/biz/ - Business & Finance

[Anonymous No.12978778]

Chainlink is a decentralized oracle network used to connect smart contracts to any API. You can select as many oracle nodes and use as many data sources as you like in order to trigger the execution of your smart contract. Also we enable off-chain payments to occur based on the execution of a smart contract. So if the result of a smart contract said that someone should be paid $100 USD, you can utilize Chainlink to send that transaction. Let’s say Alice has a website, and has contracted Bob to do some SEO work for her. If Bob can get Alice’s website to the first page of most major search engines for some given keyword, then he gets paid. Just for the sake of the example, let’s say Alice will pay Bob $50 worth of ETH if he completes this SEO work. In order for such a transaction to execute successfully, we need to first check the ranking of Alice’s site across multiple data sources, then look up the current price of ETH, and finally perform the payment when that value is pushed to our smart contract. They will make a smart contract that says, “Check the ranking of Alice’s site and if the returned value is less than 10, obtain the current price of ETH and pay Bob at x address $50 worth of ETH when it receives the price.” Alice sends some ETH to the smart contract so that all parties know how much ETH is present on the contract. A request can be made to check the ranking of her site. This notifies Chainlink to feed that contract with data from multiple sources. The smart contract can take the average ranking from each source, and determine if Bob’s work was satisfactory. If the site ranking is less than 10, we can then use Chainlink again to obtain the current price of ETH from multiple sources, take an average, send that back to the contract. In the happy path, as long as the contract has enough ETH, then $50 worth of it is sent to Bob, and the remaining can be sent back to Alice.

[Anonymous No.12978891]

>>12978778
Need fiat payments. Nobody wants to be paid in worthless crypto.

[Anonymous No.12978910]

Interesting.
Thanks op

[Anonymous No.12978923]

>>12978891
Why wouldn’t fiat payments be possible?
Just add into the contract a conversion from eth to usd when payment occurs

[Anonymous No.12978937]

This ends link as a token; by the end of the year they'll be using pic related instead to settle international transactions.