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/biz/ - Business & Finance

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7911141 No.7911141 [Reply] [Original]

I give in. I'm finally jumping on the LINK train. I know I will actually kill myself if LINK takes off and I never bought any despite seeing it shilled on this board every damn day.

>> No.7911160

congrats on falling for the pajeet discord i guess

>> No.7911173

You have a great point there OP. Surely buying suicide insurance is a pretty wise investment based on how much shilling this token gets.

I've looked into the whitepaper myself. Seems like a pretty promising project overall except for one thing: I still don't understand why ChainLink will be necessary for Oracles.

Why wouldn't Ethereum build their own on-chain oracles? Why is the ChainLink token necessary at all?

Furthermore, if a bank or an insurance company wanted an oracle for blockchain use, why wouldn't they build one in-house so they know they can trust their data verification and munging processes?

There's literally no reason for ChainLink to exist right now, especially since they don't even have a working product (the chainlink token is literally ERC20 solidity boilerplate code). Correct me if I'm wrong.

>> No.7911208

>>7911141
How many times did the discord group tell you to make this same thread in 1 day? Isn't it a little too obvious at some point?

>> No.7911225
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7911225

>>7911173
>>7911173
I noticed a lot of you guys didn't know what ChainLINK would be actually useful for or get too hung up on the "banking" premise that was shilled a lot on /biz/. Let me explain the TRUE merit of ChainLINK.
Bitcoin was the first decentralized currency that was trustless in nature. Ethereum was the first decentralized smartcontract service that was trustless in nature.
ChainLINK is the first "bridge" between real life data and crypto that is decentralized in nature.
What does this mean?
ChainLINK can take real time datastreams like Sensor data/non-crypto financial data such as real time interest rates etc and combine it with smartcontracts.
What this does is create tremendous potential wealth and make businesses possible that weren't possible before ChainLINK existed.
Let's look at the examples of how ChainLINK could be used in real life with one thing that is already confirmed.
A startup called Confido wants to make a payment and delivery system where they will use real time data from the delivery service's sensor system if a package actually arrived or not. When the sensor data confirm that the package is arrived a smart contract will automatically pay the vendor of that package automatically. This type of service would be impossible with ChainLINK if you'd wanted to make it trustless without 3rd party meddling.
Other potential things that could be done ONLY with ChainLINK.