Crypto is nothing in the absence of decentralized oracles

Basic Attention Token or some other crypto with it's own platform (Like Brave browser is) that forms a symbiotic economy with, "could" work by itself. However still would be severely limited in what it could do, Brendan Eich said in an AMA he hopes that Brave ads could consist of the online ad for say an auto dealership, followed by an offer of a test drive, if the user takes and completes the test drive they can receive more BAT payment than they would otherwise. Would need decentralized Oracles for the test drive, but not the initial ad.

eth doesn't have a native oracle that could bring external api's onto the blockchain in a decentralized way

Link has never been past 2 dollars. I don't see how you dilusional linkies expect $1000 EOY for a team of 2 autistic neet virgins who have no marketing, and only go to small conferences as an excuse to travel around the world and visit different Mcdonalds.

ETH isn't meant to interact with off chain resources on its own. LINK is an ERC644 token which is meant to protect contract balances from malicious attacks and software errors. It's modular and upgradable over time, able to carry multiple types of information.
Link will also offer a standardized approach to accessing offchain data, which will allow for easier implementation going forward: think of it as a library to hook into any API available.
Decentralised concensus allows to defer any faulty inputs onto API providers, which have insurance, notaries and a legal framework to deal with potentially inaccurate information settling contracts. It's just a natural step forward to decentralisation.
Atleast that's my take on it, do watch Sergays talks though, offers great insight into 'why'

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So obviously going node is going to set those that know how to node up for life, but what about us peasants and retards that simply hold Link?

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linkpool.io/

If you hold long enough there will emerge services that rent utility tokens off you.

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i guess thats really ambitious but it doesnt seem like its needed now or in the near future. cant even get basic crypto currency right currently

nice bait

Is 15k gonna be enough to run a node?

that is some foresight

Nice bait

>prove me wrong
no can do

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it’s a meme. nobody believes this

yeah sure, no one, just short LINK when it gets to 500 bucks, you will make a killing

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can’t. through decentralized oracles a global autonomous hive mind of consensus on the real world will be self organize out of the chaos of the meme world.

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I've got two simple ways to prove you wrong, and why everyone here is fucking retarded:

1. No one uses link right now, but people use Bitcoin.
2. Oracles are needed. Decentralized oracles aren't.

Prove ME wrong

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For LINKlets to do well the "first selloff" meme must be true. By this I mean if BTC bullruns an order of magnitude higher (say to 200,000) in the next 12-24 months, then, and only then, will LINK have been worth the hold. But even in such circumstance I think we're looking at $30-100 LINK; $1000 is literally never going to happen unless USD hyperinflation sets in.

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what did kek mean by this

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Perfect fucking answer. It's about seperation of concerns. Same reason we need Maker for issuing Stablecoins, 0x for powering DEX, REQ for easy invoicing and getting fiat onto the chain, DGD for having assets like Gold available to back DAI, Loom for dedicated sidechains etc. And Link to make it ALL talk to the world off the chain - it's the gatekeeper.

The whole ecosystem is just coming together perfectly this year, ready for a bullrun like you've never seen in 2019 onwards. The network effect of having an entire ecosystem of interlocking smart contracts running on a single platform (Ethereum) and communicating in real time with conventional web services (Link) is just off the charts.

We all know that blockchains will never be used for anything except for ponzi scheme coins.

Smart contracts will never become really significant like "cryptocurrencies" also never experienced adoption in 10 years.

shit tier fud
trends.google.com/trends/explore?date=all&q=smart contracts

why do LINK memes always look like they're made by drooling potatoes?

Sergey is a hack, seen him speak in person. These clowns (rory and sergey) are way out of their league. Chainlink will never materialize.

if two parties are involved in a smart contract transaction they can both check the source of offchain data to ensure the person on the other side of the smart contract isn't telling them something untruthful.

the only thing i can think chainlink would be useful for is transferring information between difference cryptocurrencies. and that would only be if cross chain cryptos like icon are unsuccessful.

prove me wrong.

>trends.google.com/trends/explore?date=all&q=smart contracts
Holy shit, to think that all those who search smartcontract will be directed to
smartcontract.com

Well, what if the two parties do not agree?
What if one party claims the data is correct and the other says it's false?

then that means one person doesn't want to the smart contract to execute. meaning they no longer want to go ahead with the contract. should people be allowed to change their minds about wanting to go through with a deal? im not sure.

and "decentralized oracles" are nothing when the data is only fetched from a single source, without a market.

What if a smart contract did go through, but with false data, which resulted one party to lose money? Then one party would have to sue the other party.
The key to smart contracts is trust-less. When the data is as secure as possible and you don't have to place trust in any of the parties, companies can save a lot of money from hiring staff and lawyers.

both parties would be checking the source of off chain data to ensure the other person isn't lying. only when both parties agree that what they are seeing is the same as what the other person is saying will it execute

0 is enough.
Read the caucasianpaper

Linkpool release their white paper today or tomorrow.

...

When a contract requires people constantly checking on it, it isn't so "smart" isn't it?
That's why so many companies have a hard on for smart contracts today. That's the whole point of Ethereum and Chainlink.

they wouldn't be physically checking it. it would be done through a centralized oracle

How is a centralized oracle supposed to check the correctness of its own data? It can't.

Why do you need telephone when telegraph delivers all the information the town needs ? Who will call you, the president ?
You still haven't figure yet that progress is not about satisfying old needs, but developing new ones.

Easy: crypto can already be used as of today to store and transfer value, prove identity andnwrite small programming applications in a decentralized and trustless manner. By definition, this is more than nothing.

>LINK is an ERC644
It's an ERC20 token with additional ERC667 abilities which were introduced by Steve Ellis

decentralized oracles are vastly more valuable than centralized ones though. Also people use ETH and currently use centralized oracles but they are not ideal

i can listen to this in sergeys voice.
whats wrong with me.

it can prove that the data hasn't been tampered with through TLS Notary which allows a 3rd party to audit each API request.

altho it involves storing a fuck ton of data and you'd have to request access to all the data dumps in the centralised service.

so, you can but it's shit.

Segey: liveleak.com/view?t=kQ9EQ_1523515425

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you don't need tamper protection when you could just have both parties request a plain unenencrypted ascii file from the source website and have them both check that the other person isn't lying.

Link is blockchain agnostic, meaning that it doesnt care what blockchain will be used for any transaction. If you only make it for ETH then only eth would be usable therefore rendering the whole point void. Chainlink is the new tech that cometh from the heavens. It will open flood gates from the corporation world to the blockchain world. Blessed are the linkies for they are truly tested

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no cause then you could provide the same file and then still tamper with the data.

you could also hack one of the parties with a man in the middle technique to then alter that ASCII file to make them like.

if the source is compromised then you're fucked regardless then

that's not what I meant

unencrypted files means unencrypted transmission which means prone to man in the middle.

you don't need to do any of that shit anyway as you can just use checksums or TLS 1.2 like everyone else does.

I don't think youre getting what I'm saying.

so if all the data has to be stored at a central location for auditing and encryption then who is going to pay them to do it?
does oracalize do it for free?

Oraclize do it yeah, they store it all on AWS.

Chainlink doesn't need to do that.

can't men in the middle still affect data being received by all link node operators? perhaps oraalize is safer

Oracles are what keeps you awake at night.

no cause then all the web would be vulnerable, that's what https is for.

LINK doesn't need use TLS Notary like Oraclize because all the nodes agree between them, whereas Oraclize have to store their data to prove they were right.

Nice bait

>visit different mcdonalds
kek

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Altcoins...

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You see this is what I do not understand. If this was the case..link would be much higher in price, no?

Elaborate on this. Sounds interesting

keked

Augur and Gnosis > Chainlink

Mobius > Augur and Gnosis > Chainlink

What if there is an oracle force. Take oaths to uphold the truth. If found out to be criminal and lie about information they get tortured for the rest of their life.

>trends.google.com/trends/explore?date=all&q=smart contracts
What the hell is with all the interest coming from South Africa?

>decentralized oracles

It's a meme and you fell for it

Decentralized oracles are important, but chainlink has too many competitors right now, there's just no chance it can become the leader. So yes, OP is right. we need decentralized oracles. but not chainlink