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/biz/ - Business & Finance

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9601826 No.9601826 [Reply] [Original]

Decentralized oracles
The mechanisms outlined above all describe centralized oracle systems reliant on trusted authorities. While they should suffice for many applications, they do however represent central points of failure in the Ethereum network. A number of schemes have been proposed around the idea of decentralized oracles as a means of ensuring data availability, and the creation of a network of individual data providers with an on-chain data aggregation system.

ChainLink [10] have proposed a decentralized oracle network consisting of three key smart contracts: a reputation contract, an order-matching contract, an aggregation contract, and an off-chain registry of data providers. The reputation contract is used to keep track of data provider’s performance. Scores in the reputation contract are used to populate the off-chain registry. The order-matching contract selects bids from oracles using the reputation contract. It then finalizes a Service Level Agreement (SLA), which includes query parameters and the number of oracles required. This means that the purchaser needn’t transact with the individual oracles directly. The aggregation contract collects responses, submitted using a commit/reveal scheme, from multiple oracles, calculates the final collective result of the query, and feeds the results back into the reputation contract.

>> No.9601834

>>9601826
One of the main challenges with such a decentralized approach is the formulation of the aggregation function. ChainLink proposes calculating a weighted response, allowing a validity score to be reported for each oracle response. Detecting an 'invalid' score here is non-trivial since it relies on the premise that outlying data points, measured by deviations from responses provided by peers, are incorrect. Calculating a validity score based on the location of an oracle response amongst a distribution of responses risks penalizing correct answers over average ones. Therefore, ChainLink offers a standard set of aggregation contracts, but also allow customized aggregation contracts to be specified.

Link: https://github.com/ethereumbook/ethereumbook/blob/develop/oracles.asciidoc

>> No.9601843

Huge, if not false

>> No.9601873

>>9601834
This seems to be one of the more challenging aspects of the project. I feel like it's hard to anticipate where outlier results will be valuable, so even custom aggregation will be imprecise.

>> No.9601877

This is by the same author who wrote this book: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388/ref=sr_1_4?s=books&ie=UTF8&qid=1527213669&sr=1-4&keywords=mastering+bitcoin

>> No.9601886

not surprised. there are bigtime heavy hitters well aware of the oracle problem and smartcontract.com

if interested look into klaus schwab, the founder of the world economic forum , yes that world economic forum. his book the 4th industrial revolution also mentions smartcontract.com by name desu.

T. 40 linky and growing

>> No.9601922

I wish I knew how to economic

>> No.9602121
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9602121

>>9601877
This is great info anon, Andreas is an absolute boss. Of course, it's no shock that biz ignores this thread in favour of absolute bullshit lmao.
>>9601834
This description is outdated. I wonder if the team are aware of it.....

>> No.9602192

kek I posted this about bitcoin last night

>> No.9602215

>>9602192
>dear diary

>> No.9602252
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9602252

>>9601826
coincidence that its coming out this September...?
i wonder.

>> No.9602337

>>9602252
The inactivity in this thread is blowing my mind. Hundreds of replies any time a literally who even sort of hints at chaonlink on twitter. Two of the biggest names in cryptodescribe it in plain text in a fucking book.... crickets.

>> No.9602356

FAT
A
T

>> No.9602363

>>9602337
>nothing to see here

>> No.9602369
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9602369

>>9602337
shhhhh

>> No.9602385

>>9602337
its the summer time man. bunch of college faggots home on biz now plus the fact that we have the reddit refugees from the last december run. what do you expect?

>> No.9602391

P R I C E D I N

>> No.9602407

BULLISH AF. TAKING MY 10k LINKIES TO THE GRAVE. PROUD TO BE A LINK MARINE

>> No.9602432

>>9601873

They've confirmed that even their reputation system is being built to be decentralized. So Chainlink won't be responsible for maintaining the defacto reputation rankings. Different reputation systems will be used by different industries and you can specify which reputation authority you want to use.

>> No.9602470
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9602470

>>9601826
>>9601877
who is the audience of these books?

>> No.9602476

>>9602470

Developers. Aka the master race.

>> No.9602517
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9602517

>>9602476
do you think its possible to find out who buys them?

>> No.9602552

>>9602470
>DEVELOPERS DEVELOPERS DEVELOPERS

>> No.9602570

>>9602337
I'd wager that most of us holders have been through the rollercoaster and are patiently waiting for real, tangible gains. This namedrop is nice and all, but there's other stuff to do while we wait.

>> No.9602574
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9602574

>>9602552
where they work at?

>> No.9602589
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9602589

>>9602470
Kekosaurus

>> No.9602643

Strap the fuck in boys and girls

>> No.9602814

>>9601826
Thanks OP, good thread.

>> No.9602844

For what it's worth, it seems like he's never mentioned Chainlink on his twitter.

>> No.9602877

Bump. There's so many dumb LINK threads right now. Hard to find real shit like this. Fucking fellow Linkies, at least push the cream to the top. Fuck.

>> No.9602891
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9602891

bump

>> No.9602979

>>9601826

Oh my fucking god. You faggots all in on chainlink were fucking right and i only bought 2k for the memes. REEEEEEE

DELETE THIS IMMEDIATELY

>> No.9603035

>>9601826
PRICED IN
R
I
C
E
D

I
N

>> No.9603039

>>9601826
>pls be by andreas
>google book, written by andreas
Holy fuck yes, we're gonna make it. If dudes like him are all aware of ChainLink, then we're good. Time to average down more and make that 40k link.

>> No.9603047

>>9603035
Except not, that's why it's relevant that he's never mentioned chainlink on twitter.

>> No.9603069

>>9601826
Wow, additional confirmation of where Link stands in the future. We are going to make it Marines. This is seriously bullish.

>> No.9603076

>>9603039
>>9603047
Andreas is unironically accumulating

>> No.9603103

Examples of data that might be provided by oracles include:

Random numbers/entropy from physical sources (e.g. quantum/thermal phenomenon): to fairly select a winner in a lottery smart contract

Parametric triggers indexed to natural hazards: triggering of catastrophe bond smart contracts (e.g. wind speed for a hurricane bond)

Exchange rate data: accurate pegging of stablecoins to fiat currency

Capital markets data: pricing baskets of tokenized assets/securities

Benchmark reference data: incorporating interest rates into smart financial derivatives

Static/pseudo-static data: security identifiers, country codes, currency codes

Time and Interval data: Event triggers grounded in precise SI time measurement

Weather data: insurance premium calculation based on a weather forecast

Political events: prediction market resolution

Sporting events: prediction market resolution and fantasy sports contracts

Geo-location data: supply chain tracking

Damage verification: insurance contracts

Events occurring on other blockchains: interoperability functions

Transaction gas price: gas price oracles

Flight delays: insurance contracts

When LINK is running all this shit to important smart contracts in 2020, we will see $100 LINK. Can you imagine the sheer amount of LINK that will be locked up just in insurance contracts? LINK will have to be this much and even much much more.

>> No.9603141
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9603141

>>9603103
I

>> No.9603169

>>9603103
Is this pasta? This is amazing. Like $1k EOY incoming

>> No.9603196

>>9603169
how are you still alive?

>> No.9603216

>>9603196
I don't know, probably mostly luck

>> No.9603240

>>9603039
Check his co-author, anon

>> No.9603259

You think LINK will go $1,000 EOY?
maybe not this year
some year

>> No.9603283

>>9603240
Gavin Wood is Eth cofounder. Bullish.

>> No.9603441

Tbh, vitalik's description of a possible decentralized oracle implementation reminds me a lot of ChainLink:
https://blog.ethereum.org/2014/03/28/schellingcoin-a-minimal-trust-universal-data-feed/

>> No.9603480
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9603480

>>9601826
a book huh... what next, a movie? I could write a book too. doesn't mean a thing.

Chainlink sucks donkeys balls

>> No.9603499

>>9601826
saged for making up false information
nice larp but this is a LIE the book never says it anywhere
dont fall for the chainlink scam. get out now

>> No.9603568

>>9603480
>I could write a book too.
No, no I don't think you could.

>> No.9603582

>>9603499
Seriously?

>> No.9603615

>>9603480

I would watch the shit out of a Chainlink movie. You know there would be a scene or two with /biz/ in it.

>> No.9603621

>>9603568
Yeah, i could. With an IQ of 144 i can do anything i apply my mind to.

>> No.9603639

>>9603568
anyone with an iq over 80 looks at link, and see's holes in it everywhere.
people who invest in link are borderline retarded.

>> No.9603652

>>9602643
White boys and girls. And the few blackie marines amongst us.

Hey black people in this thread? What are you going to buy first with your riches? A diamond earring or a 100k watch?

>> No.9603666

>>9603639
Pray tell where the holes are.

>> No.9603669

Real ballzy marines in light of this information would market well all their Link and go all in on tron in a desperate attempt to quadruple their Link stack.

>> No.9603675

Well so is Oraclize.

>> No.9603743

>>9603615
Would actually probably be a great move to make when we have our riches. A documentary of 3-4 NEETS and their year long journey to becoming rich. And what they do during the year.

Remember that movie Kids where the dude is jocking a young chick the entire movie and she finally lets him thrust his cock into her and the entire time a girl he banged before got an HIV test and his trying to find him the entire time because he gave her HIV.

That was a good movie. No way a link movie would be any worse than that movie

>> No.9603760

>>9603666
Checked

>> No.9603808

>>9603743
please consider keeping your opinions to yourself

>> No.9603826

>>9603652

Spinning rims nigga. Big ass chainlink cube in the middle.

>> No.9603845

>>9603826
Like it black anon

>> No.9603857

>>9603826
Don't forget GOLD teeth too. So when the dollar implodes you can make it by selling your teeth

>> No.9603887

>>9603621
Please stop the Jews, high-iq senpai.

>> No.9603924

>>9603887
You can't beat them, You have to join them.

>> No.9603966

>>9602337
Loud fake FUD, silent shills. That's usually my buy signal.

>> No.9604020

>>9603966
Your loss You want to make money? Buy BST on IDEX,
This will be listed on major exchanges in a couple of weeks when their first of 4 pilot project starts. Thank me in a month when we have 100m market cap and 5m daily volume.

>> No.9604057

>>9604020
Are you Stink Mclink?

>> No.9604079

>>9604057
no but i was at SIBOS, in the toilets i can tell you what went down

>> No.9604097

>>9602979
ARE YOU ME
IM A FUCKING WEAK 2K LINKTARD MYSELF
I NEED TO BUY MORE BEFORE WORD GETS OUT
$100k BY SEPTEMBER FOR THE BOOK RELEASE IF DUBS

>> No.9604120

>>9604097
yes, 100k total market cap.. but it will blow straight past that to Zero.

>> No.9604123

Really though, what about the guy who just sold 136k on Binance? Lol

Pathetic cuck

>> No.9604131
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9604131

>>9602252
DO YOU REMEMBAAAAHH THE 21ST NIGHT OF SEPTEMBAAAHHH?
https://www.youtube.com/watch?v=Gs069dndIYk

>> No.9604136

>>9604097
Hire a black man to rob a liquor store for you and give him 25% of your Link gains

>> No.9604175

>ctrl-f
>oraclize, 40 results
>chainlink, 3 results
LMAO