I'm going to make this thread because I think there's plenty of brainlets here that fell for the FUD and it dosen't really change anything to me if you guys put your 500USD into LINK or not, but it could change your life:
Smart Contracts are a type of digital agreement that automatically executes whenever certain pre-determined conditions are met, this allows to make cheaper, more secure and reliable digital agreements without needing to trust a third party The problem is that Smart Contracts cannot communicate with off-chain data (interest rates, FIAT values, the time, et cetera) This makes something as revolutionary as Smart Contracts limited to exchanging ERC-20 tokens mostly, and certain Dapps like cryptokitties (on-chain data; example: X amount of ETH = Y amount of ERC-20 tokens/kitties) To make more appealing Smart Contracts you need something called an "oracle" that is basically a middle man that connects off-chain data to the smart contract, this person has a certain power since they can change the data to their favor (we're back to trusting a middle man, which is not the point) ChainLink aims to become the leader Oracle service by creating a trust-less, decentralized oracle network, where you don't need to trust an oracle but rather the protocol of the network (think about it like Uber, you don't trust the driver, the driver dosen't trust you, but you both win by using the app, that is trust-less in nature)
This would allow financial institutions to save BILLIONS and that would be just the first implementation of the network
They're working with Accord and OpenLaw so it works with the current legal framework and they've worked with SWIFT so they're compatible with legacy systems (ISO 20022)
I recommend you read the whitepaper and the god protocol by Nick Szabo if you're interested in what I've said
I'm actually more qualified to talk about this than most anons.I'm employed with a cyber-techno machinations company, I do a lot of security analyst programming type work. Open source, decentralized, APIs, partnerships, you name it. We'd be one of the first companies in line for something like Chainlink, if the decentralized smart contract space had more value over traditional data exchanges. There's a catch though, an underlying flaw more deeply embedded in the bedrock of LINK than the very code itself. The flaw is with the concept, and it's this: Companies won't actually go through the hassle of trusting their data API's through crypto.
Now I can already hear your keyboards going frantic, but hear me out. Jow Forums hates banks, and traditional data providers. But actual companies, businesses, and investors do not. There's an old saying you might have heard of: "If it ain't broke, don't fix it!". The idea that any of our bosses would give us the go ahead if we approached them to put our companies valuable data in a smart contract on a cryptocurrency called Chainlink, that they've never heard of, we'd be laughed out at best and fired on the spot at worst. We already have API data buyers and providers we trust.
'But Chainlink is trustless!' I hear you cry, but is that really a good thing? Just listen to the sound of it. Businesses don't want to spend millions of dollars on something that is trustLESS, they want something trustFUL. 'But the reputation system!', doesn't that defeat the whole point of your coin? If companies only trust nodes with high reputation, what's the difference between trusting banks and data providers that already have reputation, but in real life not on a computer screen.
The fact is, LINK is going to share the same fate as ETH will. A lot of 'real world application' hype, with a lot of 'crypto world application' reality. Only, this billion supply coin isn't going to come close to the $1k that Etherum hit. Happy gambling though anons.
sorry man, this project is actual junk. It's already been confirmed by some of CNBCs top analysts as an asian scam coin. Please don't post things like this on biz man.
Daniel Garcia
Chainlink is just a Jacob Parsons who could get implemented onto Eth with 3 lines of code and is impossible anyway.
David Gonzalez
linkies don't get to call others brainlets until they learn how to make generals
Jonathan Smith
>Nobody is going to use this newfangled internet shopping when you could just go to the mall. Do you really think malls are just going to go away? Hah. Kids these days...
Tyler King
this is ALSO false, smartcontracts r the future
Chase Scott
>This would allow financial institutions to save BILLIONS and that would be just the first implementation of the network
Now why would they want to do that? So they can put the billions in their pockets? Nah, our financial system is shit, they'd rather report it as billions of dollars spent than saved.
To conclude: Blockchains are essentially very secure databases. Smart Contracts are lines of codes that automatically executes a function when given an input - just like biological cells or vending machines. Chainlink is a form of digital infrastructure/network that secures data transmission
Most uses cases outlined within “Smart Contracts: 12 Use Cases for Business and Beyond” cannot become a reality if there isn’t a way to verify legitimacy of information being fed into smart contracts.
i dont care to understand all of this autism, i just want to get in early to a potential ponzi scheme
Joseph Ramirez
user, I hate to break it to you but LINK is worthless vaporware that will never reach main net because it's completely unnecessary. IBM has solved the oracle problem already, and there is no need for "trustless middlemen"
TERRIBLE news for LINKLETS. The Maersk-IBM project is on it's way, and part of this is the ClearWay project.
>To simplify future integrations, a series of application-processing interfaces (APIs) is also being released today along with the beta version of smart-contract platform ClearWay, which runs self-executing code that fills in for middlemen
> Middlemen AKA ChainLink. Bye bye link. Link's team of 2 developers has ZERO chance against IBM. Link has absolutely zero purpose now. Do you think businesses will trust two random developers with no background to run middleman software with publicly embedded unsafe API keys? Or do you think they will trust IBM with their lock tight solution? It's a no brainer.
that project is basically an open API guess what they need to deliver that API securely end-to-end?
they also said the project is expected to be live by EOY, and we speculate CL should be live by then too
uh oh someone sold low
Juan Murphy
here's my biggest actual fud on link: its going to take those with genetic riches (high IQ) and make them much much richer To understand the need for and value of a trustworthy oracle network is hard If youre smart enough to get it, youll get rich just dont forget your IQ was forged through thousands of years of ancestral struggle dont be a faggot when you get rich
Michael Price
ahhahahaha "MIDDLEMEN" oh shit !!! it's all over they're using the same term!
