I don't think you guys understand what ChainLink does. Smart contracts can rely on inputs from multiple trusted oracles without using ChainLink at all. For example, if Nasdaq and the New York Stock Exchange publish their data to the blockchain, a smart contract could check for a certain degree of consistency between the two data sources before executing. That type of redundancy will likely become a design pattern in smart contracts even if the dream of true decentralization/trustlessness is unattainable.
ChainLink is useful if your smart contract needs stock prices but you don't have direct access to a trusted source such as the official Nasdaq API. You can solve your trust problem without depending on a legal regulatory system by using independent nodes that will all be punished financially if they fail to reach consensus -- the schelling point will tend to be what is most widely believed to be correct information. Node operators will find it more profitable to build a reputation for speed and reliability than to defect because they will be unable to coordinate defection with enough nodes to reliably change the outcome of smart contracts anyway. All these nodes may be querying a single source of data -- the Nasdaq API -- but we're not demanding that the data are provably true (which is impossible) just that they are provably accurately reported.
Notice that if all these independent nodes are just reporting data published by a single source such as Nasdaq it would be just as reliable and a good deal simpler, both legally and technologically, to directly query that single source. There's just as much trust involved in either structure. Smart contracts can't do that if the source is off-chain. However nothing is stopping Nasdaq from publishing real-time data on-chain and largely eliminating the need for a decentralized oracle network to query their API.
There are also types of data that are easy for nodes in a decentralized oracle network to observe independently -- for example, you might want to trigger a smart contract on Ethereum if a certain bitcoin transaction occurs. This type of data will always be most reliably provided by a network such as ChainLink.
When the adoption is high, data sources (or API providers )will begin providing their own oracle's because the effort will be worth it then. Largely eliminating chainlinks use case, as "decentralization" imposes a huge cost with no more security than "trusted" oracles built by the data providers.
Tl;Dr. Chain link is a medium term hold, helping with the ease of adoption for smart contracts, then diminish in value for the long term (4+years)
Alexander Taylor
Oh no I’m only gonna be rich in less that four years whatever will I do. This isn’t even FUD senpai. Are you basically saying once everything is done on chain the chainlink will be redundant because there won’t be any useful off chain data to link to a blockchain?
Xavier Anderson
God, learn to look at things other than FUD or shill. Don't be a simpleton
And no, there will be important off chain data, just put on the blockchain without all the complexity that ChainLink comes with
Anthony Martin
The point is that eth will probably outperform link after 2025
Bentley Foster
This, just a bunch of 4channers scamming us redditors to fund the alt right Donald Trump campaigns, don't fall for it
Josiah Carter
I just find it funny that success of smart contracts will lead to the demise of ChainLink
Grayson Jones
Imagine being in such a panicked frenzy as a discord swing trader that you write meandering, bloviating nonsense in the desperate hope that link will come back to your 4k sat still price. Holy fuck what a life, lmao. Might have to bite the bullet and rebuy, op, I know you only have about $500 so every linkie counts, but still...
Bentley Carter
Are you a swing trader? Were you the one who posted this to Discord in order to FUD?
Henry Cook
What a brainlet response. Not surprising considering most people who understand the technicals have left the board after you guys started posting
Daniel Lopez
No, I'm not. Check the time stamps. The discord faggot probably copied from here. I don't use discord
Brody Taylor
>When the adoption is high, data sources (or API providers )will begin providing their own oracle's because the effort will be worth it then. Largely eliminating chainlinks use case, as "decentralization" imposes a huge cost with no more security than "trusted" oracles built by the data providers.
What happens in the case of 2 banks with their own trusted oracles but don't trust each other but still want to do transactions together? Whose oracle do they use then?
Christopher Hughes
> What happens in the case of 2 banks with their own trusted *data sources*.
Who's data will they trust?
You see where I'm going it? Oracle just puts data on to the chain, it will only be as trustworthy as the source itself. If the banks don't trust each other's data, they don't transact. No amount of oracles can make this interaction trustless. But they still do business anyway cuz the threat of legal action is real.
Jacob Brooks
>However nothing is stopping Nasdaq from publishing real-time data on-chain and largely eliminating the need for a decentralized oracle network to query their API. Nasdaq Twitter > Sorry we're having issues sending our data on-chain at the moment due to technical issues more like you don't understand the point of chainlink brainlet
Kayden Smith
The panic behind swing trader posts is almost more delicious than the fat gains I'm making. Almost. Not quite.
Ian Roberts
How do they get the data onto the blockchain?
Joshua Diaz
Lol, what about the source (also managed by NASDAQ, used by your favorite decentralized Oracle network)? It can't go down ?
Cooper Evans
>hurr durr 3rd party not needed, durr dey just trust eachother cuz lawyers durrr,
holy fuck you are the worst kind of retarded. You actually think you are smart, while you miss the absolute most important aspect of the technology: end to end trustlesness, from a decentralized 3rd party middleware. Im guessing if you are not whole sale retarded, you own at least 100k stinkers.
Justin Rivera
You write "sudo data on blockchain" in the command line.
Anthony Peterson
>What is ISO 20022
red up brainlet
Jeremiah Powell
kek, really showing your stupidity here the whole point of chainlink is to allow the aggregation of multiple data sources with adaptors one goes down, who cares, it's using 6 different apis can't do that if you rely on a single contract with a single entity writing to it can you now
Kayden Reed
It's asking for a password now and there's some weird flashing key symbol
Juan Price
Some of you guys know very little about any of this. None of this is fud or shill. I'm literally just elaborating on the fact that this is not a technology that is here to stay (unlike, say eth). It will be extremely useful in a transition period, but will be phased out afterwards when people realize you can do this way cheaper and simple. Please talk to rory or Thomas, they'll tell you the same thing.
Anthony Jones
You can aggregate data using smart contract code
Cooper Mitchell
Without the need for an oracle service
Lucas Morales
>when people realize you can do this way cheaper and simple didn't realize I was talking with a pajeet
Juan Peterson
can't chanlink query muliple data sources and compare results and in that way also make the source trustless? I thought that was the other aspect of chainlink
Asher Butler
I'll be away for a few hours, off to the gym. IP might change
Ryder Stewart
Yeah, you can do that within the smart contract as well. Just write a program to compare/ aggregate/ whatever operations to want to do to the data coming in from multiple sources
Zachary Miller
with a single party writing to that contract spending gas for no reason at all and offering a paid subscription to free for everyone you really don't understand the concept of "decentralisation" and "data markets" do you? what about offchain computation, private api calling and all those other things that you can't do without link
James Adams
>im actually more qualified to talk about this than most anons…..
I would say to kys pajeet, to save the human genepool from your chromosomal malformation, but you are actually pretty entertaining, so I suggest instead you merely castrate yourself, so we can keep reaping the joy of your mush mouth lame brain.
>hurr, im smurt, leesten guys, durr apis and smurt stuff makes it chepper, leesten guys, I got dis many (confusingly holds up both 3 and 4 fingers uncertainly) gold starz from my techer. u guys r da dummies, hurr
Ayden Moore
> desperate swingtrader thread no 2421 > hurrrrr the oracle problem isn't even a real problem hurrrrrrrrrrr Thanks for yet another well thought-out post my guy. Just sold 100k.
This is basically a slightly more advanced version of ‘dude they’ll just use their own oracles decentralisation is just a meme dude lmao’
Aiden Sanchez
It's safe to say you understand nothing
Dominic Sullivan
good argument sanjay, hows the whether in mumbai?
Sebastian Powell
With that first post, you talking about arguments is laughable.
Sebastian Ramirez
Computation on the chainlink network won't be as cheap as you'd like to imagine. As for TEEs, not everyone has to trust or use Intel. Remember that link is also a network, a network of nodes, this drives up the cost of doing computation. But right now anything is better because eth is being a piece of shit.
Luis Allen
I need to sign up for tennis lessons, pls sir where do I go?
Landon Anderson
Who's even going to be publishing data on chain? It will take a long time, if ever, for any considerable amount of data feeds to be based on chain, let alone across chains. Although maybe some interoperability project would allow for only a single chain to be used. But still, interaction with legacy systems are a huge part of chainlinks pitch. That's going to be relevant for a long time.
Jaxson Harris
t. auger faggit
shit pajeet, you think we are this dumb? none of your arguments hold water, hence the lack of a need for a thoughtful response. The fact you think no one here can comprehend your genius, while you impotently try to convince us of it, is telling enough. You lack insight, foresight, and the communication skills to even make a cogent argument, much less offhandedly promote your shit ass prediction market. Ari Juels nigger, you lost Link won, game over, now all we need to do is sit back and wait for vitalik to cut his dick off and go full bore chris chan. With any luck you will be joining him.
Charles Moore
I agree. Hence why I hold link. Some of these morons think if you ain't calling it The Best in the world, you fudding Who's "we" , I think you , specifically are a retard and probably of one of the low iq races, likely pajeet
Brayden Wright
people don't expect it to be cheap hence why sergey has been saying "pay for decentralisation"
Benjamin Peterson
nice try indian guy
ur nigger tier arguments are fortified with literal human shit.
Evan Cooper
> desperate swingtrader thread no 2421 > hurrrrr the oracle problem isn't even a real problem hurrrrrrrrrrr Thanks for yet another well thought-out post my guy. Just sold 100k.
