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/biz/ - Business & Finance


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14522985 No.14522985 [Reply] [Original]

So one of the most common use cases I come across with Link is insurance
makes sense
Insurance companies being able to verify and pay/deny insurance claims based on data being pulled from a variety of sources
what would be great is running an insurance company utilising chain link but also owning/running the link nodes used for that data
but how are rewards generated by running a node?
From what I understand the Requester of the data pays the oracle (the node) for the data it provides
So if, as an insurance company I ran multiple nodes that had API's into those sources relevant to the insurance I was providing (home, vehicle, health, etc.)
I would be getting that data essentially for free and automatically fulfilling those insurance claims with no human intervention?

>> No.14523631
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14523631

>>14522985
It’s a nazi coin and you should fucking get punched

>> No.14524235

FUCKING NAZIS EVERYWHERE

>> No.14524244

>>14522985
someone plz explain

>> No.14524439

>>14522985
Basically yes, although you have to pay for some APIs. But, if you're only going to query your own node and nobody else's, ever, you don't need Chainlink for that. An ordinary centralised oracle would be fine. The customer, however, is more likely to choose an insurance company which uses a decentralised oracle to prove that they're not manipulating the data, so would want the contract to use several nodes selected randomly from a listing service, i.e. a neutral third party.

>> No.14524592
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14524592

>>14522985
I am all in Ethereum Classic

>> No.14524802
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14524802

>>14522985

Its worst use case acually.

Do you know how insurance companies operate?

Do you think they have liquidity for every insured case?

Because thats what sc is locking up money for every contract lol...

>> No.14525043

>>14522985

They would literally never ever do this.

If they were relying on decentralized nodes this would be too risky since the system can just be sybil attacked. They have not provided any way to get around this yet.

Instead they have made the Oracle contract accept a whitelist of specific nodes so you can point to specific trusted ones. Do you get what this means?

It means you are putting the data in yourself. There is literally no fucking reason to use their entire system or LINK if that's the case.

I don't know how to explain this any simpler but every time anyone explains this to you fucks they just get told to stop.

God this shit is fucking stupid.

>> No.14525243

>>14525043
Weak fud. Read page 19 of the white paper.

>> No.14525416

>>14525243

Ok?

"Sybil attacks resulting in false data, mirroring, and collusion in general may be
eliminated by the use of trusted hardware in our long-term strategy"

It then says this is described in Section 6.

Section 6 describes using Intel SGX and HTTPS which has absolutely fucking nothing to do with Sybil attacks or the actual probem described on page 19. It's an entirely different security issue.

You've been fucking duped. Do you actually think you know what you're talking about or are you just hoping no one ever follows up?

>> No.14525650

>>14525243

Hey, hey guy.

Hey are you gonna tell me to read another part of the whitepaper?

Does it feel shitty being confronted with someone who actually understands this shit and is explaining in plain day how much of a scam it is to you?

>> No.14525742

>>14525416
You need to reread what a Sybil attack entails. I dont want to take the time to explain it because you’re probably from plebbit.

>> No.14525823

>>14522985
Why would you be pinging your own node? Why would you ever switch to a decentralized method without taking advantage of.... surprise! Decentralization.

Wew, lad. Each new wave of nulinkers is even more retarded than the last.

>> No.14525838
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14525838

>>14522985
linkies btfo by this thread.

chainlink is dead you fucking morons. they didn't solve the oracle problem and sergey is just keeping the ball rolling while he does a slow-bleed exitscam because he knows a bunch of neets from this board will murder his family if he does an obvious exitscam right now.

i feel sorry for sergey. he obviously always wanted to just do a quick exitscam but all of you neets started threatening his family so he busted his ass writing a json parser in javascript to keep his family safe.

what kind of amazing code did you expect out of a philosophy major? /biz/ confirmed retarded

>> No.14525866

>>14525742

I know exactly what a Sybil attack is dumbfuck. I'll even explain all this for you you idiot faggot.

In a naive consensus approach you just accept what the majority of nodes says. This is vulnerable to someone simply running many nodes and providing malicious data in order to get a desired outcome for some automated payout. Say a financial market wanted to know the price of a good to settle a contract.

If I have a financial incentive to make the reported price something different than reality I can make this happen by simply making a majority of reporting nodes give a particular response.

The solution they gave details fucking Intel SGX and HTTPS. Both of these allow you to secure data, NOT abstract data correctness. You can't verify the price of corn with encryption.

>>14525823

They don't have a decentralized network. You literally have to use your own node(s). This is why its fucking stupid.

>> No.14525886

>>14525838

of course they dont do exit scam or flash crash
they gradually dump their bags to clueless teenagers who fall this scam and actually buy chainlink

>> No.14525943

>>14525043
>>14525416
>>14525650
>>14525866
Holy shit that's a btfo moment. Also checked.

>> No.14525967

>>14525866
Yea dumbass. And if you’ve decentralized enough of the nodes by doing a decentralized roll out a Sybil attack becomes impossible. Use the internet to research John Nash, RSA, and cryptography. Also spend some time on p vs np.

>> No.14525986

>>14522985
How would insurance events like 'was I at fault for this car accident', 'was my cat sick', 'was my house broken into... ' ever be fed through a chainlink API? Or are these kind of things too small and will never be in scope of chainlink insurance use cases?

>> No.14525993

>>14525866
Also checked because it reminded me of your faggot plebbit spacing
>please go back

>> No.14526061

>>14525993

OH SHIT MY SPACING OH FUCK OH NO LINKIES $1000 EOY. Eat your own shit.

>> No.14526100
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14526100

>>14525986
These are things that will come as a result of chainlink going mainstream, sort of how millions of apps (of varying quality) were created because of smartphones and the internet gaining normie and thus market acceptance.

things like home automation and security systems will become a natural "app" born out of smartcontracts made possible with chainlink. the amount of wealth link will generate in the longrun will give incentive for insurance companies to simply pay for the installation of a home alarm system with various sensors in order to fulfill the smartcontract.

An API will be written for example to query the sensors of the alarm system. if a burglary is confirmed because of a) front door sensor was activated, b) glass break sensor was triggered, and c) home alarm system went off and video footage confirmed the break and enter - thus the company can confirm this and the insurance per the contract will be paid out automatically, without requiring a middleman.

link is literally a wealth generating machine.

>> No.14526119

>>14525967

Nothing you just said makes sense. I'm guessing at this point you know that and you're a pajeet hoping you can fool people.

>> No.14526135
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14526135

>>14526061
Nice. Please go back to your s o i b o i haven. Quit being a zogbot faggot.

>> No.14526158

>>14526119
Or I’ve been here for two + years while you just wandered in from plebbit and have no idea what any of that means because you haven’t spent the time to understand it.

>> No.14526175

>>14526100

What you are saying is actually one of the most insane nonsensical things I've ever seen.

Why would they use LINK to do this? Why would there be a smart contract involved at all?

LINK in no way provides the tools to verify that the home entry occurred. If the Security company has that tech then why are they involving anything else? If the answer is that consumers will want it well ask yourself who controls the tech that provides the data that the breakin occurred. The Security company. So ultimately the security company is still just determining when to pay out.

All involving LINK does is complicate the process for no reason and no benefit to anyone.

You're actually a lunatic if you believe any of this.

>> No.14526185

>>14526158

I'm literally a fucking software developer on a sybil resistant smart contract platform.Notice I actually explained myself while you're talking about NP hard problems like that makes any sense in this context like a 4 year old.

>> No.14526186

>>14526175
>reddit spacing
Get the fuck out you subhuman nigger

>> No.14526203

>>14526186

Never used reddit in my life. Whats the call center you work / sleep in like? I imagine the smell is pretty potent. Do you have toilets?

>> No.14526223

>>14525866
>You can't verify the price of corn with encryption.
It’s clear from your comment you fundamentally don’t understand how the chainlink network works. You can’t verify the price of corn with ecryption, but you can verify, via encryption, that the price of corn data that gets sent from farmer A hasn’t been tampered with when it reaches smartcontract B, enabling tamper-proof self executing contracts.

>> No.14526257

>>14526223

Right. And sybil attacks aren't tampering. Here I'll fucking google it for you:

"Sybil Attack is a type of attack seen in peer-to-peer networks in which a node in the network operates multiple identities actively at the same time and undermines the authority/power in reputation systems."

So the nodes aren't tampered with. The data they send is cryptographically verifiable and "correct" in that sense. They just LIE about the price of corn.

>> No.14526271
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14526271

>>14526175
it's simply an example fren, i'm just saying that link will naturally lead towards better and more sophisticated API's, and the market will will respond by developing and cheapening the technology necessary for them.
> tfw link and IoT become the equivalent of iphone and 4g

>> No.14526328

I'm a link marine but the house break-in use case is complete bollocks!

>> No.14526331

>>14526223

Hey where did ya go buddy?

Not gonna tell me how I don't understand the intricacies of the "Chainlink Network" work? Did ya get sleepy little guy?

>> No.14526337
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14526337

>>14526257
You’re blatantly wrong with your mischaracterization of how this works. I think your half statement/half question post indicates that cognitive dissonance is taking over so I’ll just tell you to go watch all of sergey’s talks on YouTube and you will begin to understand.

>> No.14526351

>>14526328
insider here
> securitas is going to announce chainlink patnership this august

>> No.14526360

>>14526331
Topkek. An impatient s o i b o i huh?

>> No.14526389

>>14526337
>>14526360

I literally gave the definition of a sybil attack and you describe that as a mischaracterization.

I think you've reached the point where you can't think of anything to respond with and you're hoping you can just pretend this went differently for you than it did.

>> No.14526413
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14526413

>>14526389
then why did google use it?

reeeeeeeeeeeeeeeeeeeee

>> No.14526432

>>14526413

Google isn't using it for anything. They posted a blog showing how you could use BigQuery with it.

>> No.14526434

I'm holding but some marines here sound like SJW warriors on sns websites.
>I'm tired of explaining this bullshit huh

>> No.14526442
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14526442

>>14526432
stahp

>> No.14526455
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14526455

>>14526432

>> No.14526463

>>14526337

>Imagine being this deluded StainStinker

Oh how I'm going to enjoy seeing Sergay take a huge dump on you Stinkies with his 650 million Stinks instantly crashing the price back to $0.10 and still having 600 million Stinks to keep it there. They are prepping the exit scam right now. You see, he is soon able to access his 650 million stinks and needs to prop up the price to make all of you bagholders.

>> No.14526467

>>14526257
>Right. And sybil attacks aren't tampering. Here I'll fucking google it for you:
>So the nodes aren’t tampered with.
No dumbass, by mischaracterization I mean you literally mischarachterized the network by using a misnomer like “tamper” in a poor context.
A Sybil attack can’t occur if the majority of nodes are known and the amount of decentralization is high.
How would the nodes be tampered with? What an open ambiguous FUD statement using a word like “tamper.” You haven’t refuted or proven anything.

>> No.14526470

>>14526432

this

quote:
News outlet and journalists keep reporting on “partnerships” with Google and Swift. But if you actually read the source for the “partnership”, it’s just a blog post by Google Cloud that promotes their own service (BigQuery) and shows an example about how Chainlink users can use Google Cloud if they want. In no way is Google partnered or planning on using Chainlink themselves.

https://ourbitcoinnews.com/is-holding-onto-chainlink-link-a-good-idea-apparently-not-and-heres-why/amp/

>> No.14526474

>>14526389
Read into Nodary by CLCG - it's game theory based sybil attack prevention for the Chainlink network.

>> No.14526477

>>14526463
When LINK hits $100, please don’t kill yourself.

>> No.14526493

>>14526474
what the fuck are you doing? shut the fuck up about this!!! never post this again for fucks sake

>> No.14526496

>>14526467

"A Sybil attack can’t occur if the majority of nodes are known and the amount of decentralization is high. "

This statement makes no sense. What does it mean for a node to be "known". What do you think a "high" amount of decentralization is? I suspect you'll avoid answering and say the answers lie within some video or whitepaper but they don't. You're just making up nonsense.

There could be 1 million nodes and all someone needs is a VM farm to gain dominance.

If by "Known" nodes you mean there's a KYC process then IT ISNT DECENTRALIZED.

>> No.14526545

>>14526493
Nodary

>> No.14526564

>>14526493
Nooooodarry

>> No.14526567

>>14526496
Well, if I know Abdullah Muhammad from Sweden is running a node and Pedro Sanchez is running a node in Mexico, +dozens or hundreds of other people around the world, there’s a good chance they’re not colluding to report the price of Ethereum because they’ll get penalized, no? That would indicate decentralization.

>> No.14526579

>>14526474

Just finished reading it. I'm actually angry.

The mechanism they're describing is just staking a large amount in a contract to incentivize node operators to not lose control of their keys and also to KYC them.

The staking part is dumb and is intended to make the KYC part more secure. the KYC introduction is essentially them saying that they cannot solve Sybil attacks and so the network will not be decentralized.

You've been tricked.

>> No.14526584

>>14524244

Op is retarded, move along kids, don’t stare.

>> No.14526627

>>14526567

They'll collude when its profitable to do so still but the more important aspect is that the network is not decentralized. It's centralized with known users. There is no need for the network as theyve described. This could/should all just be Chainlink servers if that's how its intended. Or if you're a business you could just run your own server. There is literally no benefit to their system.

>> No.14526667

>>14526579
It's a way of penalising fake/bought kyc info. Even kyc doesn't stop sybil attacks without that. Decentralization will arise from lots of competing ways to solve sybil attacks and contract creators being able to choose the one that suits their needs best.
> actually angry
Oh, never mind, you're retarded. Shame.

>> No.14526684

Lol link surges in price another tech illiterate 'dev' from literally who project pops out to spazz all over biz how link is scam.

COMFY

>> No.14526696

>>14526667

>Decentralization will arise from lots of competing ways to solve sybil attacks and contract creators being able to choose the one that suits their needs best.

> I have no idea how any of this will ever get solved so I'll just say that it will magically get solved

>> No.14526715

>>14523631
Thats my school...
Can say OC is full of Mexicans

>> No.14526723

>>14526696
> I cannot personally understand how something will be solved despite being given an example of one method
> It will never be solved

>> No.14526728
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14526728

>>14526175
>>14526496
Since you sound autistically angry, I feel bad enough to spoonfeed you and any other brainlets reading this: Chainlink doesn't guarantee truth, it just creates strong enough economic incentives to rely on so that existing data feeds can be used to trigger smart contracts. Kinda like how Bitcoin doesn't ever guarantee a transaction goes through, but it's still reliable enough to trust billions of dollars of notational value since 51% mining attacks (*cough sybill attacks) are always more expensive than what you'd gain.

LINK does this through what Sergey likes to call a "defense-in-depth approach" using multiple stacking security features such as:
-Redundancy of nodes
-Redundancy of data sources
-Node collateralization using link tokens as penalties for data tampering
-Reputation through public KYC of trusted operators who have a vested interest in not sullying their business' good name
-Reputation through reliability metrics like node uptime
-Additional encryption methods such as secure hardware enclaves (ie Intel SGX)
and last but not least,
-the transparency granted by having all transactions settled using open source software on public blockchains

>> No.14526745
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14526745

>>14526696
>>14526728
All this means is that cost can scale per use case. Not all use cases require all security features, but you can bet your ass that the expensive use cases like oh, I don't know, insurance, will pay more linkies for more security. See, that's the beauty of the token model here; it's completely up to free market participants whether or not they want to pay one another for this service! And I'm pretty sure that insurance settlement contracts aren't just going to pay the lowest bidder with no KYC. State farm will eventually be running their own nodes at far less that the cost they pay their existing human claims adjusters.

So while you're still puzzling through the misguided belief that it's Sergey's fault a home invasion can't ever possibly be recorded 100% accurately since you can't afford a home camera system, the rest of us will be fine with 99% guarantee of insurance payouts knowing that the remaining <1% of faulty reporting will be handled THE SAME WAY IT IS TODAY, using legal dispute resolution methods THAT ALREADY EXIST.

Pop quiz: Do you think this proposed autonomous 99% reliability is MORE or LESS expensive than the bullshit bureaucratic claims processes that exists today? Do you think that businesses like cutting the majority of their overhead costs through automation or no?

>> No.14526761

>>14526627
They’re only standing up kyc nodes to get the network off the ground. If you can’t understand why a multi trillion dollar computer network can’t immediately deploy over night then I’m sorry for you and your learning disability. It’s the same fucking reason starlink can’t all be launched at once. Jesus Christ.

>> No.14526789

>>14526728
This.

>> No.14526834

Stop spoonfeeding tire 6 plebit 'dev' rofl

>> No.14526859

>>14526745

The point is large businesses don’t need any of this to do this. They can just run their own servers for fucks sake.

The only part of all of that which prevents Sybil attacks is kyc and whitelisting which makes it completely fucking useless to a company since they have to set up the data feeds then anyway

>>14526761

Ok sure. At least you’ve given up acting like it’s not an issue. We’re onto the point where you just say they’ll fix it eventually

>> No.14526880
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14526880

>>14526696

This above-your-lukewarm-IQ linky is mostly correct.

>>14526761

Though I expect KYC to remain a part of the network long-term as well as we move towards a dystopian future where everyone's id is on the blockchain anyway.

Unironically read this copypasta hopium thread and if you still don't understand, you deserve to lose your job in 5 years.
>>14514053
>>14514060

>>14526834
Stealth mode is over; We're up 35x ico price, and if he's autistic enough to argue here he's autistic enough to spread the good word of Nazarov once his smoothebrain pickles a little.

>> No.14526915

>>14526859
>Elon will eventually fix starlink while it’s still being deployed
You’re a faggot.

>> No.14526923
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14526923

>>14526880
We gain nothing from spoonfeeding him he gets everything from us..

Let fags like this stay cluless i beg you spam memes and let them kys in 5 years for real

>> No.14526943
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14526943

>>14526859
>The point is large businesses don’t need any of this to do this. They can just run their own servers for fucks sake.

Large businesses didn't need to adopt typing machines when they could handwrite all their documents either. Chainlink nodes are cheaper than free for these companies once they realize it.

Did you ever stop to think why competing cloud service providers Oracle and Google are BOTH publicly working with chainlink? All the other ones will announce soon enough as well. What's the opposite of a 'tragedy of the commons' situation?

>> No.14526944

>>14526496
>There could be 1 million nodes and all someone needs is a VM farm to gain dominance.
Isn't it about the amount of chainlink rather than number of nodes?

>> No.14526952

>>14522985
You have no idea how this business operates.
Big institutions are not treating this sort of stuff like a joke and would never trust a blockchain "token".
It's all propertiary haskell based solutions with an obfuscated mathematical proof that only the institution knows the functions for, and they keep this shit in a safe so that nobody else knows.
Chainlink is like trying to sell Fiat Tipo to a trucking company. Absolutely retarded idea that will never take off.

>> No.14526964

>>14526943

Ahh ok you’re just knowingly full of shit. Google isn’t working with them. They posted a blog explaining how to use BigQuery and used their contracts as an example. Now I know you don’t even believe what you’re saying.

>> No.14526969

>>14526880
Good reads. Thanks fren.
$1000 EOY

>> No.14526983

>>14524592
Haha I get it, ETC Balloons because its going to pop when everyone realizes it is a worthless shitcoin. It got 51% attacked lmao.

>> No.14526997
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14526997

>>14526964
https://twitter.com/HuxtableJonny/status/1142106730781978625

Believe what you want, friend. I respect a man who is capable of challenging complex ideas and changes their mind in the face of new understanding.

>> No.14527017

>>14526432
>he doesn't know why bigquery is important for chainlink
>he doesn't know what is coming
You had two years.

>> No.14527055
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14527055

>linkies don't understand human nature
staking and nodes are flawed ponzi schemes
either a single entity or (((group))) buy enough tokens to control the entire network and quash any dissenting node providing other data than their own
or the value gets high enough that confidence begins to falter and some big boy dumps his bags and everyone panic sells their nodes, and race to zero begins, also this opens door for the above (((group))) to step in and buy up control
how does linkies cope with this fud except point out that sergey holds 65% forever?

>> No.14527086

>>14525866
Top kek. Nice FUD. Saving for later.

>> No.14527145
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14527145

>>14527055
>I'm upset that I've been born into a neofeudalistic pseudo-utopia as a non-royal so I'm going to reject any incremental advances in global efficiency that don't rout the (((moneychangers))) overnight.

Is Facebook's Libra more or less oppressive than the current banking system?

>> No.14527190

>>14526880
>in 20 years
I probably won't live five tbqh

>> No.14527211

>>14527145
it's the same shit wrapped in different paper

>> No.14527219

>>14527055
>or the value gets high enough that confidence begins to falter and some big boy dumps his bags and everyone panic sells their nodes, and race to zero begins, also this opens door for the above (((group))) to step in and buy up control
are you absolutely retarded

you could say this about literally any asset
the price drops 1% and then everybody liquidates their guns and then the jews own the guns oh no
god dude go back to your fucking bluepilled containment board or the_donald

>> No.14527226

This Dunning Kruger brainlet thinks he is so fucking smart holy shit

>> No.14527234

>>14527055
god this is LITERALLY the worst fucking fud i've ever seen
this asset SUCKS because someone could just BUY ALL OF IT AND DESTROY IT
cope harder you fucking brainlet

>> No.14527250
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14527250

>>14527219
one person or group can't shoot all the guns at the same time though linkie
they can push fake data through all the nodes though

>> No.14527257

>>14527145
>>14527219
>>14527234
WHAT IF SOMEBODY JUST BUYS ALL THE GOLD IN THE WORLD WHAT THEN

>> No.14527271

>>14527250
what if a monopoly owns the entire planet xD
the best fud you have against link is that it's possible for one person to buy the whole market now while it's still cheap

>> No.14527289
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14527289

>>14527211
I prefer to see the shit wrapped in transparent cellophane.

>> No.14527302

you REALLY think that FOOD can make the world better?
what if the jews buy all the farms and then destroy them???

>> No.14527434

>>14527302
you're comparing a finite token to food that grows everywhere
who is the retard now
also see diamond hoarding and what happened to libya's gold after the invasion

>> No.14527476

>>14527434
food is finite retard
just buy all the land