>So this is your standard meal, right? And if I'm a buyer, I want an even exchange of value... of currency to goods, right? Now I can give the cashier US dollars, but if I give the cashier US dollars then something might go wrong with my order, what can I do about that? You didn't enter any kind of agreement with what will happen if the order is messed up somewhere along the line, right? But with a smart contract, the food and the money would be put up front, and the order would only execute when a third party verifies that everything checks out. So what do we need to do this? To do this, we need a decentralized network of oracles, all checking the data for the transaction to independently verify that both signers of the contracts are fulfilling their end, right?
>That's where Chainlink comes in. The node operators on the Chainlink network will see your cash input and verify that it's the right amount, and will check the McDonalds to ensure that they remembered your big mac, your fish fillet, your soda etcetera. This way there are no problems, right? And compared to the old way of doing business, this will simplify the process while also introducing added trust for high volume orders, such as the one I'm holding in my hands. Thank you.
OH MY GOD, I had the voice of sergey in my head reading this, how is that possible?
Bentley Baker
btw true story, that's exactly wht chainlink is meant for. except for buying bigmacs
Jace Williams
lol
Just imagine trying to validate an estimate of a car.
"Well, looks like that settles it Mr. Dreyer, 27 people on the internet put these car specs in to Kelly Blue Book and 24 of them voted on this price."
"Why didn't we just use Kelly Blue Book rather than waiting a week for third worlders to use google?"
Josiah Diaz
> Price tanks 70% 5 minutes after the presentation
Angel Ortiz
HOLY SHIT! KEK!
Nathaniel Barnes
>How she know when you nut?
Lincoln Ortiz
He‘s got it !
Ryan Morris
Serious question, how can you put more abstract agreements into the "Link-Exchange"? Will there be a human verifying these transactions, and the transaction only goes through once it has been verified? or will it be a computer program of sorts that verfiy it, and how can you compute abstract agreements into a "language" the computer can understand?
Landon Evans
try watching a youtube video
Leo Jackson
I watch youtube videos on a regular basis, most of them are Music videos and provide no answer to my questions.
Isaiah Ramirez
It's more like >hey you didn't fix my roof like you said I would >I have 10 human oracles backing me up on that. You don't get your payment until you complete the job.
Eli Phillips
thats the whole point of smart contracts, they are ruless written in code that execute if condition X and Y happen then payment happen.
smart contracts code is being recognized as being as legal as a classic contract. exxcept the terms of the contracts are the rules written in the code of the contract. those smart contracts will require data feeds to execute and those data feeds are provided by oracles. a contract can require a verification from 10 oracles before being executed. 10 decentralized trustless oracles, wich is the whole point of chainlink.
oracles being hosted by you and me and giving answers to smartcontracts. if the smart contract consideres a statement true if 10000 oracles replied true, then the rule coded in the contract will get executed. welcome to the future...a
Eli Morgan
Since you didint understand ill make it simple for you. Try watching a youtube video about chainlink. If that is too complicated try smartcontracts and oracle first.
Also your question dosnt make any sense.
Henry Thomas
>ring ring >hello? >hi, I'm an oracle and I need to inquire about a home you may have roofed recently >you're a what? >an oracle, you know, chainlink? I need to know about your customer at 263 Westmore Ave >we don't give out customer information *click*
Dylan Sanchez
no sergey, thats not my go to meal.
Big mac mcdouble (or mctriple) 4 piece nuggets mcchicken fries No drink
Gabriel Kelly
Except chainlink wouldnt be used that way
Jayden Davis
Do they employ oracles?
I didn’t think that was a job, wouldn’t mind the title though
Kayden Phillips
>ring ring >Hello? >Hi, do you live next to Jason Greene? >He's a few doors down I think >Could you tell me if his roof is patched? >Uh, why do you need to know? >I'm validating this smart contract >I don't have time for this >I can pay you 75 cents if you just go loo- >*click*
Brandon Rodriguez
That's the funniest thing. >I'm going to be late tonight sweetie, I'm driving to the town over to see if I can sneak in to a lumber yard and count their stock of oak beams.
It's so hilarious that linkies can never give me a real use case outside of generalities.
Noah Bell
So can somebody explain to me why companies actually want this or are willing to deal with it? I get that its trust less but can someone show me where the level of failure due to trust is high enough to warrant the cost of adoption? Honest question here
Dont huge companies kind of already "trust" each other?
Camden Scott
Theoretically you wouldnt have to manually manage this I'm assuming right? It would be done with telemetry/apps where their job requires them to provide proof to app of work done and no contact need to would occur for verification. I'm just still struggling to understand is there really *that* big of a trust gap? And if so what industries (and of what size) suffer from it more and why?
Hudson Allen
have you heard of automatization? in the future companies wont need to hire people to verify that contract X is followed. companies will create a smart contract that has a legal value and it will be trustless, because it can be ran automatically.
chainlink will bring .
for example, why do you think a bank transfer can take 2 to 3 days, meanwhile a crypto transfer takes a few minutes.it's all because bank transfers are handled by humans.
now chainlink will bring crypto efficiency to agreements between corps, making our world go faster and be more trusworthy. humans commit error, in banks it costs them alooot ofmoney to hire people to verify, or fix transaction errors.
Lucas Peterson
...
Jason Cook
>bank transfers. >2-3 days.
I see. You're an american. In the rest of the world, bank transfers are instant.
Evan Rivera
Likely. And if they do all that, there's literally no point in using chainlink.
Michael Reyes
No they’re not...
Blake Gutierrez
instant bank transfer? the fuck you on? have you ever done a bank transfer to another account to the one you own? it always takes 2 days minimum, that's how swift bank transfers work. that's why banks are failing and are afraid of crypto. because crypto is almost instant
i actually work in cash management in a bank -_-
Dominic Thomas
Once I had a dream that I was on the way home from work and I went through the McDonald's drive-thru. As I pulled up to the window the man handing me my Big Mac, french fries, and ice cold Coca-Cola was none other than Sergey Nazarov. I said I recognized him and asked why he was working at a McDonald's. He said he didn't work there (even though he was dressed in the full uniform) but was just there to do a tech demonstration of chainlink oracles. "Your order is actually the first", he said, smiling and handing me the bag. "Now let me just link that in." I gave him a high five and started driving away when I realized that I didn't get my big mac, I got 2 snack wraps with big mac filling (not even on the menu). I was pissed, and went back but the line for the drive thru was now about 50 cars deep. I parked to go inside, furious at this seemingly impossible turn of events (the drive thru was desolate when I had first ordered). As I approached the front door I saw Sergey's silhouette standing behind the glass in a dimly lit interior. He switched the open sign to "closed". I increased my pace and yelled to him while pointing at my bag. He made eye contact with me and then slowly turned around and disappeared into the dark recesses of the McDonald's kitchen.
they are NOT. bank to bank take even more time and especially if they are not in the same country. in order to make a bank transfer you have to make what we call a SWIFT.
and input execution validation takes about a day or two
What stops IBM from creating something like chainlink mostly built to work around one or two preferred cryptos and the banks just focus on using a closed in system developed by IBM?
I understand that Chainlink is bigger than that but in terms of that ever-present largest use case (replacing SWIFT) I'm having a hard time imagining banks adopting any system they don't have absolute control over from top to bottom. Banks care more about domination than they do trustlessness and even automation. Banks will slow down the spread of automation if they think it will lower their dominance, that is LITERALLY all they care about.
Thomas Thomas
you are mistaken, by 2020 banks HAVE to be automated, they are stressing like crazy, they dont want to fall behind. now we have online banks that started showing up, and people are using more and more online banks.
in the near future everything will be automatic and we wont neeed people to execute bank transfers.
right now can you imagine? corporates have to send a fax to their bank asking for bank trasfer, then a buy recieves the fax and creates a swift manually, he can input the wrong adresses. and then send the swift, rince and repeat for the recieving bank.
Aiden Reyes
That doesnt stop the banks from demanding an in house solution similar to chainlink from IBM instead though? Chainlink might even be big in terms of the rest of the world but I'm having a hard time imagining a major US bank taking that big of a risk of moving their tech platform away from companies like IBM. If something went wrong the CEO that did it would lose his head.
Brayden Edwards
dude chainlink isnt about hosting smart contracts, banks can indeed have their own smart contract solution. chainlink is here to provide data to the said smart contracts.
