[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 11 KB, 280x180, 1691661989150062.jpg [View same] [iqdb] [saucenao] [google]
55815322 No.55815322 [Reply] [Original]

You might've already seen this blogpost about chainlink building it's own decentralized ledger: https://blog.chain.link/bbca-chain-single-broadcast-consensus-on-a-dag/

I'm pretty sure I cracked what this means, and got a glimpse at what staking is going to look like, in the end. And it's looking glorious. I'm so glad to be the one who breaks the news to you.
If you don't want to spoil this year's smartcon for yourself, then don't read further.

First of all, I reject the hypothesis that chainlink is going to compete with other L1s, because it's just fucking stupid. Chainlink has no reason to do this, and other L1s are already way more established and efficient in what they do. The world does not need another L1, and so the chainlink team ain't building one.

So why the ledger? Well, having a ledger of which node said what and when is useful for auditing, which is necessary for staking to work. Imagine a situation where the DON has sent some wrong data to a contract, resulting in a hack. The dust has settled, and you now know what the real data (say, the data about ETH price in a given moment) should have been. Now it's time to punish the nodes that lied. Where are you going to get the historical data to find out who lied?
You can't ask the oracles inside the DON who said what, because there're malicious nodes inside the DON which have already colluded to give the wrong data -- they are just going to lie again to cover their tracks. I imagine that in the current architecture, the role of the trusted historian is performed by the chainlink machines, which is, of course, very centralized. One way to decentralize this architecture would be to add a decentralized ledger, and my guess is that this is what the chainlink team is going to do. Thus, they are going to distance themselves from the execution of the protocol, making a huge next step to the final vision of staking.

>> No.55815326

A question remains to be answered. Who is going to keep the ledger and perform the role of the historian?
My guess is, it's going to be the NEET nodes. Machines are going to have to be set up, and they would need to keep the historic data and stake their tokens to secure it, and get paid for it. This means, there would be an option to stake and not delegate the tokens to the DONs, or to anybody. I'm not sure whether there's going to be any delegating to DONs at all.

So you see, in this scheme of things, there're actually two groups of players who are needed for the protocol to work.
First, there're the oracles, which provide the data, and they stake their tokens to provide the security for data and thus earn revenue. They might not really be interested in the appreciation of the token, because their primary goal might be to earn fees for their data.
And secondly, there're the NEET nodes, which secure the historical data to make it possible to punish the malicious oracles. They are the ones who are interested in the token appreciation. And there's a lot of them, and there's a healthy distribution of tokens between them. It's going to be very hard to corrupt them to break the network. So, they provide security to the protocol.

That's all I got for now. I'll be glad to hear what other anons think about this.

It's looking very comfy bros.
WAGMI

>> No.55815354

nice pasta, too bad no one cares about your inorganic shitcoin anymore

>> No.55815363

Checked. Thanks for this insight Anon. Very exciting indeed.

>> No.55815366

Hell yeah. Futures looking bright boys

>> No.55815373

Kek good fud

>> No.55815377

>>55815322
tl;dr

>> No.55815424

>>55815322
Why did you need to cRaCk wHaT iT mEaNs when Chainkink release extensive blogposts explaining everything and employ one thousand community avocados to explain everything?

>> No.55815759

>>55815322
>The world does not need another L1, and so the chainlink team ain't building one.
they are doing blockchain gaming now as well, it's only a matter of time

>> No.55815764

>>55815322
Hmmm, I have seen this before ...

>> No.55815799

So this is the new cybercode pasta

>> No.55817581
File: 1.59 MB, 498x424, chainlink-link3.gif [View same] [iqdb] [saucenao] [google]
55817581

>>55815322
>>55815326
This is all absolute horseshit.
I have 7000 Chainlink staked to staking.chain.link and the team made an infographic with some words and a checkbox, which means I'll be able to earn risk free return on my LINK once they move it to the auto-delegating reward pool for me because I'm an OG and they've never wronged OGs before.

>> No.55817595

I know you think they're saints
but anon I'm here to tell
L.I.N.K.I.E.S are just E.V.I.L.
LINKIES ARE EEEEEEVIL
THEY'RE MAKING ME FEEL LIKE MY HEAD'S IN A HYDRAULIC PRESS
(and that don't feel too good)
LINKIES ARE EEEEEVIL.
say it with me:
E.V.I.L. L.I.N.K.I.E.S.

>> No.55817635

>>55817595
Satan is the result of a several thousand year game of telephone about Saturn, the longest cycling "moving star" that the ancients could see with their naked eyes, and the rituals they based upon those cycles.
Yes they still have impact today, no they are not evil but necessary for growth.

>> No.55817641
File: 103 KB, 796x588, DuTpHOYXgAACh2v.png [View same] [iqdb] [saucenao] [google]
55817641

>>55815322
>>55815326
Good post OP. Fuddies have been panicked and scrambling since this was announced.

>> No.55817666

>>55817635
>morality doesn't exist
>morality is just a intergenerational conspiracy about planets
yeah, i'm going with E.V.I.L.

>> No.55817701
File: 163 KB, 517x800, zuhal.jpg [View same] [iqdb] [saucenao] [google]
55817701

>>55817666
CHECKED
I'm a moral relativist, morality exists but constantly shifts.
The only constant is entropy.

>> No.55818699
File: 794 KB, 2250x1500, spacepepe.jpg [View same] [iqdb] [saucenao] [google]
55818699

>>55815326
Quackers aligned

>> No.55818737
File: 8 KB, 168x193, download (15)~2.jpg [View same] [iqdb] [saucenao] [google]
55818737

>>55815322
If that happens, then I may as well use the one I got saved on my Sylo wallet for that purpose.
Besides, I'm more engrossed in increasing my Futurescore so I can earn more ROOT, or better still bridge Asto or Xrp for it via the root network bridge.

>> No.55819653
File: 83 KB, 735x1009, 1691878813946.jpg [View same] [iqdb] [saucenao] [google]
55819653

More cult gibberish? Yawn didnt read, heres your objective reality though
>July 7, 2020
>LINK: $6.47
>BTC: $9,108
>ETH: $246
>BNB: $16.77
>ADA: $0.12
>SOL: $0.75
>DOGE: $0.003
>LTC: $43
>MATIC: $0.02
>TRX: $0.01
>XRP: $0.19

>July 7, 2023
>LINK: $6.16
>BTC: $30,342
>ETH: $1,868
>BNB: $236
>ADA: $0.28
>SOL: $21.90
>DOGE: $0.06
>LTC: $98
>MATIC: $0.68
>TRX: $0.079
>XRP: $0.47

>> No.55819744

>>55819653
this
not to mention link = evil

>> No.55819785

>>55815322
>BBC