Chainlink questions thread

wrong
people will sell the news of the weekend announcement and link will dump until they can generate more hype than google/coinbase pumps

Is this the first time we hear of Coinbase using Chain Link? I have never heard any user's about it. This should be hugh news!

callisto.network/blog/post/callisto-announces-integration-of-chainlink-oracles/

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no, the price increase will be organic. Look at the volume now, it's not even 8% of the total supply, that's one of the reasons it's dumping. Usually the daily volume should be about 10% of the total supply for crab movement.

The volume is going to increase with the weekend update and normalize to 10% of the overall supply. The price I am targeting is $5.2

Ok. I got a stack on cold storage locked in at $4.50. bought myself 120 linkies for swinging.

Someting I dont understand is: if I create a chainlink node that says can retrieve eth price, what does the node do? Does it fetch data only of someone calls it or does it autistically publish prices on the blockchain every 5 minutes?

So what if Link reaches a high price, but you stake it all and then manage to lose your stake because the node provided fault data?

..... Maybe i wont swing that small staxk after all.

you can program it to do wither of them

Anyone who starts their replies off with "wrong" will be exterminated.
It only works when a request is given to you.
Then you're fucked. Don't stake what you can't afford to lose. It is technically collateral. Just stick to smaller jobs.

yes, that's why staking early on is as risky as buying an ico coin. you never know how it's going to go with the node operator. DYOR before staking, staking isn't the holy-grail with no risks involved

Ok, thank you. And if I decide to let clients call it. Will each call be made public, ie will the called result be written on the blockchain?

About how much is staking expected to make as an interest rate?

I believe Linkpool takes the fault but not 100% sure.

How much $$$ did Ari Juels receive from the Town Crier acquisition?

> 'technical discussions'
these kind of assumptions lead to unnecessary hopium, but snow that you asked it should be around 4-9%

There is no "interest rate". Read the whitepaper. Seriously, no one is going to fucking help you if you don't even put in a slight amount of effort.
Go ask him

I am not an insider, just an autist like you who send 8 hours a day reading about crypto and blockchain

Further to this, what about if i say "trigger contract when price of gold equals $1500"
And i use a reliable API provider
I buy 10,000 API calls
What if i chew up my 10k call calling the API for the price, only to have gold sit at $1450 and 1500 never be hit ?

only a faggot would deal with absolute values. go learn about range in statistics

You're missing the point

>This is because we've been spoonfeeding this shit for two years
Good thing we've all been here for that exact amount of time.
Whats with the dev wallets sending their stacks to binance?

oracle. 50!

Literally no one knows, not the shills or fudders

no, coinbase is going to allow staking of link shortly for its users, using coinstake i believe. User must have 1mil+ to be allowed to stake through them as you must be an vested user (forgot the name, its where you require having over 1million in capital before you can risk investing in high risk assets in the US). When that goes live and they allow trading in NY, its going to explode in value.

should I buy chainlink now with my BTC or should I wait?
Please, elaborate.

On a side question, should I get Kyber, Fantom or other coins that may moon in a year or so?

nice prequel meme, fren

why is the team essentially paying themselves and other insidersa good chunk of $$$ with the heartbeat network? Why aren't any outsiders allowed on the heartbeat network?

Ok, thanks for this, there's something I'm missing I think about chainlink. I get the added value of collateral, aggregating and reputation. But what's special about chainlink without these, more specifically, what makes calling the eth price in a chainlink node instead of on coinmarketcap more reliable, does chainlink guarantee some sort of non corruption of data? Or is it just that calling nodes is easier from a coding point of vue because it's already on the eth blockchian?

i didn't know I would have to do so much spoon feeding, i didn't look at the chars yet but looking at the numbers I can assume that the RSI is low, but that will go up with the volume. As I said volume will go to 10% of the total supply eventually. SO yes, it's the right time to buy link now

don't ride the moon mission on shitcoins if you can't afford to lose at least 50% of yur money

I tought bitcoin wasnt considered at shitcoin tho

The sorts of nodes staking huge amounts that they can't afford to lose will be using serious equipment, redundancy, and choosing their sources with extreme care. We're not talking NEET nodes here; these will be server rooms with backup power and high-end internet connections to prevent downtime. By the time LINK is worth enough to be staking life-and-death amounts, it will be worthwhile to invest in this equipment.

It's very likely that if LINK becomes the de facto industry standard, it's probable that these sorts of nodes staking huge amounts would be signing legally binding contracts (or smart contracts) with API providers to shift liability for providing faulty data. The nodes would give up their staked collateral if they provide bad data, yes, but if the fault for a bad input lies with the data provider, they might have their own collateral they have to post, which they would lose. It's probable that high-value nodes themselves would set up these sorts of contracts--- legal or smart--- with the API providers, or at least their own insurance network for the occasional bad data provision, all of it powered by chainlink. If oracles find that a node provided a minority answer but that they acted in good faith, a smart contract could make an insurance payout to them.

calling the eth price viz the node is the hard way to do things. chainlink will be used for things that are biggere than that. Autists like to give the eth price example because nulinkers don't understand link completely, it's an easy example

This.

Edit: hey, thanks for the likes guys :D

Yeah I know but that wasn't my question, the eth price was an example. I wanted to know what was chainlink added value outside of aggregation and penalty

Then you made a bad bet. Chainlink isnt going to
Guarantee your use of chainlink nodes will make you money. It is only going to guarantee that they provide reliable data

decentralization. when nodes have a reputation, and they approve something it becomes very close to the truth (no node is 100% trustworthy) so this removes the trust factor from the contracts

Many people are criticizing chainlink for actually being very centralized. Looks like nodes will need kyc and operate like a business to get any real use and maintain Sybil resistance. Contract creators have to manually select which nodes they want to use.

A collection of centralized nodes is not a new thing. Everything they have produced so far has been possible for years. What can we point to that shows definitively that Chainlink brings something fundamentally new and interesting to the table (besides hopium)

You're asking to be spoonfed. The most basic premise of Chainlink is that centralized data feeds to smart contracts are a weak point, vulnerable to errors, attack, or exploitation. And it's true--- just read about people who have centralized data feeds for services or contracts, waking up in the middle of the night to verify the feed is still live. It's a terrible weak point that could cripple the livelihood it's meant to power if it goes down or is attacked. And no centralized entity is completely invulnerable to attack, errors, or downtime.

By having an community of redundant nodes reporting a price of ETH, for example, it creates a decentralized agreement on the correct data the contract is requesting, one that's never down, and employs the security against attack that is blockchain's very value proposition.

S O O N
O
O
N

kek

imagine having to actually grapple with this fundamental fact

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I'm sorry but I dont think you understand my question. I was asking about chainlink value besides aggregation, is it giving non corrupted data, even if it comes from a single source?

No you didnt read my question. I know that, I was asking about the value of chainlink beside decentralisation

The call is publicly published on the blockchain but can be encrypted so only the contract can read it thanks to SGX and town crier.

ok, just got over 100 LINK

I think I see what you're asking. Yes, on one hand Chainlink does provide the actual infrastructure to put non-native data on the blockchain, which is one thing that makes it valuable. On the other, once staking goes live it will provide the further infrastructure for guaranteeing/insuring against bad data. But that will require the contract to query nodes that aren't just calling from one source. You would have multiple nodes calling coinmarketcap, using redundancy to protect against bad behavior within that call, and maybe a few other pools of nodes calling from other sources.

Oh i get it now
Basically you can either use chainlink as a centralized node (similar to just pulling coinmarketcapdata directly) or decentralized pull of data (coinmarketcap + others)
As you know, the decentralized pull of data is great
But your question relates to when you use chainlink as a centralized node. When you do that, you don't get much more security thant just pulling from CMC. But, doing this takes about 16 lines of code, rather than coding up your own oracle which can take a while to test. It saves you time

Chainlink can sort of tell you if a data source is corrupted. To do so you would need to configure your SLA so that you have many nodes on coinmarketcap, on bnc, on individual exchanges if you like. The aggregation of those data sources will be able to tell you if someone’s API is fucked. More data sources the safer you are and easier it is to determine data corruption

The value is decentralization over centralization. If you know the difference and the benefits of Decentralization vs Centralization its easy to comprehend.

Ok thank you that's what i wanted to confirm. Even in its centralised first stage it has an edge by providing an easy way to access data. Still, maybe I misunderstood that, but I thought that towncrier, in some way could give a proof that the data pulled in the node hadnt been corrupted during the call, giving some sort of guarantee that the data in the node was exavtly the data published on coinmarketcap at that time for instance, was I wrong about that?

Chainlink is a decentralized network. What would be the value without decentralization?

im not understanding the question.

That wasn't my question but thats ok other anons answered it. Thanks anyway, I agree decentralisation is the major point of chainlink

Thanks, I always wanted this piece of text, because with my english I was never able to produce one and it looked like potato.

Well, it's easier from a coding point of vue to pull data from the blockchain than with an api call, plus its written on the blockchain so easier to audit. Also, and that was my question, if chainlink could guarantee some sort of integrity of the call (ie that data in the node was exavtly the one on the website at that time), it would add trust to the call (of course it doesnt mean that the data published on the site was correct)

I'm not sure. I think if multiple nodes are querying single sources, there's not much you can do about bad data. Which is why I believe in the future, if there is only one API provider with a monopoly on a particularly valuable piece of data that you can't get from any other source, liability will be shifted from the nodes to the API provider in the form of smart contracts the nodes keep with the provider. But with such a sensitive issue with non-deterministic data (q: did the API provider fuck up the data they provided?) it might require centralized legal intervention for the nodes to recover the staked collateral they lost.

Ideally, a sound smart contract using Chainlink nodes would be creating averages of input price data (for example) from different aggregated sources, ignoring strange or outlying information, and creating a method for coming up with one final answer from many likely varying inputs. A lot of the burden of figuring out what to do with varied and possibly deviating information will fall on the smart contract writers.

Ok thanks, one last question, but Im not sure anyo'e has the answer yet. When nodes will exist on differnet blockchains, will the results be written on every blockchain simultaneously , or only on the one hosting the node?

Could Sergey create new tokens and sell them below market to corporations?

Ok thank you. I guess my question would ultimately be is chainlink providing some sort of API integrity proof. Or is the team working towards this matter. I guess it's too early to tell and I understand that decentralisation might render this issue obsolete. Thanks fren

Callisto is an absolute shit coin that doesn't even understand the difference an exchange listing and network usage. Pure pajeetry.

Yeah, you would have benefits of it not being corrupted by another entity, but you could also get that benefit by making your own oracle and plugging in directly. Then it’d be just your machine + CMC, rather than your machine + some random machine + CMC

Look at the LINK contract on etherscan. There isnt an owner so no more link tokens can be minted

I understand what threshold signatures acheive, but the science of how they acheive it is over my head. Can you explain that at all?

Can I buy insurance on my staking incase something happens?

What kind of silly question is that? You can buy insurance on EVERYTHING. It is all a matter of your lawyers making the right contracts between u and the insurance company.
Smart contracts :D

at a San Francisco chainlink lunch waiting on Sergay

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This must be the LINK discord group Delphi.

i dont even know... which one guy

Why would cryptocurrencies partner with one another? Nobody wants to have to convert to 5 different coins just to "transact off-chain" or to do whatever else each shitty coin does. I'm really curious.

every crypto has a different reason to partner with chanilink DYOR a bit

Haha those funny men are playing dress up

No. Tell me how Harmony allowing off-chain transactions makes sense for Linkchain and what fucking good it does these retards holding your worthless coin.

They made a blog post at mainnet launch about their expansion plans. It's pretty clear.

i don't know about harmony's off chain transactions. But these transactions would need real world data right? if it's just a p2p transaction then it won't need link, but if they have a smart contract based transaction the we would need someone (link) to validate the contract

Harmony are done. They were done before they even started. And they kinda knew it.
Clinging themselves to Chainlink on their knees was the only way to keep surviving.

You're ensuring the oracle doesn't tamper with the data to falsely trigger your contract. When you're dealing with high value contracts (derivatives, insurance, etc) this is very important.

But then that literally requires 2 different coins at this point and that's retarded. The only way a coin will make it is if that coin can independently verify as ChainLink does, serve as the transaction fee as one other coin does, and utilize blockchain technology as Bitcoin does. But nobody (LITERALLY LESS THAN 1% of the population and it's you faggots) is willing to deal with the shitty interface and fees associated with building up a wallet holding multiple coins. It's anti-liquid in a fast moving economy, which is dumb as shit and never going to work. Stop playing in crypto, none of you have made any money, only holding out hope that your shit coin moons. It won't.

Link for contract validation, you don't need that for your transactions. If you are transacting with One the you will only care about that as an end user. On a deeper layer, where the contract is execyted, we will have to deal with Link as that's what we will pay to the node operators for trusted validation of the contract. These are two separate layers, they hardly care about the amount of tokens of anything else about the other token.

So, Link will only be used to pay for validating smart contracts? Why the fuck are individuals buying then? I heard that nodes won't be tied to Link in the future either. What the fuck is the coin good for after that?

PoS my friend! come on, I am not gonna spoonfeed you this much now. Consider KYS

Not again. DYOR. Just go through the archives faggots.

>cold storage locks the price as well
oh no no ishygddt

> I heard that nodes won't be tied to Link in the future

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Sup bro. Held since 2017 but still wondering about the scalability.

Let's say the Eth network gets overly crowded. How does Link work then?

Now I know Link is blockchain agnostic but how does this get implemented in reality? How do I as an ERC20 token holder profit from Link running in other blockchains? Or if there will be a token swap/airdrop, how exactly would that be executed?

This is not fud, just trying to seek answers from people smarter than myself.

Bump about implementation on other blockchains

blog.chain.link/threshold-signatures-in-chainlink/

is this a genuine post? If it it is how are you this retarded if you held for that long? How did you miss the blog about threshold signatures they will be using? How are you THIS fucking dumb

It can be sent on Layer 2 with a reasonable amount of trust and then settled on the main chain later
Methinks

there's a reason I didn't reply to him. i am here to spoonfeed them some info that is difficult to find, but this info is readily available. Anyone with 2 mg of brain should be able to look it up

Threshold signatures don’t speed up the single transaction though
It collapses into one transaction but that transaction could be subject to delays
But you can get around that with Layer 2
But yeah threshold signatures are pretty cool tbdesu. Chainlink is the most legit project in the space (outside of Ethereum itself)

Well you answered your own question. I missed the blogpost. I'm pretty much just hibernating with this. It's just a waiting game at this point. What's with the hostility?

Thanks fren.