So I've been doing some research on Chainlink and have a few questions that hopefully I would appreciate that you could answer. LINK looks like one of the projects I could start accumulating for the future but was unsure of a few things. And I've been watching Sergey gives conference speeches. He's very smart and actually one of my favorite parts that sold me is that the "out of the box" usecase for Smart Contracts were tokens, and something to the effect of "yeah tokens are great everyone loves tokens, but that's it." So he GOT IT. Big fucking woop about tokens.
Then if I go down CMC and basically summarize each project in a sentence or two, I can see that LINK actually brings some value rather than being another currency or contract platform - we already have ETH and BTC that dominate for those. And of course, it being added as pairs adds legitimacy.
And also lastly, I saw an user commenting on some of the youtube videos with the poo poo pee pee meme. And I thought, that is the most autistic meme I have ever seen. I HAVE to know what they see in this.
There are still a few things I'm not fully understanding.
1) So let's say LINK becomes big and is bought on different markets. Then at that point, the price would be volatile like BTC or ETH. So, for stability reasons, why wouldn't a decentralized smart contract network use a stable coin to ensure the value remains constant?
2) This is the main one I don't understand (pardon my ignorance). The idea is the chainlink network feeds real world information in, basically by API's of any site/app/program that has an API built and will allow this. So, why is LINK the one that is able to do this? Is it because Sergery has been doing this for years and has a leg up? With all the resources Ethereum devs have, and the fact that Ethereum is known for smart contracts, why don't they also solve the oracle problem? How is this project LINK supposedly able to do this?
DYOR. We've spoonfed enough of you weak handed bastards.
Adam Murphy
Fuck spoonfeeding, but
>1) So let's say LINK becomes big and is bought on different markets. Then at that point, the price would be volatile like BTC or ETH. So, for stability reasons, why wouldn't a decentralized smart contract network use a stable coin to ensure the value remains constant?
>2) How is this project LINK supposedly able to do this?
LINK is not the only project able to do this, this is misinformation. There are other projects that have decentralized oracles. This is too large subject for spoonfeeding.
Andrew Long
ucking disgusting newfags, newlinkers, and nolinkers finally starting to question their idiocy make me sick.
Literally two seconds on google and you’ll find articles about Chainlink in Forbes, MIT Technology Review, reports on CNBC, hours and hours of talks on YouTube... warosu has over a YEAR of serious in depth discussion about everything to do with Chainlink, dissecting every last detail... there are thousands words long Medium and blog posts explaining Chainlink from start to finish... And you want to be spoonfed a personal reply, tailored just for you? Typed out for you, personally? Um no sweetie. There’s a reason you got zero decent replies and that’s because we refuse to spoonfeed newlinkers who are too lazy to type into google. We spent a year researching this shit every single day and holding even through painful dumps to 20c. And you show up demanding info? Can you see why no one wants to give it to you easy?
You have to have gone through this experience, the months and months of reading and searching and learning, to truly understand, and to get to the point where you know it inside and out and will never sell. If someone types you a few lines, you’ll read them, you may buy some LINK, but you’ll just sell sooner or later for whatever reason because you didn’t really KNOW anything. So it’s pointless to explain it to you anyway
>REMINDER: Do not spoonfeed the newlinkers - the ones who make low effort posts demanding tailored research just for their little pathetic low IQ queries. Why not? Well, 1) They don't deserve it. and 2) They wouldn't understand anyway.
Brayden Peterson
Link is a Jow Forums meme for fuck sakes don't buy if you don't wanna lose money. The meme was created in 2017 and you are just walking in the pit if you buy.
Charles Cook
biz isnt a good place to ask for advice fren nothing here is trustworthy
unironically the most powerful people on this planet
Ayden Thomas
fuck off delphi
Justin Thompson
>1 Not understanding smartcontracts and not understanding why price stability is an easy or the first problem to solved, is the hurdle all brainlets trip on. >2 Why can OSS be industry standard. Why did businesses choose SaaS. These questions literally cannot be asked by brainlets. This is why they try to read about social consensus, why meaning will be felt after using chainlinked software, but never really known.
The well of hard problems and age old riddles is uninteresting to the multitude. The word idiot means 'common', of common understanding.
Austin Clark
Don't invest in Link. Sergay is notorious in eastern parts of the world for starting projects and not seeing them through to fruition. This is just another one of his "projects" that he will inevitably bail on. I mean, really think about it, a philosophy major solving the oracle problem? All of the brightest devs working on ethereum and this fat fuck is the one with the solution, huh?
Evan Jones
WE ARE ALL IN THIS TOGETHER
DO NOT UNDER ESTIMATE THE POWER OF POSITIVE THOUGHT! ESPECIALLY COLLECTIVE POSITIVE THOUGHT!!
THIS SHIT IS GOING TO REACH $1,000 EASILY! HOLD THAT THOUGHT AND VISUALIZE IT IN YOUR MIND EVERYDAY AS OFTEN AS POSSIBLE STARTING NOW AND IT WILL MANIFEST INTO REALITY. DO IT! I'M NOT JOKING!
VISUALIZE AS OFTEN AND AS DETAILED AS POSSIBLE!
Jack Brooks
nice thanks
Dylan Green
Based
Mason Kelly
dyor ngaf whether or not you invest
Ian Moore
Huzzah!
Adam Myers
Official response by thomas the LINK token is required at the protocol level. The technical reason here is typical ERC20 tokens don't allow for the transfer and execution of a smart contract in a single transaction, ERC677 does, with transferAndCall. When a request is made, the payload of that request is sent along with the token transfer (payment for the node operators), so that the node operators know exactly how much they're being paid for that request and can respond immediately, knowing they'll be paid for their work.
why LINK is the only token that can be used for the purposes of payment to node operators
It separates the security of the Chainlink network from market volatility of some other asset, unrelated to the network. If it were ETH, then the security of the network could be reduced if ETH's market volatility didn't work in our favor. That also wouldn't work out very well in multi-chain environments where the node operator would need different prices for the same amount of work on every supported chain. If it were some stable coin, then the security of the network would be based on the viability of that project. Further, we would lose the transferAndCall ability, which would add more complexity to our smart contracts, and more complexity usually means more expensive transactions. Service agreements last for as long or as short as the requester specifies, and as long as the nodes involved will agree to (they have config parameters specifying a min and max). If the requester feels that there will be too much market volatility over a long period of time, they can simply make the service agreement for a shorter amount of time, and "renew" it by creating the same agreement with the same spec, but different payment and deposit parameters.
>Why does LINK need to be necessary on other chains that don’t have the transferandcall feature in their token standards?
If this other chain wants Chainlink nodes to run on top of it natively, to include features that the coordinator contract provides (deposits, aggregation, etc.), then the LINK token needs to be represented on that chain for payment to node operators. Otherwise you could enable connectivity with an external adapter, which can be accomplished today for any chain.
>Wouldn’t a volatile asset (compared to fiat pegged tokens) mean an extra hurdle for enterprises looking to leverage decentralized oracles for their smart contracts?
I think I already answered that previously, but just to clarify within this context: a requester could specify payment in fiat currency off-chain and that amount can be automatically exchanged for LINK at the time of the transaction on-chain.
Luis Peterson
We are all made of cheese
Angel Cook
THIS IS THE EPITOME OF NEWLINKER SPOONFEEDING REQUESTS THESE ARE THE MOST BASIC QUESTIONS HE UNDERSTANDS NOTHING HE WANTS TO BE SPOONFED
DO NOT FEED THE NEWLINKERS. I REPEAT. DO NOT SPOON FEED THE NEWLINKERS
Chase Robinson
This. Its a fucking ERC 20 token.
Carson Campbell
You are a MANIAC
Andrew Gutierrez
Congratulations, you’ve still made it in at the ground floor. Now it’s time to wait for your life to truly begin, like all the good link marines
Samuel Green
lurk more OP, or just quit at life. but once you stay here, you will never leave. Be sure what you want in life. It, we, will chain you here for eternity for better or for worse. Proceed cautiously.
Gabriel Stewart
about the second point. let me clarify things. the ETH team are focused on making a blockchain project, ETH is just another cryptocurrency with a sophisticated tech that support automation though smart contracts.
sure the ETH team could write smart contracts that can communicate with the outside world, but that would only solve the connectivity for the ETH blockchain, also tell me, what happens if an ETH smart contract is configured to connect to an API and that API gets shut down? or the provider of that API gets hacked? how can you ensure that data you feed your smart contract is secure and comes from a trustable source? it's not only about connecting an ETH smart contract to the outside world it's also about providing a secure and trustless way of giving it data.
also, think about this for a moment, the ETH network is already slow by handling all the transactions, if you add to it processing due to handling complex smart contract logic the network would be completely slowed down. the point of chainlink is also to take out the computation the smart contracts need off chain into the chainlink network. dont forget that chainlink doesnt only provide data, it is also there to do decentralized computation to improve the performance of a blockchain.
also last point, if only the ETH team solves the oracle problem then what happens to other blockchains?the ETH team will also solve it for them? what you don't seem to understand is that chainlink is a global trusless solution to the oracle network, it's literally the TCP protocol to the blockchains communication. Chainlink is blockchain agnostic, they already support ETH BTC hyperledger and more chains are coming up in the future.
also about point 2 tell me OP, what happens if an API gets shutdown? you cannot reconfigure the smart contract on the blockchain to point to another API, since they are temper proof...
you need the chainlink nodes, because they can reconnect to another api at any moment...leaving the mart contract oj the blockchain unchanged
Nathan Young
>Is it because Sergey has been doing this for years and has a leg up? Chainlink is as revolutionary as simple is its proposed solution to the oracle problem. Nobody expected a decentralized approach to the oracle problem, everybody was looking for hypersecurity sgx-like solutions. Sergey has dedicated an important part of his life towards decentralization and has showed an enormous potential
Only reason people care about this is because they missed out on bitcoin. If everyone was an early bitcoin adopter they’d be a comfy maximalist and retire. Instead chainlink gives hope to those who missed the biggest transfer of wealth in human history. Idk if it’ll moon or not but it’s what it symbolizes: hope
Daniel Barnes
this man speaks truth
Michael Fisher
this is great info and makes a lot of sense thank you
David Gutierrez
Actually someone in the audience brings it up at 31:00 and he answers that
So that's the trade off right in all of this. Centralized but big name like SGX or decentralized with no single point of failure and with a decentralized network, it is more secure.
Benjamin Thomas
I think that most people who don't understand why chainlink is important didn't understand this point: if you maake your smart contracts temperproof, then what happens if the API the smart contract is calling, gets migrated to another server or is upgraded with new output.
with chainlink it's straight forward, the smart contract will query the CL network, and the chainlink network will figure out how to retrieve the data for it. chainlink nodes can be upgraded and maintained. also the node network is trustless because you don't rely on the output of 1 node
>biggest transfer of wealth in human history stop repeating this line, it's utter bullshit. Completely fucking wrong. The last two Russian revolutions ALONE did much more than BTC has so far, brainlet.
Jackson Ward
fucking THIS, bunch of 4channers
Luke Green
>imagine trying to pump link on sundays
Linkies are literally the wagies of crypto
Julian Phillips
Give this man a bigmac
Nicholas Rodriguez
I mean they transferred wealth into the trash, which is opposite of what Sergey believes in
Kayden Thomas
They can literally just print more whenever they want. This is the shittest project in this board.
Aiden Richardson
Good stuff
Jaxson Williams
> there are other projects that have decentralized oracles They won't be starting with the same level of industry support and it's 99 percent certain that link will be the first able to handle the large scale required. I don't know if you're retarded or just being disingenuous.
Josiah Garcia
>buys some LINK without doing any research at all Nothing personnel kid
