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18312550 No.18312550 [Reply] [Original]

Chainlink question: how does the network resist against hacking of oracles? I get that oracles have reputation and they stake some link in their reporting of the truth. But what if there were only say 3 oracles reporting on, for example, the the flooding of a village. The insurance payout contract could be millions. So what if you hired someone to hack those 3 oracles to report a flooding that never happened. They would all agree with each other, according to the network no foul play happened, you just cheated the system.

Does the system prevent this, or is the general philosophy “some decentralisation is better than no decentralisation”? Seems like it only works with many different oracles, for situations with only a handful of oracles it should be used with caution. I’m just getting my head round this tech, so far I can’t find an answer to this.

>> No.18312558

>>18312550
it doesnt its a scam stay away /our/coin was a meme etc

>> No.18312605

>>18312558
/thread

>> No.18312625
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18312625

>>18312550
Literally 2 years of discussions.
All info publicly available.
It's a scam.

>> No.18312704

>>18312558
Checked

>> No.18313064

Are the oracles encrypted? Maybe if the data and the oracles’ identity is only reported on chainlink and not publicly it would be harder to hack the oracles relevant to the contract you’re targeting.

>> No.18313100

>>18312550
Oh shit dude, you just killed Link. Nobody has never thought of this

>> No.18313111

>>18312550
Your first issue is your example. Flood insurance on a remote village? Come on man, it’s possible but that functionality wouldn’t be possible for many many years. Think more simply. Think Ricardian contracts and “If X then Y” outputs. Norton Rose Fulbright conducted a PoC via OpenLaw (LINK and ETH) and it was very successful at reducing trust and minimizing overhead.

>> No.18313220

>>18313111
I see, thanks.

Just to be clear I’m new to this, I know it’s all been figured out already, I’m purely looking for info.

>> No.18313234

Tldr
Im all in

>> No.18313332

You could do a few things.

-Use a larger number oracles like say 21 and the first 15 to respond get aggregated.

-You could use Town Crier which authenticates that data came from the source and wasnt tampered with in route to the contract. Lile use multiple oracles within this framework.

-You could use several weather APIs

- You could initiate call backs to the data using a different oracle group and cross reference for deviation.

>> No.18313365

>>18312550
Linkie here, look at Idena its a nice high risk/reward to have

>> No.18313526

Thanks all

>> No.18313695

>>18313220
Just put as much money as possible into LINK. DCA in over a few weeks and then sit on your hands. Thank me in a year or so