/biz/ - Business & Finance

[Anonymous No.17262190]

No one is talking about this?

From what I understand, this is both equivalent to town crier and treshold signatures. Allowing massive scalability with complex off chain computation while simultaneously solving the expensive gas problem, by only signing with the aggregated result once on chain. It's such an elegant yet brilliant way to solve two of the biggest issues. I can see why eth devs would feel shadowed by this, however. It makes eth a small part of Chainlink, rather than the opposite.

I have a few questions.

How is the off chain computation probably secure, without the use of something like SGX enclave? What's really under the hood, in the most brainlet of terms, to guarantee results can't be tampered with?

Is it live right now already? Will the team start implementing it asap to reduce gas costs for the heartbeats? Or will this remain vaporware tech like town crier? Is it only in theoretical stage or practical already?

From what I understand the way they designed their protocol, since it wasn't a token funding model, is node agnostic core tech and other projects could plug as nodes as well. It's wonderful and revealing that they chose link as their first de facto node network but this could change with time. This also isn't tech owned by chainlink, unless they aquire it like TC. It's more like deco, which I know witnet is also working to adapt in their protocol. I know, they're nowhere near the momentum of link but long term it's still something to take into account.

Does it make threshold signatures redundant or is it more of a temporary band-aid until chainlink has finished developing its own solution? How do these two features compare to each other?

Most impressively, they seemingly solved the scalibility issue in no hype discretion, while all the scaling layer token projects are like 2 years behind. If this truly solved both affordability and scalibility issues, main obstacles for enterprise use, how long until serious adoption kicks in?

[Anonymous No.17262220]

Why invent the wheel again? BitCoin scales already.

[Anonymous No.17262221]

Also wondering if their tech is ready right now, how audited has it been etc. Since this stuff often takes more than 6 months - one year just to guarantee its truly secure and reliable.

[Anonymous No.17262252]

>>17262190
there was a large thread on it yesterday brainlet

[Anonymous No.17262264]

>>17262220
Shoo shoo pajeet, I only want high iq answers in this highly important thread

[Anonymous No.17262285]

>3 person team
why the fuck is link partnering with all these no name projects when they have oracle and google

[Anonymous No.17262290]

>>17262190
woah
> (1) massive scalability with complex off chain computation
> (2) solving the expensive gas problem
> therefore using a 3rd party bandaid solution for the fundamental bottlenecks (1+2) that made LINK the stillbirth scam it is since September 2017
bullish

[Anonymous No.17262301]

>>17262190

Most people here are newfags from google pump and have no fucking idea how any of it works and literally need spoonfeeding
All the discussion is over now.

This is huge OP u are right probably equally huge as town crier if not bigger

[Anonymous No.17262325]

>>17262285
>Chainlink
>2 person team

[Anonymous No.17262366]

>>17262190
it's literally just ETH 2.0 for smart contracts, literal nothingburger

[Anonymous No.17262387]

>>17262220
Why invent the wheel again? BTC exists already.

[Anonymous No.17262394]

>>17262264
Are you saying BitCoin doesn't scale?

[Anonymous No.17262396]

>>17262190
I'm actually more qualified to talk about this than most anons.I'm employed with a cyber-techno machinations company, I do a lot of security analyst programming type work. Open source, decentralized, APIs, partnerships, you name it. We'd be one of the first companies in line for something like Chainlink, if the decentralized smart contract space had more value over traditional data exchanges. There's a catch though, an underlying flaw more deeply embedded in the bedrock of LINK than the very code itself. The flaw is with the concept, and it's this: Companies won't actually go through the hassle of trusting their data API's through crypto.

Now I can already hear your keyboards going frantic, but hear me out. /biz/ hates banks, and traditional data providers. But actual companies, businesses, and investors do not. There's an old saying you might have heard of: "If it ain't broke, don't fix it!". The idea that any of our bosses would give us the go ahead if we approached them to put our companies valuable data in a smart contract on a cryptocurrency called Chainlink, that they've never heard of, we'd be laughed out at best and fired on the spot at worst. We already have API data buyers and providers we trust.

'But Chainlink is trustless!' I hear you cry, but is that really a good thing? Just listen to the sound of it. Businesses don't want to spend millions of dollars on something that is trustLESS, they want something trustFUL. 'But the reputation system!', doesn't that defeat the whole point of your coin? If companies only trust nodes with high reputation, what's the difference between trusting banks and data providers that already have reputation, but in real life not on a computer screen.

The fact is, LINK is going to share the same fate as ETH will. A lot of 'real world application' hype, with a lot of 'crypto world application' reality. Only, this billion supply coin isn't going to come close to the $1k that Etherum hit.

[Anonymous No.17262397]

>>17262220
kys

[Anonymous No.17262409]

>>17262387
Are you saying BTC is BitCoin?

[Anonymous No.17262525]

Before the announcement there was one single thread last September about Arbitrum/Offchain Labs which connected them to Chainlink

https://yuki.la/biz/15507882

Apparently the tweet in pic related was deleted. If it was real, they've been working together since at least September 2019.

[Anonymous No.17262953]

>>17262396
high quality FUD good sir

[Anonymous No.17263009]

>>17262409
stupid cultist