Actual ChainLink Explanation Thread

[Anonymous No.3662533]

1. Eth and smartcontracts. We all know smartcontracts are revolutoinary, but their use cases are limited. Smartcontracts are awesome, but they are confined within the blockchain and data on the blockchain. In otherwords, right now smartcontracts are "you send 1 eth and I'll send back 1000 McTokens", and this contract is verifiable/trustless/amazing but its stuck within the universe of Ethereum and the data Ethereum understands

2. It is possible to use external data to inform these contracts, but right now that process is centralized. This is a problem. Lets say the external data is a transaction of Dollars for ETH. So you send 300$ to bank account X, and then I send one Eth to your address. Right now you either do that through a third party (CoinBase), OTC (LocalBitcoins) or whatever else centrlized system you want to use.

Knocking out that centralization, where you have to trust someone, is THE key to SmartContracts having a real world use case. But how do you get that information -- the fact that the $300 has been sent -- onto the blockchain using data that the smartcontract understands?

3. Oracles. Right now the answer is "hey we can hire Oracle X to do the translation to represent this bank dollar transaction on the blockchain." The "oracle problem" with this is that you are 100% TRUSTING that oracle to act prudently. That they don't tamper with the data. So we can kill coinbase but now we have to trust the oracle instead of coinbase .This is a HUGE problem for Banks who want to get into blockchain but have to trust a centralized oracle to translate data. This Oracle can be hacked, falsified, defrauded, really all the problems that come with cenralization.

[Anonymous No.3662540]

CONTINUED

4. ChainLink - this service DECENTRALIZES that translation process of the Oracle. Now, the translation is trustless, and you have a trustless data feed that informs the trustless smart contract.

Multibillion dollar institutions can rely on distributed blockchain technology and know the data that informs their smart contracts is tamperproof.

So Thats what ChainLink does. ChainLink is the first decentralized Oracle that allows anyone to securely provide smart contracts with access to external data, off-chain payments, and really literally any other API you can dream up. Confirmation of delivery of an items (RFID, like Walton), confirmation of a wire being sent or received, interest rates from any central bank, sports scores, product/machine uptime, price of Eth/BTC in real time, weather patterns etc. Right now smart contracts are simple if/then functions where you go and manually do the if so the then comes back. Now with Oracles smartcontracts can automatically confirm or deny if then statements without any human interaction. Transactional automation for agreed upon terms on steroids.

Anyone can now engrain off-chain data directly onto the blockchain in an actually decentralized way and use that data to directly inform trustless smart contracts, and since the Oracle is decentralized you know the data feed is secure and you’re not concerned with tampering on the Oracle’s part. This is like a skeleton key to actualize the data on the blockchain and apply that data to real world use cases.

[Anonymous No.3662562]

holy shit

[Anonymous No.3662570]

>>3662533
Chadlink will change the world

[Anonymous No.3662594]

>>3662570
>that image
>IMG_####.png
Reminder that you are the normies, you aren't in on something super exclusive, and you're in for a real fun time.

[Anonymous No.3662604]

>>3662594

>only normies use 4chan from their phones

Ok buddy

[Anonymous No.3662622]

where can i buy this? is 2btc enough?

[Anonymous No.3662634]

>>3662622
Dude sell your house and organs and buy all the LINK you can grab.
Thank me in a couple of years when supermodels suck you off 24/7 in your Lambo.

[Anonymous No.3662639]

[Anonymous No.3662646]

Please post this on reddit
- ethtrader
- cryptocurrencies
- cryptomarket
- linktrader

Please do it in a not retarded way
Thank you for our lambo

[Anonymous No.3662647]

>>3662622
>>3662604
>>3662594
>>3662570

Thanks for explaining anons. What is the timeline for this? blow up any minute like WTC?

I can get quicker profits else where, long term holds suck

[Anonymous No.3662650]

>>3662634
i need my house and organs...
i can only put in 2btc right now. i hope that's enough.

[Anonymous No.3662653]

>>3662647
>long term sucks
Cmon dude, all you gotta do is sit on your ass and wait.

[Anonymous No.3662661]

>>3662650
Start sucking old dudes for pocket change, force your mom into prostutution as well, sell drugs, put all profit into LINK DO IT

[Anonymous No.3662666]

LINK will be up there with btc and eth in no time. They will form the big 3.
-store of value
-smart contracts
-real world usage

[Anonymous No.3662683]

OP you should know that the thoroughness of this post and the informative and level-headed way in which it was articulated has me harder than a diamond in an ice storm right now.

[Anonymous No.3662709]

>>3662646
I second this. Do the Lord's work OP

[Anonymous No.3662711]

>>3662622
Nice, just sold my boipuccy for 100 sats

[Anonymous No.3662727]

>>3662646
Please don't do this. Let your fellow /biz/nismen accumumlate

[Anonymous No.3662757]

[Anonymous No.3662784]

>>3662594
When this hits $2 I'll have 7 figures. Can you say the same?

[Anonymous No.3662806]

Is it weird I'd rather this doesn't blow up too quickly like Walton? I need time to accumulate

[Anonymous No.3662888]

>>3662806

I wouldn't love one more dip to get in before SIBOS

[Anonymous No.3662890]

has anyone posted this on ethtrader yet? I don't want to look like a spamming troll. But I will if nobody else has

[Anonymous No.3662904]

>>3662888
Would*

[Anonymous No.3662906]

>>3662784
you're saying you have > 500k link?

[Anonymous No.3662913]

>>3662890

I'm happy to do it in a bit. I'm pretty decent at reddit

[Anonymous No.3662925]

>>3662906
Math is magic.

[Anonymous No.3662928]

>>3662784
>TFW you barely have 200k link
Will I ever make it?

[Anonymous No.3662944]

What was ICO price in cent?

[Anonymous No.3662945]

>>3662913
yes do it

[Anonymous No.3662950]

>>3662928
You will defo make it. I'm holding 121k LINK and I'm more than happy

[Anonymous No.3662960]

>>3662944
about 11c

[Anonymous No.3662966]

>tfw 500 link
Im not gonnq get a lambo but how about a nice 2001 honda civic?

[Anonymous No.3662979]

What happens to decentralized oracles if ETH eventually gets hoarded by a handful of entities, and they won't sell it?

[Anonymous No.3662984]

I'm new to crypto, poor, and in college. I bought a prepaid gift card with $20 as to not dive too deep instantly.
Where do I buy link?

[Anonymous No.3662990]

Is there a similar project to chainlink?

[Anonymous No.3662998]

>>3662913
Yes, please be /our/ guy

[Anonymous No.3663004]

>>3662979
Vitalik can just create more and destroy the holdings of the holders lol

[Anonymous No.3663007]

>>3662990
no

[Anonymous No.3663013]

Anyone decent in the twitter / facebook / bitcointalk game ?

We need you to share this info from OP everywhere

Thanks anon, may we find our path to riches

[Anonymous No.3663016]

>>3662928
>>3662950
>tfw when just below 2k link
i wanna kms

[Anonymous No.3663031]

>>3662533
Where can i buy this? When are big news coming for this?

[Anonymous No.3663055]

>>3663031
Buy on Binance

Not sure about big news, but they will be giving a live demo at SIBOS: https://www.sibos.com/conference/conference-programme/bridging-dlt-and-swift-messaging-smartcontractcom-innotribe-industry

[Anonymous No.3663083]

Maybe I'm a brainlet, but I still don't get it. How does Chainlink replace the oracle?

Let's say I buy ether and pay with real currency. Where does my fiat money go? Does it just disappear? Does Chainlink have its own bank account? Is Chainlink a bank?

[Anonymous No.3663089]

>>3663004
>>>3662979 (You)
>Vitalik can just create more and destroy the holdings of the holders lol

Like the federal reserve does with fiat?

[Anonymous No.3663106]

What happens to the oracles if there is not enough supply of LINK? Like if people or entities buy it but won't sell it.

[Anonymous No.3663115]

>>3663106
The price rises to the point they will sell it. That and the nodes lower their prices.

[Anonymous No.3663121]

>>3663083
To verify bank account transaction banks can now(or in near future) use ETH blockchain to handle the calculation, at the same time they will use LINK as means to feed the data to ETH blockchain.

[Anonymous No.3663128]

>>3663115
>>>3663106 (You)
>The price rises to the point they will sell it. That and the nodes lower their prices.

What if a LINK competitor buys up a ton of LINK and won't sell, no matter what the price?

[Anonymous No.3663137]

Another stupid question:

Why does Chainlink need its own tokens? Why doesn't it just accept BTC or ETH or fiat money?

[Anonymous No.3663140]

>>3663128
what are you, retarded?

[Anonymous No.3663148]

>>3663121
So it relies on banks adopting Ethereum? But why exactly is Chainlink needed then? Can't banks directly buy ETH?

[Anonymous No.3663161]

>>3663137
because you dipshit it wouldnt be another of the hundred useless tokens if it didnt have its own. this is why only a handful will have value and the thousands of other coins will fall and never rise back during the approaching normie crash.

[Anonymous No.3663165]

>>3663128
the price goes up a lot because of reduced supply
>>3663137
to pay node operators. it is a utility token, a major reason people are investing

[Anonymous No.3663170]

>>3662594
BEND THE KNEE

[Anonymous No.3663186]

>>3663148
meh even though you're a troll here it goes: ETH does not have built in a way of importing off chain data for it to use in its smart contract functionality. Now Chainlink is a layer on top of ETH with its own economy (nodes and users), that is able to take off-chain data (like json file for example) and feed it to ETH blockchain, where the data stored in the json file are used by smartcontract.

[Anonymous No.3663193]

>>3662727

Aye, this, please wait a bit. Thank you kindly.

[Anonymous No.3663210]

it already mooned

this is going to crash during the weekend

[Anonymous No.3663260]

>>3662533
>>3662540
In two-three years, people will be talking about "linking" transactions, meaning they'll automate their agreements with blockchain backing.

When you buy and hold LINK now, you have the legal right when you overhear these people to approach them, interrupt their conversation, and proclaim loudly that you knew about and bought link when it was less than half a dollar.
And they will be legally obligated to clap.
These are the rules.

[Anonymous No.3663305]

>>3663016
Good enough to reinvest and make more later, with crypto we're all gonna make it eventually. Don't worry bro.

[Anonymous No.3663314]

>>3663260
yup. people will be like, whoa, you're one of the cool chads who got rich off LINK??

it'll be even cooler than being a bitcoin millionaire.

[Anonymous No.3663322]

To anyone who is falling for the banks having a problem with a centralized oracle is a moron.

[Anonymous No.3663360]

>>3663322
just sold 100k, thanks

[Anonymous No.3663380]

>>3663322
Nice, just sold all of mine LINK from your comment. Price is rising bcause o one wants to sell, but I definitely made the right move listening to your on line rebuttal made from bs.

lol kys

[Anonymous No.3663400]

>>3663322
>Use centralized oracle
>Oracle gives tampered data
>Send $1bn to nigerian prince by mistake

Thanks just sold 100k centralized oracles

[Anonymous No.3663436]

>>3663083
Fiat money goes to whoever was selling.

[Anonymous No.3663459]

just sold all my LINK thanks

[Anonymous No.3663463]

>>3663322
Banks are tripping over themselves trying to adopt blockchain tech. Why? Because blockchains are decentralized; there are hundreds of thousands of full versions of proof called "nodes" out there on people's computers.

Adding an automated centralized point of failure between traditional business/finance and the blockchain would defeat the purpose entirely.

[Anonymous No.3663542]

>>3662533
guys before I go balls deep into this stuff I have some questions
wasnt omg ripple or iota (not sure of the last one) supposed to pretty much do the same? which is being the connector bwteen different ways of payments? how's chainlink superior?

[Anonymous No.3663560]

>>3663542
I suggest you reread the post (and whitepaper) if you are asking a question like that.

[Anonymous No.3663574]

>>3663542
Chainlink is pretty much plug and play.

[Anonymous No.3663582]

lol...

btw ripple has 9b market cap. If chainlink gets anywhere near that we are talking about 50-100x gains

[Anonymous No.3663583]

>>3662666
trips confirm
we gon' be filthy rich

[Anonymous No.3663589]

Question: Are the LINK/BTC and LINK/ETH pairs linked together in some way by Binance, or does it rely on trading arbitrage to keep them both in line?

I guess what I'm asking is, if I'm getting ready to buy some LINK with fiat, is it necessary to check whether buying ETH or BTC would be more advantageous to start with? Or should it not matter?

[Anonymous No.3663595]

>>3663542
You are thinking of Ripple.

Ripple is a disruptive force that believes it can replace SWIFT and many traditional institutions. Obviously they are enough of a threat to provoke a reaction out of SWIFT.

Whether or not ChainLink is that reaction or part of it, no one knows, but there are major industry players looking for a middleware like this.

Ripple wants to force the old guard out, SmartContract wants to bring the old guard into the light.

[Anonymous No.3663622]

>>3662533
You do realize you just SAY it solves some Oracle problem right?

How does it do This?

Aren't all of the 3rd party things which could inform data on a smart contract EXTREMELY varied?

It could be weather data. Financial data. Amount of gas in a tank. Location data.

How does Link provide a one size fits all solution to these things?

I actually want an answer not just
>it does

[Anonymous No.3663627]

>>3663589
There will be a slight difference in price but it will probably be negligible, no harm in checking though, and yeah you're right, its due to arbitrage.

[Anonymous No.3663658]

>>3663595
thanks for explanation
either this project is really good or you guys are on some next level of shilling, but I'm in, I remember Ants being shilled like crazy here when they were worth pennies, can't miss the rocket twice

[Anonymous No.3663690]

>>3662533
>>>3662666
This coin is shit. Nobody fucking cares about smart contracts anymore. BORING. The fad is over. Stop being a wagecuck and excavatin' shatcoins nugga.

[Anonymous No.3663697]

>>3663622
You know SHA-256/512 doesn't solve the collision problem in hashing algorithms but it is use pretty much in everything right?

You do realize any oracle solution that can reduce the edge case by massive factors would be incredibly valuable right?

>muh oracle problem

You are fucking retarded

[Anonymous No.3663699]

put the goddam gun in your mourh and pull the trigger you goddamned piece of shit. theres already 20 link threads stop polluting biz with your niggercoin. gtfo and seriously go fucking commit suicide you fucking nigger

[Anonymous No.3663704]

Kek easy with the threads guys. I understand chainlink is and will be a crazy wild ride and I want my fellow /biz/raelis to be in on it. But at one point if people don't see the light after so much time, maybe they don't deserve valhala. Also I want to accumulate more

[Anonymous No.3663710]

>>3663699
Woah anon, woah

[Anonymous No.3663748]

Guys do I sell my WTC to buy more LINK or hodl WTC? (I think its gonna have another good week)

[Anonymous No.3663750]

>>3663622
>I actually want an answer not just
>>it does

You could just read the documentation yourself, which will probably be better than getting an answer from someone here that doesn't know what they're talking about: https://dev.smartcontract.com/#overview

tldr: you extend the oracle with custom adapters.

[Anonymous No.3663758]

Thanks, now I know a little more about the thing I'm dumping money into because /biz/ told me to.

[Anonymous No.3663786]

>>3663699

DEEP BREATHS!

[Anonymous No.3663809]

>>3663137
Can't use BTC or ETH or any other cryptocoin because the point is for Chainlink to be used with a variety of blockchains.
Using the underlying blockchain's coin would unnecessarily burden the blockchain anyway.

And can't use fiat because that would require another network again. With tokens the system is integrated.
Same way you use tickets to board flights instead of paying in fiat at the gate; you pay and print out the ticket in advance, and the ticket holds the necessary information to allow for much quicker processing.

[Anonymous No.3663833]

>>3662533
dude looks like a pothead

[Anonymous No.3663855]

>>3663833

He lives in San Francisco. He probably is.

[Anonymous No.3663860]

>>3663833
>Vitalik looks like a crack head
Confirmed for more mainstream.

[Anonymous No.3663864]

>>3662533
Enough about fucking link coin. Reeeee

[Anonymous No.3663879]

>>3663860
U wot m8

[Anonymous No.3663886]

>15k link
This isn't enough is it. The fucking pre scale was scary as it is with those random presale links. :'(

[Anonymous No.3663900]

>>3663627
Thanks. FYI for anybody else who may be wondering CoinMarketCap gives an easy display of the fiat price equivalent for comparison on the "Markets" tab. Right now the price in the ETH market is lagging by about .3 cents, which could conceivably be enough to matter if you were buying enough in one shot.

[Anonymous No.3663972]

Fuck it. I have been ignoring these threads for a while but Ark isn't doing shit. I'm divesting half my Ark into this.

Where do you guys hold it? Myetherwallet?

[Anonymous No.3664051]

>>3663972
yeah MEW

[Anonymous No.3664064]

>>3663322

Successfully implementing blockchain tech into their transactions means they can fire entire departments of compliance employees

[Anonymous No.3664067]

>>3663972
Yes -- buy on Binance, transfer to MEW. And if you have or will get a significant amount, get a Trezor or Ledger hardware wallet (they work with MEW).

[Anonymous No.3664076]

>>3663083
>>3663083

ChainLink Nodes are the oracles. They watch these external data feeds and transcribe them to the blockchain

[Anonymous No.3664179]

Great write up OP. Finally something of substance and not shitlostjng.

Pardon my ignorance here, but why can’t this be solved with ETH?

Isn’t this why Vitalik was talking shit on twitter?

Or is Vitalik’s game plan to create Plasma, which will use OMG as the blockchain token that converts all fiat currencies into each other on the Kyber DEX

(I.e. someone sends $$ from PayPal which converts to OMG tokens on plasma, which converts out to the other currency (whatever that is)).

I thought that was the holy trinity game plan.

[Anonymous No.3664318]

>>3663699
no linker BTFO motherfucker!

[Anonymous No.3664532]

>>3663186
Probably the most effective simple explanation I've heard.

I understand what it is but try to trade as little as possible and all the FOMO surrounding this on /biz/ is off-putting given the degenerate gambler's mindset apparent in most posts.

Curious how much of your portfolio is link if you don't mind me asking

[Anonymous No.3664737]

>>3664532

Whenever 4chan rallies behind a coin it moons. NEO, OMG, ARK all mega shilled before the blew up

[Anonymous No.3665024]

>>3664179
>why can’t this be solved with ETH?
Vitalik wrote a blogpost on oracles, in it he says ethereum was a base layer, and oracle solutions are supposed to be built on top of it.
Besides, the oracles are really just a part of what LINK is about.
The decentralized node network is what sets it apart, since ethereum (or any blockchain) by nature can't interact with external data without middleware.

[Anonymous No.3665060]

>>3663186
Actually, Chainlink is designed to work with variuous underlying blockchains.
Hyperledger for SWIFT for instance.

[Anonymous No.3665234]

https://synapsemarket.com/index.html

www.oraclize.it/

[Anonymous No.3665256]

>>3665234
>Decentralized oracles in existence: ChainLink

muh Oralize, muh Sinuses

[Anonymous No.3665260]

>>3665024

Exactly. This is a really good explanation.

Ethereum is a Ferrari. ChainLink is the supercharger you install in the engine.

[Anonymous No.3665264]

>>3665234
Centralized Oracles, no one wants to use them. Using centralized oracles would be centralizing the blockchain, not secure, not smart, no one wants it.

[Anonymous No.3665266]

>>3665234
FUCKING FAGGOT STOLE ALL MY LINK AGAIN FUCK YOU

[Anonymous No.3665273]

>>3662533
>This is a HUGE problem for Banks
This is so fucking dumb. You know what else man you are trusting your surgeon 100% to not cut up your organs on purpose so you'll come back with other problems and pay him more, but he doesn't do it you know why BECAUSE HE'LL GET IN TROUBLE

[Anonymous No.3665281]

LAUNCHPAD CLEARANCE

HEAVY PRICE MOVEMENT

[Anonymous No.3665292]

>>3665273
>he doesn't know about the organ harvesting cartel

[Anonymous No.3665304]

>>3665281
We just hit .00007500!

[Anonymous No.3665343]

So what you guys are saying is then.... is that it..... solves the oracle problem?????

[Anonymous No.3665377]

Guys pls I need 0.01 ETH or some 0.02 ETH for gas of this AutismDelta. It's killing me. Pls help.

I can pay you back if you want in 2 days. Thanks.

0x34Bf4B5813ab34E7993B8c0Ea7038571e68B1019

[Anonymous No.3665388]

>>3665273
We need decentralised doctors. We must cut centralised entities from health care.

[Anonymous No.3665390]

Amazing coin

[Anonymous No.3665411]

>>3662647

any minute
yeah like right now motherfucker

[Anonymous No.3665419]

>>3665377
Pls help guys. I need 0.01 ETH. I got stuck. I will pay it back with LINK if you want.

[Anonymous No.3665420]

>>3665343
Yes. the mage mess is no more.

[Anonymous No.3665436]

fuck I sold at 6600 waiting for another dip

[Anonymous No.3665442]

>>3665343
Link be like

>fuck yo oracles, nigga

[Anonymous No.3665587]