delivery system where they will use real time data from the delivery service's sensor system if a package actually arrived or not. When the sensor data confirm that the package is arrived a smart contract will automatically pay the vendor of that package automatically. This type of service would be impossible with ChainLINK if you'd wanted to make it trustless without 3rd party meddling.
Other potential things that could be done ONLY with ChainLINK.
Trustless Gambling Racehorses gets sensors in them whichever reaches the finish line first gets their data send to ChainLINK which then through smartcontract pays out everyone that betted on that horse. Online gambling where the roulette has sensors in every landing place and automatically pays out to whomever betted on that automatically through ChainLINK.
Trustless Insurance,Trustless Warranty When you have a car it could automatically send it's realtime data like speed,GPS position and miles driven to ChainLINK.

>> No.7876711
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7876711

>>7876593

>A startup called Confido

a literal exit-scam

so glad i didn't throw any of my hard-earned money into this vaporware meme-coin bs

>> No.7877321

>>7876593
You should mention that chainlink has only these benefits theoretically. There hasn't been any real world use cases of the project yet so we don't really now if smart contract is trustless trough chainlink. There is only whitepaper and alpha version of mainnet. As soon as it is used by companys and larger institutions and they have confirmed it trustworthy, then we can talk about the real project behind speculation. Until then we should see some projects testing chainlink so it actually gets more positive hype around it. When mainnet arrives and if they reveal good partnerships who has been testing the project, it can go wild. Before that, everything is speculation like your post. My guess is EOY 2018 15$, if they confirm at least 1-2 partnerships who actually are going to use chainlink.

>> No.7877413

>>7876711
what did confido even try to accomplish?

>> No.7877469

>>7877413
Stealing suckers' money

>> No.7877485

>>7876711
>what is missing the point

>> No.7877524

>>7877321
They already have zeppelin OS. Look it up

>> No.7877531

>>7877469
well yeah lol but what was their "purpose"

>> No.7877575

Just had a look at who has starred the github repo. These are the most interesing

https://github.com/ahmadDjango
https://www.linkedin.com/in/ahmadtabbakha/
https://en.wikipedia.org/wiki/Tyler_Technologies
>It is the largest software company in the United States that is solely based on providing integrated software and technology services to the public sector — cities, counties, states and school districts. Tyler Technologies has offices in 17 states and one in Toronto, Canada
>Forbes ranked Tyler Technologies as number 22 in 2017, 24 in 2016, 27 in 2014, and 25 in 2013 on its Most Innovative Growth Companies List. The company was also ranked number 49 on Forbes' America's Best Small Companies in 2014.

https://github.com/ridhoq
https://www.linkedin.com/in/ridwanhoq/
https://en.wikipedia.org/wiki/Athenahealth
>athenahealth is a leading provider of network-enabled services and mobile applications for medical groups and health systems
>Revenue US$100.8 million (2007), Increase 1.08 billion (December, 2016)
>athenahealth, Inc. is a publicly traded American company that provides network-enabled services for healthcare and point-of-care mobile apps to drive clinical and financial results for its hospital and ambulatory clients in the United States. athenahealth has a network of more than 100,000 providers and 98 million patients
Very interesting because of the new Care Act in the USA which means medical APIs must be opened in a similar way to psd2 with banks in Europe

https://github.com/xiaoyao1991
>works at Twitter

>> No.7877596
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7877596

>>7876711
the point is what they set out to do, not their failed execution of it

>> No.7877605

I don't understand what tokens are good for.

I understand that the exist on top of coins, but what does that mean? why would someone want tokens instead of coins?

>> No.7877628

>>7877524
Yes I know that, but have they succesfully used the product yet? Answer is no.

>> No.7877664

>>7877605
https://blockgeeks.com/guides/ethereum-token/

>> No.7878434

>>7877605
node operators get paid in link. the reason to acquire link is to be able to stake it so your node is more reputable. The more link you have to lose the more reliable that node operator will want to be

>> No.7878546

>>7877531
Literally the purpose was to steal sucker's money, stop being dense