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52395740 No.52395740 [Reply] [Original]

Can any Linkies explain this, Binance has its own oracle without creating another new token, so why does chainlink needs a token for the oracle to function at all?

the biggest exchange doesn't need to use chainlink or the link token to have a functional oracle, so why are linkies hyping up chainlink to be the only solution to the oracle problem?

do we need chainlink at all?

serious answer only please!

>> No.52395751

>>52395740
FUCK SONY
FUCK JASMY
FUCK FTX

>> No.52395774

>>52395740
how do you pay node operators and call functions in one tx

>> No.52395860

>>52395740
If you want to use chainlink’s services you have to use their tokens. Sorry, their rules.

Btw why do we need to buy stamps to send letters?

>> No.52395922

>>52395740
The token is needed; however, oracles are a meme outside niche applications within crypto. They certainly don't have any monetized use cases in tradfi.

>> No.52396002

>>52395922
>t. retard

>> No.52396029

>>52395740
It's for the oracle network. Incentivizes honest nodes and punishes dishonest nodes. Super linear staking is to prevent sybil attacks on the decentralized oracle network. Binance centralized shit oracles will be exploited. I wouldnt trust dapos that use them.

>> No.52396056
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52396056

>>52396029
>Binance centralized shit oracles will be exploited.
They are basically begging for it.

>> No.52396190

>>52395740
Simply put, it is not a singular blockchain. It is an intermediary or it is a blockchain of blockchains without the blockchain. They handle inputs and outputs. Consider blockchains to be the logic part when it comes to immutability and security. You can have as many blockchains as you want, but it doesn’t matter if they can’t communicate amongst themselves or with the outside world. So you have Chainlink do the communication for them. Now, in order for that communication to be secure, and trustworthy, Chainlink nodes need to have incentive and need to have some kind of risk that they can lose otherwise it is pointless. Now I introduce to you the Chainlink token. The Chainlink token is used to get inputs or outputs for your blockchain. That same Chainlink token is also used by the Chainlink nodes as their risk or specifically their stake if they provide your blockchain with the wrong input or output. How do Chainlink nodes get inputs or outputs from blockchains you ask? Well Chainlink nodes are also validators on blockchains. Validators on blockchains run Chainlink software that allows them to handle inputs or outputs, for that blockchain, but the Chainlink software also allows for Chainlink nodes to communicate amongst themselves regardless of what blockchain they are on. that is why the Chainlink token is needed, so you don’t get wrong inputs or outputs for your blockchain, and if you do get the wrong input or output, the Chainlink node loses Chainlink tokens and because they lost Chainlink tokens, their inputs and outputs are going to be considered more risky which means they need more Chainlink tokens as a stake or they won’t be able to earn as much Chainlink tokens as they could have in the future. I hope that answered your question.

>> No.52397638

>>52395740
why do we need tokens at all? do ETH validators really need me to pay in ETH, why can't I just use fiat to pay for a transaction

>> No.52397683

>>52395740
Ask Vitalik, Eric Schmidt, T-Mobile, …