/biz/ - Business & Finance

Lmao awesome. The fomo posts have definitely seen an uptick this week

>>9212597
I don't throw this old pasta since some months ago, but here you go:

1.

Smart contracts are basically pieces of software that can oversee and execute a trade, without any third party having to press the “trade” button. So if we want to trade, say, 1000 LINK for 10 ETH, a smart contract can “look” to see that we have both put up our ends, and when we have, it automatically performs the swap. It’s great because we can never rip each other off (the swap only happens when both sides have fronted) and we don’t need a third party to do the swap for us and take fees.

But smart contracts are limited at the moment because they can only perform swaps for very specific things, and that is, things that are coded in terms the smart contract can understand. For example, an Ethereum smart contract can trade LINK for ETH because it can “see” both of those things on the Ethereum blockchain. But it hits a wall when we want to trade, say, ETH for a concert ticket. The concert ticket isn’t coded in a way that Ethereum can natively understand, so there is no way for the smart contract to know that it is a legit, non-cancellable, version.

This is where oracles come in. 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. So, you could hire an Oracle to program your concert ticket in a form that could be read by the smart contract, so that the smart contract could properly execute a trade when you have fronted the ticket, and they have fronted a couple of ETH.

1/3

>>9212597
>>9212702
2. But there’s a pretty serious problem here. If you’re paying a private company to translate your data into a smart contract readable format, then what’s the point of even using a smart contract in the first place? The whole point was that we didn’t want to have to trust a middleman in order to make our trade, but now we’re using a trusted middleman and both of us have to believe that the Oracle is doing an honest job. The whole reasoning behind using a smart contract is wasted, because if we’re going to be paying private Oracles to translate data, we might as well just pay a private mediator to oversee the trade and take a fee.

This is where ChainLink comes in. ChainLink creates a decentralised network of oracles so that the entire process of smart contract execution is trustless. Instead of trusting a single private oracle to translate the data honestly, we are now using a trustless network of nodes to move information on and off blockchains. This is massive, but to get an idea of how massive, you need to think bigger than concert tickets.

Big business, and I mean pretty much any big business, will love smart contracts. Billions if not trillions of dollars a year are spent on exchanging value, and huge money is paid so that the value is exchanged properly and accountably and fairly. Smart contracts automate the process of value exchange and therefore offer billions and billions and billions in savings to companies that use them. But companies aren’t diving all over them yet because of the problem listed above. If a number of entities want to perform large exchanges of value, but are all using their own private oracles, then the trustless exchange is not achieved and the smart contract is pointless. ChainLink, and ChainLink alone, offers up the possibility of bringing end-to-end trustless smart contracts to the world, and this is a revolution so profound that at this point it is almost impossible to see the future extent of it.
2/3

>>9212717
>>9212597
3. But is ChainLink the project that will do it? You might have been reading FUD about 2 man teams or absentee CEOs or shit like that, but here’s what we know.

The ChainLink team were the only blockchain related team to be invited to present at SIBOS two years running, and in their proof of concept this year they showed that the ChainLink network could automate messaging for certain aspects of SWIFT’s bond processing. Sergey’s EOY announcement mentioned SWIFT by name twice in giving examples of the sort of work that ChainLink could do, and the work that was ongoing. While the market seemed to want to hear the word “partnership”, this was proof of a close and ongoing relationship. SWIFT manages messaging standards for more than 11,000 banks worldwide.

Also, ZeppelinOS recently announced a partnership with ChainLink. ZeppelinOS stands to be the base development layer for future dApps and smart contracts on the EVM (Ethereum network). They provide a standard interface for dApp/SC development and will use ChainLink as their default oracle service. This means that the vast majority of new projects built on Ethereum will use ChainLink in the background without even knowing it.
And this is just the beginning. ChainLink is probably the most profoundly anti-hype project in the crypto space right now. They have said that they will let their partners announce all partnerships, and they just want the tech to speak for itself. If ZeppelinOS and SWIFT aren’t enough, the EOY announcement hinted at ongoing work with everyone from small SC startups to the absolute monsters of finch and insurtech. ChainLink’s demo at SWIFT had data provided by organisations (like Barclays, Santander, BNP Paribas) with literally trillions of dollars in assets.

Read between the lines. Consider the complete absence of hype. Look at the monster information that has come out already. DYOR.

3/3

>>9212732
Thanks

>>9212732
I gotta say, that was a beautiful post anon

>>9212809
You are welcome
>>9213008
Thanks. I didn't write it though. I copied it some time during October and pasted thousands of times for informative purposes

Nobody wants ChainLink to fail. Banks want it (overseas remittances), corporations want it, wall street wants it (derivatives market) every smart contracts platform needs it to be relevant and holders are going to want to stake it to make passive income.

we just had a rebrand/new logo, ropsten is imminent & It seems like big things are happening behind the scenes as deadlines are getting moved up.

Didn't Assblaster say he'd be surprised if link was below $3 come May? Did he have all of this info about the timeline months ago? hmmm

>>9213283
rebrand is not real lmao

>>9213283
Most serious posts about AB speculated he worked in the insurance industry, which would greatly benefit from smart contracts and would save a lot of money in middlemen. He represented his company (Belgium). Some people believed his twitter was @creatine
Making that clear, the amount of information he had access would be limited to certain deadlines and agreements, I half believed it. I don't believe in his price predictions though.

>>9212732
Don't forget about the partnership with factom which has a partnership with the U.S Department of HS

>>9213537
>I don't believe in his price predictions though.

I agree AB deliberately FUDDed the price and didn't say 1000 EOY

>>9213008
>>9212809
wow happy to see some new fags interested in link.

ive been here for months shilling it here and explaining to tards. im the most hardcore beeliever in chainlink. i see it as the next step in crypto.. temperproof decentralized blockchain agnostic smart contracts are the future

>>9213912
Did you invest in Linkpool?

>>9213964
Better to just learn the tech unless you really just arent good with that kind of stuff. If youre willing to pay the fee so that you dont have to run the node I guess that works but youre missing out on potential gains