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/biz/ - Business & Finance

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14783559 No.14783559 [Reply] [Original]

>the oracle problem

>> No.14783589
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14783589

>>14783559
The oracles only accept payment with the Chainlink token. The only reason people will buy chainlink, is to use it to pay an oracle for information. People only want accurate, true information. Nobody wants to pay for false information. Therefore, Chainlink only has value if the oracles provide true information. If oracles provide false information, Chainlink will lose value. The more true information is transmitted by the oracles, the more valuable Chainlink becomes. Link is literally backed by the Truth.
F U N D A M E N T A L L Y

>> No.14783598
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14783598

>>14783559
>derivatives

>> No.14783612

>>14783589
fucking meme u stupid faggot

>> No.14783627
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14783627

>>14783612
The tokenomics of the LINK token.

1. Chainlink nodes will be paid in LINK tokens only. There will be conversion tools for people that want to use fiat but will be converted to LINK. at the end of the day only LINK tokens can power the network since the nature of ERC-677 token, built specifically for LINK, is to transfer data.

2. LINK tokens are used as collateral value. Smartcontracts will use Chainlink nodes that carry a % value of LINK to the value of the Smartcontract. So yes, you can start a node without LINK but no one will use it. High value smartcontracts or any contract that has value will use nodes that carry the same or a % of value of LINK.

3. Decentralized networks that are home to smartcontracts will need decentralized data to execute. Chainlink is currently the only option. Thats why you will see everyone in this space partner with Chainlink

So....

Smart contract creators will demand a certain level of reputation or amount of collateral, to be paid in LINK tokens, that suits the value of their smart contract. A $1million bond would require a lot more collateral, than, say a smart contract dealing with $100. You wouldn't select the low rep/low collateral available nodes for something like a huge bond. Chainlink is actually targeting these high value contracts. Sergey has discussed at length why high value contracts in the financial world require a decentralized oracle: it puts all the risk onto the oracle rather than the smart contract creator. The smart contract creator doesn't risk losing money - the node operators do. The Chainlink network is genius like that.

There is infinite amount of collateral available because the token price can rise to meet it.

Now you have to research how large ALL these markets are. derivatives, insurance etc... hint: Trillions.

Is 1000$ really possibly in say the next 3-4-5 years?

>> No.14783649

$1000EOY fundamentally

>> No.14783680

>>14783589
>>14783627
Pathetic link shill we’re not buying your bags kek