What the fuck are smart contracts and oracles?

What is that?

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Like why is Chainlink more popular than Monero when you can actually use Monero in a useful way?

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Try build a useful tamper proof digital agreement, that isnt just token shuffling, without an oracle

Or why do people invest millions into IOCs that have litteraly no substance and then turn around and shit on newer coins, like Turtlecoin, that have actual active development into useful uses and technologies?

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But who actually needs that?
Who is creating the demand for that?
Why would I need that?

Even if there is a demand I can't imagine it being large enough to support an ecosystem of nearly identical services this large.

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Ok thought experiment here:

Lets say I start a widget company. We start small but after a year or two we really take off. We make such good widgets that we go nationwide. After a few more years we go international.

At what point would smart contracts and oracles be useful for my company?
What would we use them for?

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Its public secure trustless event driven architecture. Very current architecture trend at enterprise level. Big data, ml, microservices, automation. Data is the new oil and oracles connect all that goodness to tamper proof self executing agreements.

Rombus not shilling 5 trillion data points for no reason

You just spoke greek to me. Can you say that without buzwords? Break it down barney style?

Also are you guys enjoying the hi-res Bible Black artwork?
Keep it going?

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Cbf, Google event driven architecture and have a dig

Then google smart contracts

Go read crypto oracles medium post

And how does that translate into more $$$$ for the buisness?

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I can do that but it still doesn't give me a use case

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>Smart contract
it's essentially just a piece of code running on the chain. They call it a contract because it can't change unlike most software that can be patched - once set it's firm like signed contracts. This gives confidence in using it without fearing that it might scam you a day later after you reviewed it. "Smart" is just hyping up that being running code it can do stuff on it's own while a regular contract needs to be interpreted and taken care of by people.

Thank you.

I hope a green haired school girl sucks you dry tonight and makes you breakfest in the morning!

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There is nothing we are missing. I can let you into a secret but you must delet the thread straight after right. Smart contracts and oracles are a meme that us 4chanians are pretending are the future to trick reddit and dump on them.

Don't even care if I get down voted for this.

Damn you have a lot of hentai in your phone gallery

I have the whole Bible Black Artbook.

My favorite hentai by far. The runner up would be the various *endo series (Stringendo, Accelerendo, etc). It was basically the first porn I saw as a kid.

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lawpracticetoday.org/article/getting-smart-smart-contracts/
For discussion of smart contracts

Still the best hentai series

Cute Feet

you know nothing yet, when you realise, you will sell al your alt stacks and go 100% on sergey

>There has to be SOMETHING that we are missing
your brains, fucking retards
brainlets

Self executing contract between 2 parties without the need for a 3rd party moderator (lawyer). Nobody is actually using smart contracts today. Everyone is just speculating that they will be widely used a few years from now.

damn the japanese for inventing futas.

hermaphrodites are old content. Japan just made them cute. Medieval style was fugly devils.

Yeah, this isn't going to make sense to you right now but it'll give you some stuff to google.

>What the fuck are smart contracts
A computer is a state machine. What this means is that for the same inputs, the same outputs will be produced every time, without fail. This means you can store these inputs on the blockchain and have ANY state machine, regardless of whether it's an actual computer or a virtual one, process the inputs to reproduce the same outcomes.

This means you can store the inputs on a blockchain, where nobody can fuck with them, and then have the outcome validated on the network. It effectively means you can publish contracts in the form of state machines on the Ethereum network, and then have people use such contracts to validate their own stored inputs across the network without fuckery.

Imagine a notary who holds a will. In order to change the will, you'd have to bribe the notary to change it. A single point of failure. Even if there's a co-signer, you'd still only have 2 points of security. Can't do that with Ethereum, because you'd have to falsify all the nodes at which point the network is compromised into uselessness anyway.

Interestingly enough, the Ethereum network can receive an event trigger and then perform an action. This means you can set up things like regular payments as well as cool stuff such as conditional property transfers. And you no longer need humans to generate the inputs. You could have a bot set to buy some tokenized stock at some price, which then sends the inputs to the blockchain, which then transfers the ownership of the tokens to you by adding your metadata to the contract.

I hope this makes some sense. The question is kind of like "what can I build with Legos?".

Just to clarify the stocks example further
>currently you need a broker
>what this broker does is buy and hold stocks
>this broker has records of what outstanding debts there are to customers, much like a bank
>brokers only trade within certain time-frames

So not only are you NOT the owner of the stocks because they aren't in your name, you have to deal with expensive fees, limited trading hours, a limited sized market and of course the scammers that run this whole scheme, who can shut it all down at any time they please.

If your broker goes bankrupt, you have nothing. The broker has the stocks in its name. It is the owner. You are a debt collector and you're last in line.

So what smart contracts offer stocks:
>24/7 trading
>no more brokers
>you are the actual owner of your stock portfolio
>much, much faster transaction times
>automated trading if you want to, made so easy that some kid can program a simple bot in an afternoon with little programming experience
>the blockchain is global, so the trading is too

And that's just 1 application. The possibilities are endless. Think of these platforms as you would think of Android OS.

I can't get enough of bible black

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THAT IS WHAT I WAS ACTUALLY LOOKING FOR!

Thank you good sir

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All of this isn't possible without a project like chainlink right?

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Can you please rank your favorite bible black episodes?

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It's not possible without an oracle feeding data to smart contracts. It doesn't necessarily have to be chainlink.

You've left out the most mind blowing application of smart contracts for trading stocks. But since this is some weird bait or false flag thread, thats probably fine.

give this a read, it explains oracles and potential applications of feeding external data sources to smart contracts quite nicely

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>Japan just made them cute.
and made me gay

This. Forget about all this and go back to whatever degenerate board you came from.