So after some research, basically oracles are the bridge between web 2.0 and web 3.0(blockchain). Right?
Well, after looking around at web 2.0 API's and such, what would be the purpose of bridging those to web 3.0 if they work just fine on web 2.0? This is where I come to a block in the road in struggling to understand the value of oracles.
I think people are over-hyping oracles and I'm struggling to see the value. Can anyone explain why I'm wrong?
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>Can anyone explain why I'm wrong?
Or rather explain where the value in oracles is that everyone is screaming about? I don't see it.
Just yesterday on localbitcoins I was wishing there was a way I could just do a trade and get the money in my bank account automatically. The answer would be smart contracts, but they can't communicate with my bank. Oracles would fulfill this job, giving my bank and the smart contract all the info they need to process my transaction without having to trust or doubt anyone.
At least that's what I get from this whole deal.
So basically something you csn already do via coinbase.
Coinbase is directly linked to my bank account. The traders in localbitcoins are not, and I would never want them to be.
I will tell you why Chainlink is a scam:
1. They embed public API calls information directly into the Ethereum blockchain, meaning the storage cost of the data itself will be astronomical
2. There is no way to call any private APIs because your API key will be leaked due to the public nature of Ethereum
3. You are assuming that companies would be willing to pay a fee of 10 cents per call. (Which is entirely ridiculous, one of my apps runs nearly 100k api calls per day and I pay only 300 dollars/month)
4. You are assuming companies will pay 10 cents/call to receive "decentralized" data, such as prices of stocks, when they already own multimillion dollar contracts with companies specifically built to provide accurate data (plus you can get your money back if the data isn't accurate from a company, rather than having no one to answer for mistakes)
5. You assuming companies will wait 30+ seconds for an API call, which would place them at a disadvantage of any other competitor who is using a centralized system
It's clear to me that no LINK holders have experience actually using APIs or are in the corporate space, and I feel bad for them when they will get burned, kek
its hard to explain link because it can do so many things. ill try to say it this way. if we want that whole crypto world to be true and "muh adopted" there would have to exist a place where you can obtain data in a decentralized trustless way for that whole network to exist and be meaningful past just trading tokens around
>plebbit spacing
>if we want that whole crypto world to be true and "muh adopted" there would have to exist a place where you can obtain data in a decentralized trustless way for that whole network to exist and be meaningful
great counter argument faggot