Im a total brainlet. Can someone explain to me Chainlink? Why is it shilled/fud'd and what is it supposed to do? Why did so many people here invest and why do we now laugh at them?
Im a total brainlet. Can someone explain to me Chainlink? Why is it shilled/fud'd and what is it supposed to do...
Carson Carter
Other urls found in this thread:
nakamotoinstitute.org
youtube.com
twitter.com
Nathan Long
Smart contracts are self-executing agreements that rely on inputs (say, geological data) in order to determine when they should execute. For example, Insurance Company X will pay out earthquake insurance if there's enough seismic activity near one of their customer's homes.
Oracles are the middleman that determine if the input data has occurred. They retrieve the information from an outside source and tell the smartcontract if it should execute or not.
Currently, there are plenty of "centralized" oracle solutions. This means there are companies that will fetch and send data for smartcontracts using their in-house servers. However, centralized oracle source are prone to downtime -- check out Oricalize's problems.
Moreover, there's a risk of tampering. The oracle, as a middleman, can purposefully or accidentally feed 'bad' data in order to impact the execution of the smartcontract (for instance, they say the seismic activity was less than it actually was so the insurance company doesn't have to pay the customer).
Chainlink is a decentralized oracle network. Users will buy and stake the LINK token in order to run an oracle node. People who want to use smartcontracts will hire a number of nodes, instead of a single centralized node, in order to make sure that there is no downtime and the information they're getting is accurate. This makes the smartcontract tamper-proof and downtime-proof, ensuring that the smartcontract is fully trustless -- both the insurance company and the customer can trust there the middleman, the oracle, is accurate.
Jayden Parker
As for the second question, it's harder to answer. There are many reasons why it's shilled/fudded. Some very powerful people have written about smartcontracts in general, and chainlink in paticular, as a key piece in the upcoming API/information economy. See The 4th Industrial Revolution, and Mastering Ethereum. Many believe that smartcontracts are the future, and a decentralized oracle solution is key to that future.
Moreover, the team is outright anachronistic in the crypto space -- there is no hype, no weekly announcements, and only a rough roadmap. They're very tight-lipped, despite having confirmed some of the biggest partnerships in crypto. It's unusual for the period of mass shilling.
Add that to the normal mess or trolls and the like, and you have the state of Link on Jow Forums
Christian Gonzalez
Just buy it.
Your post is actually kind of cute. I read it like a 9 year old was asking the question.
Just buy it and thank me later (with a blowjob)
Oliver Hill
Ryder Cook
It's shilled a lot because it's one of the only ethereum-level projects remaining in the space. It gets fudded a lot because it's been in development for a long time and being an enterprise project they don't market to retail "investors" on biz and reddit (nor should they) and the adhd when moon kids can't handle that. The only legitimate fud at this point is that there are other more near term moon missions that you could be chasing "muh opportunity cost". If you're not willing to hold 6-12 months this isn't for you. If you are then enjoy your 100x gains.
Adam King
You'll be the one being laughed at in a year or two.
Juan Butler
Lol, my last note would be that one of the reasons it's made fun of so much is that the lack of info, the breadcrumbs about/from insiders, and the sheer ambition of the project leads many holders to cultlike activity. They're easy to make fun of.
That said, you shouldn't judge the project by the psychopaths who hold it. Evaluate it on its own merits.
Christian White
It's shilled here because biz pooled together their eth to be able to buy into the ICO.
It mooned like every other shitcoin during the december/january bullrun, but biz being brainlets didn't dump their bags when it was at 1$. They have been bagholding ever since and keep shilling it to newfags to try and increase the price by 2% so they can finally dump their bags onto them.
Carson Flores
>Why did so many people here invest and why do we now laugh at them?
we don't OP. we laugh at brainlets like you who still think its just a meme.
Nathan Reed
the gist is a philosopher who doesn't know how to code or anything about technology tricked a bunch of autists into thinking he was gonna fix one of the most difficult problem to solve in the crypto space. Somehow he's gonna manage a small teach of developers, when he doesn't himself know how to code.
James Stewart
Yeah and on top of that he is trying to code the whole thing himself while teaching himself as he goes. Mainnet will launch by 2025, keep holding.
Austin Taylor
Yes, my children. Sell your LINK now. It's for the best.
Leo Gray
Steve Jobs didn’t do any of the programming. He hired much more talented people. Your premise smells like poop
Lucas Wright
Totally wrong, this is weak fud. Anybody holding a significant stack of Link is waiting on very high returns as it's development continues and its use eventually is adopted/implemented. Anybody selling Link now or anytime in the future doesn't understand the project or they are very impatient, like op said this is a Hodl for at least 6 months to a year.
Leo Reed
There is one other explanation, people who post that type of FUD are of low intelligence. You can see that in this thread.
Jeremiah Lopez
Listen, Jow Forums. The Jedi council has become aware of your plot. All who gain power are afraid to lose it. Even the Jedi.
Carson Gomez
If you cared about their technical abilities, you would notice that Steve is the man and Thomas is an amazing resource into what’s happening technically for brainlets like you and me
Gavin Davis
I wonder how many times we've had this exact thread. The two or three of you retards that actually answer these kinds of questions seriously need to start making a general.
Matthew Sanders
Don't try to explain, they just don't get it.
Josiah Sanchez
Fair point. I just copy/saved my answers for later use.