ELI5 Chainlink

[Anonymous No.18555211]

Hey guys I want to buy a shitton if chainlink Bc I think it will make me rich but I also want to understand exactly what it does can you ELI5 to a brainlet, in very simple terms?

[Anonymous No.18555215]

it. is. a. scam.

[Anonymous No.18555217]

>>18555211
it's centralized oracles marketed as and valued as "decentralized" oracles.

basically a scam

[Anonymous No.18555242]

KYC oracles that anyone can emulate

[Anonymous No.18555263]

>>18555211
check out the following links to get redpilled on chainlink, its very important to understand where this is going:
https://link.smartcontract.com/whitepaper

https://blog.goodaudience.com/chainlink-the-missing-piece-to-the-god-protocol-fd455dde92ab
https://blog.chain.link/town-crier-and-chainlink/
https://medium.com/chainlink/chainlink-external-adapters-e9f99cd6cb62
https://medium.com/@jonnyhuxtable/analysis-of-chainlink-the-decentralised-oracle-network-7c69bee2345f
https://www.capgemini.com/consulting-de/wp-content/uploads/sites/32/2017/08/smart_contracts_paper_long_0.pdf
https://www.linkedin.com/pulse/how-boeing-ford-other-oems-can-double-current-net-profit-rogers-feng-7c/?trk=portfolio_article-card_title
https://www.linkedin.com/pulse/how-boeing-ford-other-oems-can-double-current-net-profit-rogers-feng-8c/
https://www.americanbanker.com/news/the-race-to-connect-smart-contracts-to-the-real-world

read all of this.
watch the following videos on youtube:
https://youtu.be/1nmLU284fIk
https://youtu.be/OTaSvj9Fc60
https://youtu.be/BvySkHcq1ac
https://www.youtube.com/watch?v=TzcDDPh3CAo

godspeed bro

[Anonymous No.18555280]

>>18555263
>check out all these blog posts that have been proven fake

[Anonymous No.18555300]

>>18555280
>check out all these blog posts that have been proven fake

[Anonymous No.18555308]

>>18555263
ty bro but can you just eli5 in a few sentences for me

[Anonymous No.18555380]

>>18555308
no you need to read and watch it all to understand.
only then you will make it, otherwise your hands will be too weak to hold.

[Anonymous No.18555400]

>>18555308
It puts external data onto the blockchain in a trusted manner, all this data will be needed to give chains like Ethereum any real world value. The biggest enterprises will be forced to adopt this process or die. Chainlink gives them a 'link to the chain'. Google, Oracle, Swift are officially confirmed, pretty much everyone else is rumored or will be the knee, unless they want to disappear as the 4th Industrial Revolution rises. Now do some reading.

[Anonymous No.18555429]

>>18555211
Token used for Chainlink's
"Decentralized" oracle.

Centralized oracles can be made by anyone, you just need a small program that sends outside data into the blockchain in a transaction. Any programmer can make such a script with pyethereum or metamask etc.

Decentralized oracles though, that's Chainlink's proposal. Except their solution to decentralization is KYC.

Imagine if bitcoin was released, but instead of having mining and proof-of-work to solve the double spend problem, they instead used KYC to "prevent" double spending.

That's basically what Chainlink is doing.

[Anonymous No.18555864]

>>18555429
Hmm

[Anonymous No.18555922]

>>18555429
kek based

[Anonymous No.18555937]

>>18555400
>Google, Oracle, Swift are officially confirmed
I think you mean already confirmed FAKE

>Swift
Chainlink won some competition 3 years ago, literally not a single news since -> PROVEN FAKE
>Google
1 blog post 10 months ago, never used on mainnet, nothing else since -> PROVEN FAKE
>Oracle
10 months ago, gravelcoin, fernando demoted -> PROVEN FAKE
>E&Y
recent news, will be proven fake soon
>Microsoft
recent news, will be proven fake soon

[Anonymous No.18555948]

>>18555864
that's misdirection, it's an exaggeration of the current early status of Chainlink, if you aren't willing to do your research and learn for yourself you will fall victim to fud like this.

[Anonymous No.18556024]

that's a man

[Anonymous No.18556090]

>>18555211
Faggots will overcomplicate explanations whilst using flashy words in explaining what Chainlink actually does.

It's very simple:

Chainlink wants to be a decentralized aggregated intermediary between a primary data source and a data recipient. Nothing more, nothing less.
If you trust the primary source of the data, there's no reason to use Chainlink .
If you don't trust the primary source of the data, Chainlink can't compensate and make it trustworthy.

So yes, it's a scam, like 99% of crypto.

[Anonymous No.18556168]

>>18555948
>current early status
Just like how Nick Szabo's Bit Gold (circa 2005) was decentralized cryptocurrency's "early status".
... Too bad his "early status" solution to decentralization was as concrete a solution as KYC is.

We all know who truly solved the decentralized currency problem...
Creg Wright is the real Sergey Nazarov

[Anonymous No.18556188]

>>18555429
they're only doing KYC in the beginning for price feeds to bootstrap the network. staking will remove need of KYC

[Anonymous No.18557225]

>>18555308

ELI5: Don't worry your little head, just do as /biz/ says. We know best. You know jack shit. And while you're at it, post your Card number and private keys.

[Anonymous No.18558222]

>>18556188
No, learn to code. The way they describe their reputation and collateral system in their white paper is impossible to implement using known computer science.

And it's been 3 years and they haven't explained how they will actually code this in a technical white paper. So it's fair to say that they have no clue and it will literally never get implemented. (ie its a scam)

Vitalik confirms this.

[Anonymous No.18559414]

>>18558222
yep. Linkies always spout
>WHATS THIS IMPOSSIBLE COMPUTER SCIENCE PARADOX IN THE PAPER YOURE TALKING ABOUT
discussed here
>>/biz/thread/S18145402#p18150522