1. Chainlink nodes will be paid in LINK tokens only. There will be conversion tools for people that want to use fiat but will be converted to LINK. at the end of the day only LINK tokens can power the network since the nature of ERC-677 token, built specifically for LINK, is to transfer data.
2. LINK tokens are used as collateral value. Smartcontracts will use Chainlink nodes that carry a % value of LINK to the value of the Smartcontract. So yes, you can start a node without LINK but no one will use it. High value smartcontracts or any contract that has value will use nodes that carry the same or a % of value of LINK.
3. Decentralized networks that are home to smartcontracts will need decentralized data to execute. Chainlink is currently the only option. Thats why you will see everyone in this space partner with Chainlink
In general, the purpose of Chainlink is a network that incentives truthful data provided by individuals running LINK nodes (aka known as mining 2.0) while also providing compensation to smartcontracts just in case false data was used to trigger an agreement.
So, price rises not only to meet the insured needs of smartcontracts but also because LINK node miners (mining 2.0) are making money providing this service. Also, the bigger the smartcontract economy becomes the demand for high value LINK nodes follow. pushing $LINK price
Interestingly the tokenomics makes LINK a measure of value to the data being transferred in the network
The more data the higher the LINK price becomes The more valued data the higher the LINK price becomes
In real world applications Smart contract creators will demand a certain level of reputation or amount of collateral, to be paid in LINK tokens, that suits the value of their smart contract. A $1 million bond would require a lot more collateral, than, say a smart contract dealing with $100. You wouldn't select the low rep/low collateral available nodes for something like a huge bond. Chainlink is actually targeting these high value contracts. Sergey has discussed at length why high value contracts in the financial world require a decentralized oracle: it puts all the risk onto the oracle rather than the smart contract creator. The smart contract creator doesn't risk losing money - the node operators do, if they. The Chainlink network is genius like that.
There is infinite amount of collateral available because the token price can rise to meet it.
Now you have to research how large ALL these markets are. derivatives, insurance etc... hint: Trillions.
Michael Powell
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!
Elijah Hill
didnt read not selling
Leo Foster
Based
Nathaniel Jones
sorry bro im not selling my chainlinks
Jackson Jones
20,000 sats
Kayden Jones
based linktard
Jayden Harris
Regarding the network effect of oracles and the price assumption along with the stability of the smart contract economy.
The more LINK staked in the nodes, the more profit one can make running that node. The more LINK staked in the nodes the bigger the smartcontract economy can become. The more LINK staked in the nodes the more stable the network/connectivity becomes. Finally The more LINK staked in nodes the higher the price becomes.
We are witnessing something really special. The birth of the HTTP equivalent in Crypto.
People need to understand, there is no equivalent and the more oracle networks that try to complete the less efficient the system becomes. Its like saying we have two Internets to use and people have to choose one of them for one site and the other internet for another site. Chainlink has become the standard and everyone will use it.
The only comparable investment to LINK is when BTC or ETH first came about. Decentralized digital currency, Decentralized smartcontracts and now Decentralized oracle network. This trifecta will lead us into the next economic boom.
Brody Martin
OP.. so what youre telling me is... 1000k eoy?
Noah Howard
Based
Hunter Gutierrez
Sell your bags, this dump just started
Justin Ward
for those still not understanding how smart contracts are the future and stuck in the digital money aspect of crypto. Let me break it down
Bitcoin is a peer to peer digital cash system with no central controlling party. Bitcoin was the first working, rudimentary version of what is often referred to as a "smart contract".
A smart contract is a deterministic computer protocol that digitally enforces a transaction between two parties. In the case of Bitcoin, I send you one bitcoin, The network confirms the transactions through the use of a ledger that is distributed amongst a number of nodes, the transaction is made valid and you receive your bitcoin.
The idea behind Ethereum is taking the function of a smart contract, and adding certain business logic behind it. For example, I send you 1 Ethereum and in return I receive 300 BAT erc20 tokens. This is dandy because now instead of only having the function of transacting a single coin, I have the ability to send and receive funds from a transaction that is programmable to a degree of logic.
In the current form, Ethereum smart contracts are limited to data that exists on-chain. If you wanted to send 1 ETH depending on, for example, the outcome of a baseball game, then you would need to use an "oracle" to provide the outside data onto your smart contract.
With Chainlink, contract creators pull outside data from multiple sources through the use of decentralized oracles in order to maintain a level of security and trust that is promised with these tamper-proof, highly deterministic contracts. It is the next evolution of Smart Contracts. A needed network in order for mass adoption to happen.
The crypto space is leaving digital currency behind and moving toward a B2B solution that will change our world much like the internet has.
If by now you don't have a bag of Chainlink then well you are destined to be poor. If you do have a small bag then buckle up. The ride has just started.
Gabriel Sanchez
having data stored on chain makes chainlink worthless
Minimum is zero Link. The return is a function of what data you can provide, your reputation based on your ability to deliver that data, and the amount of demand for the data you supply.
Hudson Wood
why are you jerking off about what a token will do when it gets 1 billion users, when its current state is 0 users?
Tyler Phillips
NICE FUD FAGGOT I WON'T SELL UNTIL 8$
Bentley Howard
Thank you good deed user. This was helpful.
Josiah Foster
It sounds like the Value will be transferred to LINK. Since the data and computation will be handled in the oracle network and the answer written to Ethereum.
I see this as a Costco example.
You have a warehouse selling stuff. Ethereum is the cashier handling the transaction for the customer. Chainlink is the warehouse and all the merchandise in it. The customer takes what it needs and heads to the cashier to "cash out".
The problem with ETH is that I see it as a replaceable platform in the future. ETH is cashier #1, ADA is cashier #2, EOS is cashier #3 etc etc.
in crypto, its about the data. Thats where the real value is and thats why Chainlink, imo, is more valuable then ETH and then eventually BTC in the long run.
Jose Ward
OP just redpilled you fags. Best explanation I’ve seen written in ELI5.
Bump for all you nu-stinkies before this one falls to the archives. Logged my phone off of Corp wifi just to post this. You don't deserve it, but everyone should see it.
WE ARE ALL IN THIS TOGETHER
Nathaniel Wood
no cross-chain tech obsolete in two years bye bye
Robert Ortiz
Dude like what if the reputation system for oracles literally just involved putting chainlink up as collateral? Would Sybil attackers risk an attack if they had to put up collateral?
Genuinely asking, I’m trying to understand the Sybil attack angle and how chainlink will deal with it.
Camden Roberts
1 where do the staking payout Links come from, dev or the customer and does it even matter? 2 will there likely be more LinkTokens then the currently established limit? 3 how will this influence the price if they get market sold regularly?
I just followed the memes. You fuckers are making me rich.
Jayden Butler
Instead of something something it should say Foundations
Michael Harris
thanks autist user. sadly i am not autistic enough to correct it. it would cut into my procrastinating from getting Jow Forums and doing 100 5kg one arm lifts today to stop being a lanklet.
I’ve read that and while that makes sense, the process towards decentralization of oracles still doesn’t make 100% sense.
I see it two ways: the centralized nodes introduced at the start of the network grow the network enough that Sybil attacks become too expensive to perform 2. There is a way to have a decentralized reputation system based on something like collateral or stake or something else a Sybil attacker couldn’t spoof
Jace Bailey
you are a MANIAC!
Caleb James
for point two, check out the whitepaper.
Brandon Perez
>The more LINK staked in the nodes, the more profit one can make running that node. Do you mean the more profit one can make per Link token?
Their strategy starts with your first point and ends with your second point. Trust will be axiomatic by the time the decentralized reputation system is online, because they're starting with high-trust centralized nodes
Wyatt Edwards
>why don't you invest in ideas that are already proven and priced in?
isn't going to work. you need to eat big to get big and second you have to lift big to get big. get out of that small mentality and start getting BIG user
John Miller
If you can do 20 reps or more, you need to up the weight. Honestly if you can do 10-12 or more you should up the weight, but take it easy at first and stick to 20.
Jason Robinson
I have 5400 link. Why should I, an unremarkable person who has never accomplished anything, has never had a girlfriend, and works at an engineering job that I cannot stand and only pays me 56k a year, be allowed to become a millionaire?
I am not allowed to become rich and retire young. Sorry to brake it to you linkies but, for you to succeed, I too would have to succeed. I will never be allowed to succeed, so neither will you.
Cameron King
>for you to succeed, I too would have to succeed No worries user, you'll sell WAY below $200/link. By the time it hits $20 you'll have sold a solid chunk, then when it hits $50 you'll lost a lot more. There's no way you'll even have 1,000 left by the time it hits $100.
Adam Campbell
yep. nulinkers won't survive the shakeouts (see: eth crashing from practically 400 to 100 on the way to the top in 2017, as one example).
only those who survived sibos dump and feel nothing anymore will make it.
thanks and checked. can't do any correct pushups any more sadly. but i do crunches to get the core, and in combination with the water jug lifts for arms and shoulders i think in a couple of moths i am back at being able to do pushups.
Michael Martinez
Read OPs points over and over until it makes sense.
Your financial future may depend on it.
Aaron Williams
Pretty decent QRD. Should help all the retard nulinkers understand what they’re actually buying
Ayden Phillips
If the market is worth over a trillion dollars and I own .0058% of it you’re telling me I stand to be worth 5.8 billion dollars. Still never selling
Aiden Howard
I won't sell because I have steady income and no need to sell for anything. It won't make a difference. The universe won't let me become a millionaire that retires in his early thirties. That means it won't let you either, since if it let you it'd also be letting me.
Daniel Evans
So you need to sell right now. For the greater good
Interestingly, all of the buzz words you are using are the exact words Sergey used to describe Chainlink on his podcast interview with Pomp back in January.
You explain the Chainlink value proposition so succinctly that I can only assume you are in fact Sergey, or a member of his team.
Cheers for saving biz pro-linker.
Luke Roberts
>1 where do the staking payout Links come from, dev or the customer and does it even matter? The requesting contract (customer). The nice part is that a currency swap/exchange is basically going to be one of the first smart contracts made, making it seamless to "pay" your oracles in literally anything (fiat, crypto, heck even digitized commodities/pieces of another derivatives/option contract). >2 will there likely be more LinkTokens then the currently established limit? No, not unless SN wants to get his ass beat and kill his own project. LINK tokens are divisible to 18 decimal places ie. .000000000000000001. There's room for expansion built in. >3 how will this influence the price if they get market sold regularly? Theoretically, the more LINK a node collects, the higher/better the contracts they will be able to provide data for. They need more and more collateral to keep up, and can then run more and more jobs at the same time. Also, consider the ever present need from #1. The smart contract currency exchange would operate the other way, LINK to fiat deposited instantly into your bank account for the Node/oracle operators that did want to sell out. There will soon be no volume on exchanges, you'd have to buy OTC from one of these currency exchange services at a mark up. Keep in mind, the SC exchanger itself requires tons and tons of data feeds for every currency/crypto, and outbound (swift/psd2) banking messages. Everything snowballs, very quickly.
Yep, best summary of Chainlink I've seen on Jow Forums. So much nonsense on here no one will notice.
Austin Bell
Solid post, thanks for sharing.
Blake Scott
1. No one is going to pay anonymous nodes to provide data. Why would you pay yourself Link for data coming from your own managed servers?
2. This doesn't make sense. As someone developing an app that uses smart contracts why do I give 2 fucks about how much LINK is staked with a Chainlink node? How does slashing happen if I believe the provided data is wrong? Is there a consensus mechanism to do this ? Don't say look at the whitepaper because I've read it and there isn't. They don't explain how this would work because its a really hard problem and they have no solution for it. They just say you could do something involving burning / slashing.
3. Chainlink isn't an option at all for someone who wants decentralization. it's literally the opposite at the moment and will be unless they miraculously pull a solution out of their ass that they've been hiding from the world for 2 years for no reason. Their solution is to run your own centralized data feed. This isn't a solution and it is worth exactly fucking nothing.
You are either a moron who was tricked or you are just intelligent enough to try and find a greater fool on this mongolian basketweaving forum.
Lincoln Young
This is such a cope thread with the intention of suckering chainlink holders. Bet you 100 bucks link drops to $3 either next week or the week after.
Zachary Howard
Sometimes when a helpful user comes and spoonfeeds the newbies I like to compartmentalize the idea thats its sergey coming on here to help the hordes of lonely and hopeless neets because he understands what the feeling of complete hopelessness is like and wants to make a difference in our lives.
Sergey, if you are reading this, truly I love you brother. God bless you and may you and the one you love have great health throughout life.
Kayden Richardson
So posts like this I think have to be some sort of organized campaign where responses are just queued up either by a bot or by pajeet call center guys.
Nothing helpful was provided here. Just a bunch of vague lies all directed at justifying a price pump. Nothing was spoonfed. It was actually the opposite again, a bunch of vague bullshit that sounds close enough to fool some dumb and desperate for a get rich quick event.
Cameron Bennett
Lol keep at it faggo. maybe you'll shake out some of the nu-stinkies, but you won't shake these iron fists cuz IM NEVER FUCKING SELLING
Dominic Bennett
This. I’m sorry linkers. But it does not make sense to use an off-chain oracle, what makes sense is on-chain data aggregation and verification, voting systems to determine validity of data and contracts. Basically what LINK tries to do, on-chain. Now, in the brief period until Ethereum is able to scale something like chainlink makes sense. In the long run it is just a bandaid solution and you should not be all in.
Liam White
NONONO SIRS you will NEVER have me sell my stinkies NONO please show bobs.
Nathan Wright
It's not even this. LINK DOESN'T try to do any of the things you said. It doesn't even make sense currently, nor in the future.
Wyatt Wood
>Should not be all in Kek go dilate you disgusting dickless tranny
I save all these fud posts, so I appreciate you allowing me to add to my stash xDDD
Jacob Diaz
You're the guy from yesterday. Is the only put down you know 'vague bullshit?'
Cooper Roberts
can I leave a rasberry pi on as a node?
Brandon Thomas
you must be retarded or a schizo poster because that post was full of delusion and paranoia.
Jordan Foster
Nah, see my explanation of why the original post is total bullshit. How much would you bet that neither you or any of you other faggots will actually respond to it with any substance?
David Moore
>eth crashing from practically 400 to 100 on the way to the top in 2017 For real?
Jack James
is there any way i can find link somewhering the street? just like around?
William Turner
no, maybe you can node in the future
Kayden Green
You might be able to find some in downtown Phoenix tonight if you’re quick. I had to rush out of work today to be on time to my tinder date and some linkies fell out of my pocket on the way there
Logan Gomez
so.... we're talking like a $1.00 mcdonalds cup of coffee here?
i thought this was gonna be that premium gourmet shit that makes starbucks look like a welfare cafe.
Hunter Green
My dad works for Nintendo and a link just flew over my house
Mason Diaz
Wait, you can mine LINK? WTF
Oliver Turner
wait... I recognize this. I unironically wrote this on reddit a while ago. Not even joking.
Dylan Cruz
1 depends on the data a business would want. realistically some fuckwit in europe or asia won't have the data relevant to the american economy, they could produce a fraud and take the risk of losing their stake 2 i think the stake operator is providing the data, right? i dont think the customer is just asking a node if they have link, they want either computing power or data 3 its centralized as in the front door says chainlink on it but inside it becomes more of a platform for data providers
