In its current form how does ChainLink solve the Oracle Problem? I understand how it makes data accessible to smart contracts on chain, but what benefit does an Oracle / node operator confer?
At this point it appears to be a middleware that make data available on chain, but having a smart contract reach out to an Oracle is simply creating a data proxy. Considering the smart contract defines the API the Oracle should hit, the Oracle only serves as a way of understanding which Oracle provides the data, if the requested API is compromised we have zero improvement in trust. The Oracle is not even responsible for the data in question which seems absurd.
I keep hearing that the ChainLink network will aggregate Oracle results but this occurs on chain at the contract level, done manually at this point. If this is a misunderstanding please show me a ChainLink smart contract where the Oracles are no hard coded by address. What if the Oracles are removed?
The oracles only accept payment with the Chainlink token. The only reason people will buy chainlink, is to use it to pay an oracle for information. People only want accurate, true information. Nobody wants to pay for false information. Therefore, Chainlink only has value if the oracles provide true information. If oracles provide false information, Chainlink will lose value. The more true information is transmitted by the oracles, the more valuable Chainlink becomes. Link is literally backed by the Truth. F U N D A M E N T A L L Y
Do read this OP, and remember who wrote while riding it. Read the things that are almost said
Joshua Edwards
>In its current form how does ChainLink solve the Oracle Problem? It's currently centralized and offers basically nothing that wasn't available in 2015. No one is using it.
Linkies are delusional and think it will one day become decentralized. It won't, they haven't even started working on the part that makes it decentralized.
They also think at $3bil marketcap, it's not already priced in kek
Jayden Morales
What you call a "data proxy" is not only more reliable than legacy centralized data storage and distribution, it will save companies billions in post reconciliation settlement costs.
Ryder Russell
WHAT IS YOU BEEF user? really? just spill it.
Joseph Carter
Right now I don’t see Oracles providing data I see them producing data on chain from external sources. The external source provided the information on the Oracle.
Reading.
Right? I see now decentralization yet, only the desire to be. This strikes me as odd because it means no headway has been made towards the goal that would add the most value to the project. I don’t even sense that isn’t impossible — just that is hasn’t been done.
Jacob Butler
Are you just jealous that others are about to get it baked,?
Isaiah Jenkins
Because if you are not negative out of knowledge or jealousy, but maybe purely out of jealousy, that would not be nice would it?
Cameron Nguyen
You are correct. It's the reason nobody is actually using Chainlink over Oraclize right now. Chainlink people are mostly non-technical people who came here in 2017 and married their bags.
t. Dev
Kayden Diaz
I am a developer and see the problem described but no solution. If there was in fact a decentralized network of Oracles that provided data I am mildly interested in playing with the idea but that doesn’t exist — at least not yet? Is that the idea? That it would one day exist?
Ryan Carter
May I please with your permission sceenshot your post here and use it elsewhere as an example of incredible idiocy?
Gavin Nelson
throw a billion dollars at your oracle problem. problem solve.
Andrew Turner
There is a big misunderstanding around the decentralization meme. The vulgar understanding is that it refers specifically to decentralizatin of data sources and/or of oracles contributing to an aggregate value. Those things are under the umbrella of decentralization for chainlink, but the general idea of a 'decentralized oracle network' is much larger in scope. Zoomed way out, the goal is that practices of implementation and use are not delegated by a single entity but instead iterated and figured out over time by individual market participants until best practices outcompete the rest and become standards. Sergey has set it up so that a pool of competing incumbent tech interests will build this all out and converge on the best solutions to various problems regarding the tech, and they will share it because of the incentive that they will make fucktons of money when everyone else adopts it as a standard. If you can see how this is basically the Jow Forums model of idea incubation and why that's a big deal, then you will make it.
Julian Wood
Ok, so the decentralized Oracle network requires link to be staked in the network for you to provide data to it. What decentralization does is allows the barrier to entry to remain at a minimum for both sides of the fence relative to most any centralized system.
This business model incentivises both data providers and data buyers to participate. The providers because it's a free market and they can essentially build a business off of it. The incorporated blockchains and legacy networks have virtually nothing to lose by choosing chainlink as their Oracle lest the network is a literal failure. Monetarily it is as good as it gets.
I say all this only to mention that the larger the network grows, link supply is hard capped. The total market cap of link constitutes the the total possible transactions on the network. So there it is. Divide the total transactions per second in usd value by the current supply of chainlink -hodlers and lost coin and you have the price of a chainlink.
Joseph Nguyen
>chainlink is an arbiter of truth and there is never room for variance or subjectivity
Complete meme
Easton Fisher
>Read the things that are almost said I've read this thing twice. What do you mean by this? I see someone post a statement similar to this everytime this article is posted. I just want to know what you personally think was almost said?
Actually, it's assumed that there will be bad actors in the system, which is why reputation and SLAs/aggregation contracts are needed.
Unfortunately those don't exist in Chainlink's current form (yet), so to answer OP's question, the oracle problem is solved in theory but not in practice.
Sebastian Rivera
Developer here with 25 years of full stack experience in an SJW INTEL TGX environment, you're wrong kiddo.
Dominic Miller
With all due politeness to you, a fellow user, NO.. I will not be your mom. I will not spoon-feed you or make information understandable to you. Sry. But u are a big boy, aren*t u? you can figure it out
Grayson Turner
ok user, you don't have to spoonfeed me the fucking beans, i've been here since ICO. I'm just asking for your opinion. If you don't want to give that, cool.
Lucas Reyes
My point is that the value of Chainlink is positively correlated with the amount of true statements that are provided by oracles. The oracles sit on massive piles of Chainlink and they are only paid in chainlink. If an oracle provides false information, not only does it lose the Chainlink that it posted as collateral, but the value of all Chainlink decreases. Therefore the oracles have an incentive to tell the truth.
Michael Jenkins
why would an oracle provide false info?
Angel Cook
The same reason that anyone lies about anything.
Lucas Gonzalez
Yes, but how would an oracle be provided with false info that it also accepts?
Juan Edwards
And that is why they make sure that the first oracles have an incentive to report true data
Jaxon Scott
IT DOESN'T! IT NEVER WILL! IF YOU DON'T BELIEVE ME TAKE IT FROM SERGEY HIMSELF! HE SAID THIS ABOUT DECENTRALIZED ORACLES HALF A YEAR BEFORE LAUNCHING HIS ICO!!!!!!!!!!!!!
WATCH FROM 1:12:50 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHH
Some people just want to watch the world burn. However, there are very few of such people and there are many ways of stopping false oracles. First, you can make the process of submitting smart contracts to oracles anonymous, and possibly random. Secondly if an oracle ever does provide false information, the rest of the oracle community can investigate what went wrong and excommunicate that oracle.
Jackson Sanchez
If the oracles all get their information from 1 api service, the api service could be compromised and give false data to all connected link nodes. This is why threshold signatures are needed, to allow offchain aggregation from multiple different API sources
James Evans
Jow Forums is nice.. but it is not the main source of investors by far. We do not need you, you know?
Jack Murphy
Some oracles will blindly relay all information they receive, but I think alot of oracles will also have a human who manually verifies the information before allowing it to be passed into the smart contract.
checkkkk the details of this. This is why Chainlink will take over the world. Such a thing would not be possible
John Myers
How will chainlink avoid malicious attacks by sending continued false data thereby bringing the price of Chainlink down...?
Bentley Reed
Alright dude, so what I got out of the article that you're too much of a faggot to go more in-depth with, was that sergey and/or ari juels are satoshi.
Noah Kelly
.. again, I am not you Mommy... do it in depth urself?
Thomas Evans
wut he means is.... 1kBIGMACS EOY!!!!! MY LINKY STAYS STINKY IM NEVER FUCKING SELLING FUCK JANNIES FUCK NIGGERS (POOPSCOOP) AND MOST IMPORTANTLY FUCK KIKES!!!!!!
People with smart contracts choose what oracle(s) to use for each smart contract. They refrain from using any oracle that tells lies.
Jace King
I still can't believe stinkie linkies 10x'd from last year. it was supposed to be a meme
Ayden Price
Who determines if the data given was valid though
There has to be centralized entity that is the arbiter of what data is ‘correct’ for there to be a ground truth against which the collateral could be lost
Aaron Gutierrez
I used to not believe myself. But this will actually be the new thing. I am embarrassed actually, because I was all against. It is the real deal though. I admit.
Isaac Moore
The oracles that tell the truth will have an incentive to publicly denounce oracles that have been caught lying. However, oracles that lie, will have an incentive to publicly denounce oracles that tell the truth. It could look like Jow Forums with tons of oracles calling eahother liars and shills. The oracles that tell the truth will have to maintain blacklists of lying oracles that they refuse to work with. The public who use smart contracts and desire the services of oracles will have to be selective about what oracles they choose.
Kind of like how people on this board have to figure out how to tell the difference between paid shills, blue-pilled retards, and autistic wizards who are providing true information about the next 1000x.
The real rad pill is that him, ari, hal, and a lil help from nick, dids bitcone. They are all apart of that cult and mkultrad vitalik into didsing ether. Knowing its dids the orkle troubles. They basically exit scummed BTC and dumped it into eth which was the bull prepping of 17 so they could mkultra swift and Blythe. And then they spent there 17 profets on buying fivr pajeets to be in their delphi gang. Dan gave Blythe foot herpes so she got fired by swift. Swift knew Sergey was just trying to use them to hack a bank in Crimea so they hired Dan selman to fix them but the Sergey bought dan with his money from domain squatting cryplets. But then dan was mad so he had madelyn moss spell there flyers and then tell her AI bots to spread the story about Blythe foot herpes. Ari was nervous so he convinced craj to cry in court and throw a bigmac at a judge but it only buried the foot herpes story for a few days so nick called in a favor and had john eat his dic on TV. As a last ditch to avoid getting caught Sergey convinced Steve and rory to stop playing madden and they fixed the Orkles trouble and got Blythe the dr. Scholls brand valtrex. Make of it what you will
Oliver Bennett
Read the first sentence. Buying 3000 LINK tomoz.
Levi Morris
I don't know anything about what you're talking about but big dev bros said LINK good and Jow Forums said LINK good so I buy
Jordan Walker
They HAD to start the network very centralised with only a few trusted nodes. See pic related
