Actual Oracle Explained

[Anonymous No.3571348]

holy FUCKING shit

i thought it was just a meme.

seriously, SERIOUSLY watch this

https://www.youtube.com/watch?v=nMlpTgxKtAY

here's a hint about oracles:

they're not for you kids investing your lunch money

[Anonymous No.3571375]

[Anonymous No.3571402]

>>3571348

That's why it's funny.

[Anonymous No.3571403]

>>3571348
He solved the oracle problem. Holy shit.

[Anonymous No.3571427]

The oracle problem, solved???

[Anonymous No.3571439]

>he didn't get it
>the Oracle problem is solved

[Anonymous No.3571443]

>>3571348
>oracle problem = solved

fuck me dead with a silver spoon, I never thought I would've seen the day

[Anonymous No.3571486]

>>3571348
this is actually really cool, thanks op

[Anonymous No.3571497]

Can someone redpill me on the pre-sale? People are saying it was already bought up to 29mil, and the ICO only got 3mil

[Anonymous No.3571505]

brainlet here what is this?

[Anonymous No.3571508]

>>3571497
They basically said fuck you to anyone that wasn't in the 100+ ETH minimum presale.

Fuck this scam

[Anonymous No.3571519]

>>3571508
>>3571497
>>3571505

memes aside watch this. its incredible

[Anonymous No.3571532]

>>3571508

It is probably still worth buying after it corrects on exchange if this hype is true.

[Anonymous No.3571557]

>>3571505
He's basically explaining how chainlink solves the "oracle problem" in the sense that it acts as an intermediary for contracts written in different programming languages so that they can get the information they need to confirm the terms of the contract were met and send the money. It's a problem because there's no way to ensure the data wasn't falsified if it relies on an "oracle" or central database that holds the information it needs to verify.

[Anonymous No.3571562]

>>3571348
Dude if you think that's incredible than inform yourself more about Ethereum and its possibilities. I hold some LINK but I don't believe this THE solution to the centralized oracle issue.

Once someone comes up with a real solution 1 ETH = $100,000

[Anonymous No.3571563]

I was planning on holding for a few weeks or months and sell. This presentation convinced me to hold indefinitely.

Watch guys. Do youreself a favor.

[Anonymous No.3571572]

THIS IS IT, THIS IS THE THREAD I WAS LOOKING FOR. I'M HERE. I'M FROM THE FUTURE. I have come back in time to warn you all that this oracle problem is bigger than any of you could have imagined... at first we all thought it was fine. Hey, what's the harm in a fancy new system that could digitize the world? Well here's what: by the time I finish this sentence THE AI will have analyzed everything my vocal cords are processing and my biomechanical MGTI® CyberHeart and BlockBrain Implant will self dest-

[Anonymous No.3571577]

>>3571562

Its build on Ethereum.

[Anonymous No.3571580]

>>3571562
What makes you think this isn't THE solution?

[Anonymous No.3571581]

>>3571375
kek

[Anonymous No.3571605]

>>3571572
>dest-

How did you solve the captcha after self destruction? You better not reply, because you've already self destructed.

[Anonymous No.3571612]

>>3571563
>THUS FIAT DATA AGENCYS
It looks like this speaker's unrealistic dreams, because in reality nobody will cooperate with him.

[Anonymous No.3571634]

>>3571348
>oracle problem
What is this? Educate me please.

[Anonymous No.3571641]

>>3571577
Yeah... so? If any project (obviously built on its blockchain) finds a way to decentralize the inputs and outputs to its smart contracts, that would be the ultimate blockchain and solve like nearly every issue in the IT world.

>>3571580
It is a good solution for some applications. But for many it is too slow and inflexible.
Example Etherdelta: Imagine you would need a majority vote of witnesses for every single transaction the GUI shows. This would render it useless. Therefore many projects still rely on centralized oracles to feed into and out of the smart contract.

[Anonymous No.3571655]

Y'all thought the mention of bond clearance for Sibos didn't mean anything?

Hint - how much is the bond market?

[Anonymous No.3571665]

so why go to all this trouble again? when theres already a system if cryto isnt in the middle

[Anonymous No.3571673]

>>3571612

This speaker is Sergey Nazarov the creator of ChainLink.

SWIFT, the agency literally used in the examples, is already internally USING SmartConract.com as a centralized Oracle and will use ChainLink as a decentralized Oracle.

[Anonymous No.3571677]

Ark already does that with ACES
Why waste money on this scam?

[Anonymous No.3571681]

>>3571634
Just watch the video man.

[Anonymous No.3571683]

>>3571665
money
>>3571677
this

[Anonymous No.3571685]

>>3571634
Smart contracts are decentralized apps, a piece of software saved in the blockchain with no central server. This makes the software transparent, you cannot temper with it, you cannot delete or hack it and it cannot go offline.

But those programs are very simplistic "if, then, else" etc. and need data to feed into them from a centralized software and then once the data is processed by the dApp it will be returned to a server with some centralized software.
These connections are called oracles.
And as long as they are centralized, the best smart contracts are basically close to useless as they still need centralized inputs and outputs.
Eh?

[Anonymous No.3571688]

>>3571665

This is for accessing external data to inform the onchain smartconract. ChainLink does this in a turstless way.

[Anonymous No.3571695]

>>3571677
>>3571683

You can buy ChainLink on EtherDelta now if you want to offset some of your Ark losses

[Anonymous No.3571702]

>>3571348

[Anonymous No.3571709]

>>3571685

Exactly. You are completely trusting that the Oracle wont tamper with data, and understandably huge multi billion dollar companies don't like this. They trust smart contracts of course, but they dont know if they can trust the Oracles that inform the smart contracts

[Anonymous No.3571711]

>>3571688
then make another system thats integrating all of them

anon theyre trying to make a complex answer to a very simple problem

[Anonymous No.3571718]

>>3571348
Praise the lord, he really solved it!

[Anonymous No.3571722]

>>3571711

What? You don't understand - this IS the "other system that's integrating all of them"

[Anonymous No.3571762]

>>3571722
As I said before I hold 3k LINK and I don't want to FUD. I believe ChainLink is going up in price x2.

However, there must be a simpler solution to the problem. This one seems far to excessive and requires too much effort to get complex software running over it with a high throughput.
It might be okay go check the bitcoin price once an hour.
But try to install a computer game on the blockchain and see how ChainLink copes...

[Anonymous No.3571776]

>>3571722
>smartcontract
>chainlink
why bother making the data go through all of those when, a developer could make all of them in one supposedly system that makes all of them in one network

suppose well call this new network
>your new tech is already obsolete since it isnt user friendly

[Anonymous No.3571784]

>>3571709
What is cool is that you'll be able to check against multiple oracles. You could probably say that a result is accurate if 7 out of 10 oracles report the same, etc.

[Anonymous No.3571792]

>>3571711
facepalm

[Anonymous No.3571795]

Why did you fags even buy LINK if you didn't know this at the time?

[Anonymous No.3571808]

NO NO NO
STOP IT!!!!!

THIS IS A SCAM!!!!! SELL NOW!!!

[Anonymous No.3571810]

>>3571795
Peons.
> Buy this, eat this, drink this, say this, do this
They will do anything to fit into the status quo.

[Anonymous No.3571811]

>>3571792
anon theyre trying to fit them all together when its simpler to make a new one from scratch

[Anonymous No.3571813]

this isnt even about oracles only. there is way way more to it. this is the ripple killer. buy now or stay poor. YOUR CHOICE

[Anonymous No.3571823]

>>3571776

No man you have to actually watch this video before commenting this stuff. What you're saying couldnt be further form the truth. ChainLink is in fact the solution to the issues you bring up

The whole point is for the developer NOT to have to build it. The infrastructure is already there and you just pay for access to it as a service

[Anonymous No.3571884]

>>3571641

Correct in thesenes that decentralizing inputs is the ultimate dream but that simply is in no way possible or realistic. At some point in the beginning of the chain you HAVE to trust someone because there are humans responsible for the data. The whole point is that the data we access is coming from pristine reputations - Bloomberg, Standard & Poors etc. The multi billion dollar banks do trust them. What they DONT trust is Random Oracle X to translate the data and put in on the blockchain that automatically enforces multi million dollar contracts that cant be undone. THAT is what is being solved here.

So yes, ideally Bloomberg and Standard & Poors is just an automated automatron run by Skynet and then we dont have to trust humans but that isn't realistic or possible. So what we CAN do is increase the amount of trustlessness in each step, and this does so for the translation of data step

[Anonymous No.3571898]

Good discussion. A lot to learn here.

[Anonymous No.3571921]

>>3571784

Exactly, and the Oracles that falsify info dont get paid and lose money. Its the same reason you cant submit false transction to the Bitcoin blockchain - you're just wasting energy.

[Anonymous No.3571925]

>>3571884

thanks anon, starting Nazarov presentation now

[Anonymous No.3571928]

>>3571695
Mfw dumped ark and went all in on LINK

[Anonymous No.3571978]

Holy shit guys I finally figured it out. They solved the oracle problem by decentralizing the decentralized. It's fucking genius.

Think about it - decentralization of the blockchain has led to trustless systems where we have a tamper proof and falsification-proof concept of exchanging arbitrary units. Since oracles are part of the same ecosystem, all we need is a consensus among them as we would with any PoS system. Fucking brilliant.

D E C E N T R A L I Z E D

[Anonymous No.3572011]

HOLY MOTHER FUCKING SHIT


THIS SOLVE THE FUCKING GOD DAMN ORACLE PROBLEM
WHOAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

I CANT FUCKING BELIEVE IT


OH MAN THIS IS FUCKING NUTS

THEY SOLVED IT

JESUS MOTHER FUCKING CHRISTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
WOWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW

[Anonymous No.3572021]

>>3571348
This is literally never going to be implemented, because the Oracle system is designed to allow the CIA to falsify any research simulation data performed with Etherium or similar work-based coins using a man-in-the-middle backdoor in the centralized Oracles

[Anonymous No.3572023]

>>3571978

Unironically yes that's correct besides the decentralizing decentralized. It doesn't further decentralize the existing blockchains part but rather decentralized the translation from external inputs that can be interpreted by the decentralized smart contracts. It's fucking amazing

[Anonymous No.3572038]

>>3571348
Nice just bought 100k

[Anonymous No.3572056]

>>3572021

Not if ChainLink has its way :)

[Anonymous No.3572061]

>>3572023
There is no justification for the actual calculations performed using Etherium not being universally published to a ledger, other than everyone would benefit from any task instead of only the Proprietary Asshole Customer

[Anonymous No.3572069]

>>3572021
You think you shouldn't be on the CIAs side??

[Anonymous No.3572086]

the problem with buying LINK is that there's nothing for the investors to do while they spend their 2 years developing thier (surely valuable) experimental protocol for a similarly experiemntal platform

I had looked at Town Crier and found it interesting but judged that it's fairly academic and will take years to be realized. Crypto is full with 20 year olds with ADHD, the price won't stay up. That's why I didn't do the ICO.

[Anonymous No.3572090]

>>3572061

Not sure I follow you're point. If you're talking about transparency in the ChainLink calculation then that's completely open as given in the example half way through where Bob queries the hardware's calculations

[Anonymous No.3572093]

>>3572069
And hang with them next year? For no benefit whatsoever?

Sounds pretty gay tbqh

[Anonymous No.3572115]

>>3572093
If you think a societal collapse that will result in the nations covert intelligence agency being lynched will happen next year...why are you shitposting on a mongolin fingerpainting forum instead of oh I dunno leaving the US?

[Anonymous No.3572123]

>>3572086

SmartContract.com has provided their centralized Oracle to swift for quite a while and Swift uses it internally. You correct that us plebs can't use it now but really we don't need to. I'm not sure when the first nodes start running, but I don't think it's past march 2018

[Anonymous No.3572155]

>>3572090
>If you're talking about transparency in the ChainLink calculation

No, where can you independently verify the actual calculations run on the Ethereum Virtual Machine ?

[Anonymous No.3572162]

>>3571823
anon Im not fudding and generally curious

this answer is for big banks and generally doesnt give anything to the enduser

also these big banks dont like decentralized anything last I heard

[Anonymous No.3572175]

>>3571776

> he buys chairs instead of learning how to make one for himself
> he buys bread instead of growing wheat, harvesting it, milling it and baking it himself
> he literally bought a computer instead of learning how to create all its components by himself

AHAHAHAHA KILL YOURSELF

[Anonymous No.3572177]

>>3572115
The bioluminescent OSS African-Americans getting lynched doesn't sound like societal collapse to me. No lynching happening would be a societal collapse because that's their basic goal, run capitalism into the ground so they can found a technocratic feudal autocracy

[Anonymous No.3572197]

this is my last warning to you fellow bizraelis.
buy now. you will NOT regret this

[Anonymous No.3572212]

>>3572197
but I can't find where to buy it? It was on pre-sale and that's it?

[Anonymous No.3572225]

>>3572175
companies that combined all the tech of a convoluted supply chain always came out on top

[Anonymous No.3572236]

>>3572212
You can buy it on EtherDelta.

[Anonymous No.3572281]

can i stick my penis in an oracle and itll enter everyones orifices?

[Anonymous No.3572331]

>>3571508
>>3571497
Instead of getting greedy, the devs took a 12 million dollar pay cut by keeping the $ cap of the ico after the price of ETH rose.

Only downside was the fact that the 2nd phase of the ICO had less to go around.

They did exactly the right thing.

[Anonymous No.3572377]

>>3571562
>>3571641

Vitalik himself says the best oracle solution would be built on top of Ethereum by another party.

https://blog.ethereum.org/2014/07/22/ethereum-and-oracles/
>the most exciting end-user-centric innovation is likely what will be built on top

[Anonymous No.3572395]

>>3571497
See >>3572331

[Anonymous No.3572462]

>>3571612
>nobody will cooperate with him.
*cough* swift

https://www.sibos.com/conference/conference-programme/bridging-dlt-and-swift-messaging-smartcontractcom-innotribe-industry

Keep in mind, SIBOS is organized by swift, so you're hearing this straight from the horse's mouth.

[Anonymous No.3572546]

>>3572281
Yes. Yes you can. That's exactly how it works.

[Anonymous No.3572573]

>>3571572

the forethought to add the hyphen before death shows how truly selfless he was

[Anonymous No.3572584]

>>3571677
>>3571683
No, aces is for linking two blockchains; while link aims to connect the blockchain with conventional business/finance transactions, thus allowing on-chain smart contracts to be applied to conventional business/finance transactions.

Let that sink in for a second.

Commercial courts will go out of business, there's no disputing the blockchain.

You know your way around etherdelta, right?
You're welcome.

[Anonymous No.3572593]

>>3571695

kek'd kekedly

[Anonymous No.3572706]

>>3571634
>rothschilds have stuggled to solve it for decades
>in contact with aliens working on a solution
>solving it would grant the solver psychic abilities

etc etc

[Anonymous No.3572819]

>>3572706
THE CALL THAT SOLVED THE ORACLE PROBLEM

[Anonymous No.3572834]

>>3572819
>Solve it.

[Anonymous No.3573044]

>>3572584

Correct, but remember that's only ONE of the use cases. It CAN do Ripple's entire function trustlessly and more efficiently, but the incoming data can be anything. It doesn't have even be witnessing financial transactions. For example, remember Walton, the RFID hype bunny? That entire use case is completely contained within ChainLink's oracle infrastructure making it obsolete. Walton and Ripple are dudes creating mustangs and camaros in their garages while ChainLink is the assembly line that can make either and so much more

[Anonymous No.3573078]

>>3571795
This video is what convinced me to buy it.

[Anonymous No.3573086]

>>3571572
>tfw your ghost solves your captcha

[Anonymous No.3573114]

>>3572086
you are correct good sir

[Anonymous No.3573163]

>>3572086
>>3573114

>the problem with buying LINK is that there's nothing for the investors to do while they spend their 2 years developing thier (surely valuable) experimental protocol for a similarly experiemntal platform

Bruh, the product is there already.
They're literally doing a live demo of it in front of the whole financial world at the SWIFT-organized event SIBOS in a few weeks.

And "doing nothing" is basically what investors do. They plunk down cash and watch it grow.

Also, you're not investing long-term because ADHD kids aren't? Wat?

[Anonymous No.3573189]

>>3573163
lol yeah ok. enjoy holding a shitty eth token for a whole year, minimum. i might snag it up in a month after the FOMO dies down and it sinks below presale price.

[Anonymous No.3573224]

>>3573189
There's major shit going down in a few weeks anon.
S I B O S
I
B
O
S

Get it while it's itching to blow up from sheer volume on fucking etherdelta.

[Anonymous No.3573247]

>>3573189
How delusional.

[Anonymous No.3573266]

>Didn't get into ChainLink ICO, going to FUD it like crazy.

[Anonymous No.3573275]

guys has the oracle problem been solved???
I need to know asap

[Anonymous No.3573287]

>>3571508
Maybe you should have joined in on the presale pools like the rest of us then, there were plenty here.

[Anonymous No.3573288]

This shit is getting beyond retarded.

ChainLink is literally a protocol which both parties agree to exchange information on.

Until said protocol is created nothing is actually "solved".

[Anonymous No.3573314]

what was the presale eth ratio

[Anonymous No.3573325]

>>3573288
This level of coping is unhealthy

>>3573314
. 00031

[Anonymous No.3573790]

>>3573288

It's been created. SWIFT is literally testing it internally now. Did you even watch the video? He says it like a quarter through

[Anonymous No.3573882]

>>3572162
just like they did not like the internet when it first came out.
>online banking?? noooo! We need our clients to walk in to the bank so tide sell them!

Adoption takes time.

[Anonymous No.3574521]

>>3571348

I'm hyped

[Anonymous No.3574595]

>>3574521

Did you watch the whole thing? What did you think?

[Anonymous No.3574643]

hELLL yeah

>posting in an epic bread

[Anonymous No.3574698]

So how trivial is it to Sybil attack this garbage? Is that how to make the real money off of this shitcoin?

[Anonymous No.3574706]

Unironically this video was incredible. Thanks OP. I was waiting on the sidelines for a dip until I saw this

[Anonymous No.3574787]

>>3574706
also fucking long, over an hour. Which minutes do you recommend as the most important to watch?

>writing as a fellow linkie
>over 360k link
>didnt read whitepaper, didnt watch vids, just followed le biz

[Anonymous No.3574827]

>>3574698

Oracle Nodes are weighted by LINK owned so a sybil attack is pointless. If you own sufficient LINK to attack the network you may as well just use 1 malicious node.

[Anonymous No.3574883]

>>3574698
Sybil attack it how?

You gotta be fucking retarded to think this is one of those 51% consensus type shit.

Company A needs certain data.

It requests data from 5 different nodes with varying levels of trust, precision, and other variables they require, the range of data meets the criteria for their data.

[Anonymous No.3574915]

>>3571605
He could have a 4chan gold pass

[Anonymous No.3574983]

who the fuck wants to break down what this nig is talking about? I can talk for days and make things sound great. This nig is just at a fucking meetup. Its stupid, hes talking to a bunch of /biz losers.

[Anonymous No.3575001]

if this is actually legit and can be implemented my 28k LINK will help me retire in a few years

[Anonymous No.3575003]

dude this is so stupid. ya bloomberg is going to setup a chainlink wrapped around their API interface. hahahha bloomberg doesnt give one set up fucks about this. jeez i got in but im getting the fuck out now

[Anonymous No.3575018]

>>3574983
>>3575003
>when you a noLINKer so all you can do is larp and samefag

[Anonymous No.3575098]

im a linker piece of shit i have 18k link but what the fuck is this shit. Why dont you go ahead and explain what this fag is talking about. Ya bloomberg is going just wrap this around their interface. wtf, are all these fucking tokens and daps just a bunch of sci fi losers? are we all getting fucked?

[Anonymous No.3575144]

>>3571557
That's a fucking bingo.

Wow... an API for unverified data.

What a fucking joke.

[Anonymous No.3575601]

>>3574915
kek

[Anonymous No.3575641]

>>3571348
Holy FUCK. I thought this was just a meme thread but this is no joke. I have a Master's in encryption integration systems and this shit is blowing my fucking mind.

[Anonymous No.3575691]

>>3575144

He acknowledges that the external data needs to be tamperproof at 7:30.

This is an early work in progress. If you don't think it's worth more than $32mil then that's fine. Good luck with your other investments.

[Anonymous No.3576233]

>>3575691

No, see this

>>3571884

[Anonymous No.3576452]

>>3572155
He covered this in the video bro. Basically you have a query id and a key and if you submit those to their "middleware" you will get the actual calculations back.

[Anonymous No.3577081]

I participated in the ICO with 21 ETHER (3-email addresses) and this is why I sold 50% at 0.00073.

1) Company registered in Cayman Islands (Notorious for tax evasion)

2) No KYC meaning they will have a hard time to get into any major exchanges anytime soon.

3) Chainlink is one of a FEW companies that SWIFT nominated to work with, too much uncertainty at this point that the partnership might be insignificant. (LINK BELOW)

https://www.coindesk.com/swift-completes-blockchain-smart-contracts-trial/

"A representative of Swift confirmed to CoinDesk that it is a SmartContract customer. Swift is currently working on multiple blockchain projects with various vendors." Who the fuck is this representative? Please link source.


4) Only a team of two, this might change, but very hard to hold only two people accountable when they are registered in the Cayman Islands.

My plan is to ride the hype wave and dump more once it goes on a normie exchange like Liqui.

[Anonymous No.3577316]

>>3577081
top quality FUD, pls keep doing shit like
>hurr durr KYC helps with exchanges
>hurr durr caymano islando evilo
as I wanna accumulate more too!

[Anonymous No.3577317]

>>3577081

These might honestly be the shittiest reasons I've seen yet. Has nothing to do with the actual technology

[Anonymous No.3577328]

>>3577081
Why are you posting this in every LINK thread on this site?

[Anonymous No.3577329]

>>3575641

Did you get to the trusted hardware section? Holy shit it might actually be perfect

[Anonymous No.3577333]

>>3577081
>muh caymen island tax dodgers

they sound comfy af desu senpai

[Anonymous No.3577335]

>>3577081
This guy is pasting a FUD script its in every LINK thread.

Accumulating i see

[Anonymous No.3577348]

>>3577328
he wants to accumulate more LINK obviously, all human actions are motivated by monetary gains

[Anonymous No.3577403]

>>3577317
Do you really see any major companies, like SWIFT announcing partnership with a company registered in the Cayman Islands? That would be detrimental to their reputation.

[Anonymous No.3577467]

>>3577403

Blockchains don't have borders friend

[Anonymous No.3577550]

>>3577316

It's quality because it's true.
All the best man, I don't plan on accumulating anymore.

[Anonymous No.3577566]

>>3577550

mfw when the tech is so good the fudders have to find other ways

[Anonymous No.3577615]

>>3577566
Let me lay it out for you.

My rational is, tech can be good, but means nothing if you have questionable actions (my concerns).

1)Blockchain companies with bigger teams can learn from CHAINLINK and integrate it into their own.

2)SWIFT have time to choose among them, they are not gonna rush into a decision.

[Anonymous No.3577623]

>>3577081
>>3577550
Ain't gonna work FUD bitch!

LINK is in hands of steel since most was sold in presale and to VCs.

[Anonymous No.3577732]

>>3571709
Have you heard of a TLS notary proof? This has literally been solved for years by Oraclize.it and you guys bought into yet ANOTHER overhyped scam coin

[Anonymous No.3577894]

>>3577732
>Chainklink connects data inputs
>oraclize provides the data itself

Lol, yeah totally the same.

Also;
S I B O S
I
B
O
S

There's still time to buy anon.