The LINK token is used in the Chainlink network for activities such as paying for data and putting up collateral. This economic model attempts to create the proper incentives for LINK’s value to rise as more entities come onto the network to provide oracle services.
While this model appears to make sense at first glance, it’s unclear if the additional LINK token is necessary. Much like how Uniswap eventually launched a decentralized exchange network on Ethereum without a native token, a similar situation could occur with Chainlink. There are already other solutions, such as discreet log contracts, which exist in the wild and aim to solve the oracle problem in a different way without the need for something like LINK.
good god please forbes spread more fud i want it to go down
Logan King
this. i want this fucking shitcoin to hit get slammed and gaped back to 1$ so i can buy more of this scam coin cheaps
Parker Martin
The article made my day >boomers seething because they've read about it on Forbes back in 2019 and didn't buy AHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHA
Decentralized networks only work with IMMEDIATE AND GUARANTEED compensation. So you definitely need "a" crypto to make that work. And a proprietary token makes the most sense (over something like ETH or BTC) because it means (relative) independence from any outside influences on the value of the token. A stablecoin would also not make sense, as this requires an additional level of complexity which typically involves oracles to boot, so there's a clear conflict of interests.
>this forbes has based fud, willing to bet author has a big stack
Hudson Adams
You are dumb if you think stable coins need oracles.
Aaron Thomas
I said "typically". Show me a stablecoin with actual fundamentals that doesn't use oracles.
And the first objection to stablecoins was that they added complexity, which is bad in an already complex natively crypto system.
Daniel Butler
based
Luis Butler
Actually not a single working stable coin uses oracles. You just have to say what it's backed by and do an audit, boom people trade your token at exactly the price of the thing it's backed by.
Josiah Barnes
>Actually not a single working stable coin uses oracles. You're an idiot.
"The reference price (ETHUSD) for the Maker system is provided via an oracle (the medianizer), which collates price data from a number of external price feeds." developer.makerdao.com/feeds/
Dominic Morales
That's not for their stable coin, that's for other finservices
Luke White
You're a double idiot and a nigger
Dai 1.0 Stability Dai 1.0 seeks to maintain stable value relative to a reference; the US Dollar.
To this end, the system must ensure that the amount of Dai in circulation is at all times backed by at least the equivalent USD amount of collateral.
In order to achieve this: Collateral is valued using a reference price, ETHUSD, (pip) which is provided by a trusted external oracle.
You have partly redeemed yourself. 12 Hail Sergeys before Vespers and you shall have absolution.
Lucas Nelson
one of us
Jaxson Bailey
lmaooooooooooo
Michael Torres
>attempts >ATTEMPTS >$4bil marketcap That's gonna be a no for me dog. Call me when it SUCCEEDS or when market cap drops to where it belongs for a project with no users (~200mil)
Joseph Ross
How do you think Maker knows the price of ETH? Magic? It has an "oracle" but an oracle is trivial as fuck to make. It's like 5 lines of code. They would NEVER need something like Chainlink, the devs said so themselves.
Aiden Wood
>Maker would NEVER need something like Chainlink, the devs said so themselves. lmao, they literally said the opposite.
