The New Paradigm /Biz/

[Anonymous No.14150429]

Ok here's something you guess can start shilling to Reddit seeing as the consensus appears correct - the time to fud has finished, link needs promotion & shilling now, all of us are disappointed that it didn't go hight with a google announcement. But we can use that as a base from which to start telling people : ChainLink is bringing about the 4th industrial revolution, check it yourself, you don't want to miss out etc.

Example shill:
The tokenomics of the LINK token.

1. Chainlink nodes will be paid in LINK tokens only. There will be conversion tools for people that want to use fiat but will be converted to LINK. at the end of the day only LINK tokens can power the network since the nature of ERC-677 token, built specifically for LINK, is to transfer data.

2. LINK tokens are used as collateral value. Smartcontracts will use Chainlink nodes that carry a % value of LINK to the value of the Smartcontract. So yes, you can start a node without LINK but no one will use it. High value smartcontracts or any contract that has value will use nodes that carry the same or a % of value of LINK.

3. Decentralized networks that are home to smartcontracts will need decentralized data to execute. Chainlink is currently the only option. Thats why you will see everyone in this space partner with Chainlink

So....

1/2

[Anonymous No.14150444]

So

Smart contract creators will demand a certain level of reputation or amount of collateral, to be paid in LINK tokens, that suits the value of their smart contract. A $1million bond would require a lot more collateral, than, say a smart contract dealing with $100. You wouldn't select the low rep/low collateral available nodes for something like a huge bond. Chainlink is actually targeting these high value contracts. Sergey has discussed at length why high value contracts in the financial world require a decentralized oracle: it puts all the risk onto the oracle rather than the smart contract creator. The smart contract creator doesn't risk losing money - the node operators do. The Chainlink network is genius like that.

There is infinite amount of collateral available because the token price can rise to meet it.

Now you have to research how large ALL these markets are. derivatives, insurance etc... hint: Trillions.

Is 1000$ really possibly in say the next 3-4-5 years?

[Anonymous No.14150457]

>>14150444
Eric Holder lied, Paul Walker died

[Anonymous No.14150787]

Also reminder that if you're not a NEET, but in an industry that could utilize smart contracts, don't be a fag. Yesterday I stood in front of the entire management of my company (with some 15k employees) and shilled the fuck out of smart contracts because they'd quite literally save us tens of millions a year, and of course I namedropped LINK when explaining why no one has been able to utilize smart contracts until now.

Do your part, faggots. Smart contracts will revolutionize just about every industry. We just need to force the fuckers to take the leap.

[Anonymous No.14150871]

Chainlink is the key to mass-automation of a bunch of processes, obviously. There is no limit to what you can do with it. It's infrastructure. When people say that most legal and managerial tasks will be automated in 10 years, this is certainly a major part of what is going to enable that shift.

>In fact, it's probably even greater than just the next step in automation. It's probably the next step in the development of capitalism itself. Think about what capitalism is based upon for a second:

>1. Private ownership

>2. Contract enforcement

>Do I need to elaborate on point 2 or can you imagine that part for yourself?

[Anonymous No.14150927]

>smart contracts need off chain data from apis
>data gets on to blockchain via middleware called oracles
>current oracles are centralized defeating the purpose of blockchain (trustless, immutable ledger, no single point of failure, etc.)
>chainlink proposes decentralized oracle network comprised of independent nodes
>contract exists on chain
>contract calls chainlink contract
>chainlink contract gives nodes on oracle network orders
>nodes query relevant apis from (not necessarily) disparate sources for data
>apis return data to nodes
>nodes aggregate data with algorithms that return accurate data despite potentially faulty nodes (aggregation algorithms and their proofs are technical, just go slow/be patient and look up relevant terms)
>aggregated data is returned to contracts on chain
>contract executes according to conditions satisfied by the returned data
>nodes build reputation by several reliability metrics
>node uptime and timliness in query reponse
>correct data reported
>number of contracts offered to node
>number of filled contracts
>number of correctly filled contracts
>average node response time
>penalty payments offered (nodes may or may not be required to stake LINK as collateral in case data they report is incorrect and causes faulty execution of a contract)
>LINK token is used both to pay node operators for successfully filling an on chain request and as collateral/penalty payment for serving up faulty/incorrect/fraudulent data to an on chain contract
>nodes can also operate on intel SGX "trusted hardware" that allows them to parse contract related data in a private environment or to perform calculations with that data in private (some users may not want certain calculations or transactions to appear on a public blockchain)

[Anonymous No.14151091]

You fat, cock sucking piece of shit have no idea what you're talking about. This is a legit project, out of thousands of crypto projects this 1 and a handful of others actually look good and should take off 1 day with good reason. You honestly think that devs of a $32mil project are concerned with keeping some social media addicted, millennial morons up to date with the latest news from said projects? Because they are not. If you want to keep up to date, ask questions on the slack, follow the github, don't come to a Japanese anime board crying about lack of tweets.
>You think bin laden orchestrated 9/11, you think iraq had weapons of mass destruction, you think north korea and iran are threats to the west and you probably think we've been to the moon and that we live on a fluke ball spinning around the sun at thousands of miles an hour and that the moon is just a lump of rock there by chance that only appears to be the same size and travels similar routes to the sun, because it's exactly the right distance, by coincidence, and our ball earth tilting at exactly the right angle, by coincidence, rotating at exactly the right speed, by coincidence that they just "appear" the same size, travelling the similar routes and the same speed because COINCIDENCE - MUH BIG BANG ALL THE SCIENTISTS CAN'T BE WRONG.
>WELL YES THEY CAN. BECAUSE THEY ARE. AND ALL YOU FUCKING RETARDED PIECES OF SHIT CAN'T WRAP YOUR HEAD AROUND THE FACT THAT YOU, YOUR PARENTS, YOUR TEACHERS AT SCHOOL, REPORTERS ON THE NEWS AND ALL THE "TOP SCIENTISTS" HAVE BEEN LIED TO FROM FUCKING BIRTH. ABOUT EVERYTHING. INCLUDING THE VERY NATURE OF YOUR BEING AND THE VERY NATURE OF REALITY. IT'S ALL A FUCKING LIE.
>CHAINLINK IS THE WAY OUT
>GET IN OR GET FUCKED.