/biz/ - Business & Finance

>>8521990
>What are oracles and why are they important?
In short, an Oracle provides connectivity to the outside world. An oracle is a company which has recently appeared in the smart contract space, whose job it is to translate data into a form that a smart contract can understand. Right now, centralized oracle services do exist, that is, one can pay a private company to translate data into a smart contract readable format. There is no point of anyone using a smart contract in the first place if we must trust a middleman to make out trade, that both parties must trust. This is expensive because both parties will have to keep redundant copies to assure the terms and conditions are met. A decentralized oracle service, such as ChainLink, will reduce these costs dramatically.

>>8522018
>>8521990
Smart contracts have limitation right now, that is, they need a way to get data from the real world, i.e. connectivity. Smart contract applications rely on data about the real world that comes from key resources, specifically data feeds and API’s, that are external to the blockchain. Making smart contracts externally aware, meaning capable of interacting with off-chain resources, which is necessary if they are going to replace the digital agreements in use today.

>>8521990
>>8522018
>>8522045
>Where does ChainLink fit into all of this?
ChainLink is aiming to be the de facto Oracle service for Ethereum, Bitcoin, Hyperledger, NEO and other smart contract platforms. As well as being the middleware for trustless transactions with other in house blockchains/public blockchains. ChainLink will establish a network of node operators which if they can become the first mover in the space, this will be a massive advantage.

>>8522065
>>8522045
>>8522018
>>8521990
>What are some of the potential markets that ChainLink could revolutionize?
1. Securities smart contracts such as bonds, interest rate derivatives, and many others will require access to APIs reporting market prices and market reference data, e.g. interest rates
2. Insurance smart contracts will need data feeds about IoT data related to the insurable event in question, e.g.: was the warehouse’s magnetic door locked at the time of breach, was the company’s firewall online, or did the flight you had insurance for arrive on time.
3. Trade finance smart contracts will need GPS data about shipments, data from supply chain ERP systems, and customs data about the goods being shipped to confirm fulfillment of contractual obligations.
4. Prediction Markets by creating appropriate financial stakes and assuming economically rational players with limited financial incentives for cheating, such oracles provide a high assurance of correct crowd-sourced answers.

>>8522105
>>8522065
>>8522045
>>8522018
>>8521990
Weather insurance for farmers. If it rains 10 inches the farmer gets paid automatically. Instead of going through 10 people and it taking months settling your claim. Because of the finality aspect, the system needs to be tamper proof. The blockchain/smart contract side is, but someone could hack the weather station providing the data that allows the smart contract to know it’s raining. ChainLink allows for the smart contract to take the information of 10 weather stations. So, to commit fraud you’d have to manage to hack 10 weather stations. Or 100 or 1 million depending on how secure the contract requires
This same logic applies to a large amount of other use cases. A few examples:
• Flight insurance
• Bond payments
• Sports betting
• Pay as you drive cars
• Automatic speeding tickets
• Supply chain records
• Data for apps
• Escrow for houses
• Escrow for online purchases
• Shipping insurance
• Life insurance
• Automatically executing trust funds
• Automatic release of titles when you pay things off
Imagine insurance companies paying out after natural disasters (like hurricanes). You have builders required to build up to a certain code, say 100 mph wind speed. If the wind speed goes over 100 mph the insurance company pays out. However, if wind speed is below 100 mph, the builder (or their insurance company) pays out. Now you need a decentralized data solution. Both parties have an interest in knowing the wind speed and knowing that the weather data is accurate. You can build smart contracts that will execute payments based on this data (potentially millions of dollars).

great thread

>>8522143
>>8522105
>>8522065
>>8522045
>>8522045
>>8522018
>>8521990
>Isn’t the problem with financial institutions like SWIFT taking advantage of DLT (Distributed Ledger Technology) is that it would take a long time to adapt their systems to handle it?
That's not a false statement. However, the entire purpose of ChainLink, its goal, is to link those systems to the blockchain without having to do all the upgrades that would normally be necessary. Essentially, ChainLink is like an adaptor. For example, take an old truck. It’s so ancient, it has a cassette tape player. If someone likes to play music from their iPhone they will not be able, because there's no way to connect. Someone could buy an entire new stereo system for hundreds of dollars and must deal with installing it. Or, someone can buy a $20 adaptor that is literally a cassette with an aux jack wire coming out of it. Now someone can play music from their iPhone through a cassette player and they didn't have to upgrade anything, which suits them just fine. Now apply that concept to the entire global financial markets that would love to take advantage of the blockchain but have the old "cassette player" technology that they would rather not spend monumental amounts of money replacing from the ground up. This is where ChainLink steps in.

>>8522183
>>8522143
>>8522105
>>8522065
>>8522045
>>8522018
>>8521990
Smart Contracts are essentially a series of if-then statements that use the blockchain so that no party can corrupt or otherwise tamper with the agreement. With decentralized data, Smart Contracts could replace any and every agreement, ever (look up what Sergey said was the best use cases for smart contracts). There are currently no true competitors to ChainLink, and if one should arise, ChainLink will already have first mover advantage. ChainLink is solving a key problem that may lead to mainstream use of Smart Contracts, resulting in a tremendous competitive advantage over competition. Furthermore, as it is stated in the whitepaper:
>ChainLink has been designed with modularity in mind. Every piece of the ChainLink system is upgradable, so that different components can be replaced as better techniques and competing implementations arise (pg. 4, WP).
Companies do not use Smart Contracts today because the data is entirely centralized. If the data is centralized it is prone to manipulation and corruption. This means one party will always want to investigate thoroughly and keep redundant copies, in the end, a waste of time and money. ChainLink is aiming to be the de facto Oracle service for Ethereum, Bitcoin, Hyperledger, NEO and other smart contract platforms. As well as being the middleware for trustless transactions with other in house blockchains/public blockchains.

>>8521990
i love you for this op but dnt spoonfeed these nolinkers AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH

>>8522216
>>8522183
>>8522143
>>8522105
>>8522065
>>8522045
>>8522018
>>8521990
Crypto-derivatives and crypto-commodities, very simply, are raw resources used for blockchain transactions. The main examples are various forms of blockchain memory (e.g., block space or space in a UTXO set) or computation (e.g., gas in Ethereum). Crypto commodities are analogous to physical commodities (e.g., food, grain, lumber, metal) that are traded in traditional financial markets. They're called derivatives because they DERIVE their price from the price of the underlying asset.
Project Chicago wants to bring derivatives to crypto. Not using smart contracts in traditional derivative markets but creating a new derogate market based on crypto commodities - these are forms of computation or block space, rather than traditional commodities like oranges or rice. See (2).

The whole concept is trash. There is no way to make decentralized oracles, and it is trivial to make centralized oracles.

>>8521990

>>8522395
>>8521990

>>8522420
>>8522395
>>8521990

>>8521990
>temper proof

Underestimating biz’s auts

>>8522395
>>8522420
>>8522442
>>8521990

>>8522454
>temper
fixed and saved. abc spell check dropped the fucking ball.

>>8522492
Include the screenshot of klaus’ Book

lets do it

ChainLink Crypto Fund LP
Created on Jan 26, 2018
Purchased $2mil in LINK
SAUCE:
https://disclosurequest.com/form/chainlink-crypto-fund-lp/0001728696-18-000001/?returnURL=

Directors are:
-Andrew Hoppin
https://en.wikipedia.org/wiki/Andrew_Hoppin
https://www.linkedin.com/in/ahoppin
This guy is legit.
He has headed many OpenSource projects and is a self-proclaims advocate of transparency and accountability. Check out the wiki link, it's worth the read.

-Mark Wagner
https://www.linkedin.com/in/mark-wagner-3a82093a/
The above LinkedIn profile may/may not be his, but it’s the only one I could find in the Bay Area.

-Murat Armbruster
https://www.linkedin.com/in/murat-armbruster/
Seems like a good fit for this guy, as well.
His last name is rather close to AssBlaster, so this could be the guy that was on 4chan, or it really was just a LARP.

-Paola Origel
https://www.linkedin.com/in/paola-origel-478aa91a/
This has got to be the same person.
If this is the same person, then it makes sense that she would be the customer/investor facing one of the group. She has loads of experience doing this as per her LinkedIn.
10+ years in private banking & hedge fund experience.
-The Confidas Group USA, Inc.
-HSBC Private Bank
-The Confidas Group (Family Office Hedge Funds)
Her most recent activity on her profile is her liking a video regarding the ‘rise of #blockchain’ ref. link below:
https://www.linkedin.com/feed/update/urn:li:activity:6357653690190479361/

-Christopher Sealy
Couldn’t find this guy’s profile anywhere online, but the listed address is
70 Washington St. Brooklyn, NY
This is a swanky fucking place.

From <http://boards.4chan.org/biz/thread/6993076>

>>8522318
We're all going to die. There is no way to live forever, and it's trivial to act like life has a purpose.

>>8521990

>>8521990
And there will still be nolinkers and link fudders after reading this thread. Thank you OP you really are trying to help them

Salesforce just bought, for $6.5 billion, Mulesoft Inc., a company that's about making APIs externally available:
>https://blogs.wsj.com/cio/2018/03/21/the-morning-download-salesforces-bets-6-5-billion-on-the-api-economy/
This is the most expensive acquisition Salesforce has ever made. That's because they know how important APIs will be, and ChainLink is poised to connect this API economy to this emerging Smart Contract economy. Salesforce are connected to ChainLink via the dev Dimitri Roche, and Sergey tweeted the Salesforce CEO.

Yes, the API economy is huge and it's growing. How huge? Well, the research consulting company Ovum says that the size of the API economy is going to be 2.2 trillion dollars during 2018. There were ~15,000 public APIs available in 2016, growing by 40 new ones per day during 2015. In 2016, Netflix alone received 5 BILLION API requests PER DAY.
>An API request is equivalent to a "job" that an oracle would do.
>For comparison, Oraclize claims to do "thousands" of jobs per day. That shows just how much room for growth this API/Smart Contract economy has.

If ChainLink can capture just 3% of the $2.2 TRILLION global API economy, that gives it a market cap of $66,000,000,000 - 66 BILLION. Consider that Sergey said there are 19,000 people interested in running a node: that's over 100% of the available public APIs in 2016, so 3% of the market is very conservative. Consider that Starbucks holds 40% of the market share of US coffee shops. We’re not even considering what % of the smart contract economy ChainLink can capture, for which I can't find much on predictions for its value or its current value.

Price per coin multiplied by number of coins determines market cap, so marketcap divided by number of coins gives us coin price. So if LINK captures 3% of the API economy, that gives us a price of $188

thanks, just sold 100k

>>8523417
same

Anything that gets shilled this hard is on the verge of a dump.

>>8523502
eh probably more people will dump research because they are bored. I'll dump more research after main network goes live.

>>8523502
>verge
do not mention shitcoins in my holy grail of a thread gtfo

>>8522183
I hate the cassette adapter metaphor. Anyone who has used them knows they break quickly, are shit, and were replaced in a few short years when newer tech made them obsolete. Stop using this metaphor for fucks sake

>>8523614
fix it then

This is excellent

1 week ago I hadn’t bought enough LINK ans I hadn’t been paid yet, this thread would kill me

BUY LINK

This feels like Ether in 2015 dudes

How could I not buy in

>>8523645

>Isn’t the problem with financial institutions like SWIFT taking advantage of DLT (Distributed Ledger Technology) is that it would take a long time to adapt their systems to handle it?
That's not a false statement. However, the entire purpose of ChainLink, its goal, is to link those systems to the blockchain without having to do all the upgrades that would normally be necessary. Essentially, ChainLink is like an adaptor. For example, take an old TV. It’s so ancient, it can't even connect to the Internet. If someone likes to Netflix and chill they will not be able, because there's no way to connect. Someone could buy an entire new smart TV for hundreds of dollars and put a perfectly functional TV to waste or, someone can buy a Smart TV adaptor for $50 that is literally some software, a wifi connection, and an HDMI port. Now someone can watch Netflix, YouTube, listen to satellite radio, or engage in any range of media requiring internet connection, and they didn't have to upgrade anything, which suits them just fine. Now apply that concept to the entire global financial markets that would love to take advantage of the blockchain but have the old "pre-Internet television" technology that they would rather not spend monumental amounts of money replacing from the ground up. This is where ChainLink steps in.

So that's the best I'm coming up with right now. Better than aux adapters because I know for a fact that Rokus aren't shit, although the metaphor faces the same issue that the tech is probably a temporary solution until everyone has a smart tv. At least many people don't have a smart tv yet so it's easier to envision the utility without thinking about how shit the adapter is

>>8524414
Fucking brilliant. Edited and saved original.

>>8524414
>ChainLink has been designed with modularity in mind. Every piece of the ChainLink system is upgradable, so that different components can be replaced as better techniques and competing implementations arise (pg. 4, WP).

>>8521990
Please write Chainlink and not just CL next time.

>>8524742
trying to fly under the radar. i was just bored. ill use ChainLink when i dump the rest of my research this was mostly just pasta/s anyway.

>>8524742

>>8524723
Thanks btw for making a thread with actual info and not just autistic screeching like usual

APIs are a new and rapidly growing economy: businesses are increasingly treating their APIs as a product to be monetized. Consequently, the size of the API economy is estimated to be $2.2 trillion during 2018. There are numerous ways that businesses currently monetize their APIs - for example, by monthly subscription, or as a “freemium” add on to their services. The one method we’re interested in is pay per API request. This is the method that ChainLink is basically copying. Each request a node operator completes will be akin to an API request. But the key difference is ChainLink are creating a way for businesses to easily sell their APIs to blockchain companies for their smart contracts. Are APIs profitable? Yes. Will selling them to smart contracts be profitable? That’s a matter of opinion, but I think most people browsing here will agree that smart contracts will revolutionise countless industries, and 90% of important smart contracts will require external data such as APIs

>>8524847
yeah good to have an info thread every now and then but those get really boring after awhile

>>8524935
https://m.youtube.com/watch?v=HJ4sK6d9JgM&time_continue=127

Solid video. Good info.

>>8524987
Based Chain link mega shill op. Would they take the pill though?

>>8525344
eh probably not. it is really hard to wrap one's mind around all this seems to good to be true on one hand but literally the only truth for this shit to really go mainstream on the other so people are conflicted.

>>8525344
i didn't make this thread for the bumps. just wanted to archive my research on the web.

>>8525670
Ahhhh true, not to mention all the memes about it. Good on you op, may KEK guide us and light our paths.

>>8525699
I gotta ask, how do you feel about the way people view/discuss link? For every thread like this there's a dozen of really low quality memey ones so it must be hard to find high quality link discussions

>>8526527
There isn't much to discuss. All this info has been out for months and biz isn't very creative so use-case discussions ain't happening here.