Chainlink in layman's terms

[Anonymous No.23610056]

So basically Chainlink is...

[Anonymous No.23610080]

A way for banks and companies to ...

It helps _____ do _____ better

Real use cases include X, Y, Z.

It's basically a ...

[Anonymous No.23610263]

>>23610056
I’ll take “Too hard for you to understand on your own?” For $1000 eoy.

[Anonymous No.23610413]

I'm just thinking, even if I know what it is, we need a way to explain this shit in 1 minute super clear to boomers that want in.

I'm thinking this is my pitch:

"So basically, when a bank wants to trade stuff using a contract that depends on the weather or the price of gold, these things called 'nodes' give them the data they find in the real world. So bank uses 50 nodes that each give him data about the price of gold, and the network determines that, because most nodes have a price of 2000, that's a correct price, and therefore the contract executed safely. Each node is like a bet the node owners have on their data being correct, so when their node has good correct data and matches up with the majority, they earn link, and when they're wrong, they lose link."

[Anonymous No.23610445]

you may have noticed that many fortune 500 and large companies and protocols are interested in blockchain. JPM, swift, volkswagen, etc. Just look at the ethereum enterprise alliance, baseline protocol and so forth. the primary reason blockchain isn't currently in major widespread mainstream use is because it's self-contained. the draw is smart contracts on an immutable decentralized public ledger, but smart contracts on chain need a decentralized way to interact with the real world. chainlink oracles will make smart contracts useful for states and major companies by allowing real world data on the blockchain in a decentralized way.

[Anonymous No.23610448]

it lets machines know what's going on in the real world with sufficient accuracy so that they may make decisions for us

it is the eyes of the machines

[Anonymous No.23610449]

>>23610413
dont tell boomers you retard
this is how you transfer wealth from boomers to us
fuck the boomers

[Anonymous No.23610466]

>>23610056
>So basically Chainlink is...
a middleware that connects closed data silos together.

[Anonymous No.23610506]

/our/ coin

[Anonymous No.23610525]

>>23610056
a scam

[Anonymous No.23610645]

>>23610413
FHURTHURRMOUURE

I have a smart contract that pays my friend Alex $100 every time gold goes above $2000.

I pay to get 10 nodes. Each node gives me the price of gold every minute.

Every minute, I pay the correct nodes $0.01 because they match the data they give with eachother. One or two nodes are wrong every minute and pay me $0.01.

So, I pay $0.08 a minute to get correct decentralized data from this oracle network, and let my contract run happily knowing it's safe, since it's hundreds of dollars at play a minute in that smart contract.

[Anonymous No.23610724]

A blockchain without oracles is limited in the same way as a computer without internet, or a human with limited sense. Chainlink to a blockchain is like the internet to a computer, or the eyes and ears of a human. A closed ecosystem with extreme limitations. If they don't already understand blockchain then there is no point trying to explain chainlink.

[Anonymous No.23610731]

>>23610645
When a huge bank is dealing with these types of contracts in the real world, they're moving millions of dollars a second, which means it's important for these nodes to provide the correct data.

So hundreds of nodes will be used, each giving data they deem correct, and then being matched to see how many nodes are giving the same, correct data.

And every second, each of your link will be used to power a node, acting as a fee for the service the people who are giving the data rent out.

[Anonymous No.23610732]

>>23610645
>>23610445
>>23610413
>>23610056
dis how u do it niggas

we needs oracles

imagine u gonna fuk som ho and she lik u payin up front and u dont wanna

so u set up a smart contract, she gets the money when your nut hits her skin nom sayin?

but how the smart contract know wats good?

orakles

[Anonymous No.23610778]

>>23610448
I like this one. But I think the machines nervous system is more apt.