ChainLink-open banking

[Anonymous No.10839313]

What’s chainlink have to do with PSD2 and open banking ISO 20022 and XLM ? I don’t understand it but keep reading how this is a huge deal

[Anonymous No.10839327]

>>10839313
It's compliant with newly introduced Fintech standards. Nothing more, nothing less.

[Anonymous No.10839369]

WE ARE ALL IN THIS TOGETHER

DO NOT UNDER ESTIMATE THE POWER OF POSITIVE THOUGHT! ESPECIALLY COLLECTIVE POSITIVE THOUGHT!

THIS SHIT IS GOING TO REACH $1,000 EASILY!
HOLD THAT THOUGHT AND VISUALIZE IT IN YOUR MIND EVERYDAY AS OFTEN AS POSSIBLE STARTING NOW AND IT WILL MANIFEST INTO REALITY. DO IT! I'M NOT JOKING!

VISUALIZE AS OFTEN AND AS DETAILED AS POSSIBLE!

[Anonymous No.10839408]

>>10839327
What makes it compliment?

[Anonymous No.10839413]

OMG I AM LITERALLY SHAKING THATS HUGE OP $5000 EOY!!!!!!!!!!!!!!!!!!!!!!

[Anonymous No.10839419]

>>10839408
It's compliant with newly introduced Fintech standards. Nothing more, nothing less, you handsome man.

[Anonymous No.10839554]

>>10839408
It complies with newly introduced Fintech standards. Nothing more, nothing less, you gorgeous son of a gun.

[Anonymous No.10839599]

>>10839408 #
It complies with newly introduced Fintech standards. Nothing more, nothing less, you sexy little three year old boy with an uncircumcised pepe. Mmmmmm.

[Anonymous No.10839601]

>>10839419
>>10839554
Anyone know how though?

[Anonymous No.10839613]

It complies with newly introduced Fintech standards. Nothing more, nothing less, you xo

[Anonymous No.10839619]

>>10839601
It just complies with newly introduced Fintech standards. Nothing more, nothing less, you passionate lover you

[Anonymous No.10839623]

>>10839601
Read the Fintech manifesto brainlet, you're not going to make it

[Anonymous No.10839645]

>>10839601 #
Read the Fintech manifesto bobobrain, you're not going to make it

[Anonymous No.10839894]

>>10839599
wew, that scalated quickly

[Anonymous No.10839903]

>>10839313
>What’s chainlink have to do with PSD2 and open banking
September 2019 is the deadline for banks to be compliant with PSD2 regulations and open banking, which means that every bank have to allow public access to their data through APIs. They can monetize such service though. If only a service would exist that allow institutions to monetize their API data...

[Anonymous No.10840058]

>>10839903
It just complies with newly introduced Fintech standards. Nothing more, nothing less, you slick-talkin, sweet-lipped son of a gun

[Anonymous No.10840254]

lol

[Anonymous No.10840256]

>>10840058
Excuse me Mr. Cringelord, is this a new pasta?

[Anonymous No.10840308]

>>10839903
Chainlink doesn't allow API monetization, it's just related to it. Chainlink connects APIs, monetized or not, to blockchains.

[Anonymous No.10840346]

>>10840308
Correct. But it does offer a method to sell api data into smart contracts

[Anonymous No.10840353]

>>10840308
>>10840346
I don’t understand how chainlink is going to work. Have your wrapped your head around what they’re actually trying to do? Most startups fail if they show up at the wrong time with the right idea. Is chainlinks timing right?

[Anonymous No.10840385]

>>10839313
stop spamming these threads shithead

[Anonymous No.10840395]

PSD2 is an EU regulation that forces financial institutions to open up their internal APIs to third parties.
Imagine if Chainlink were a company that developed a new kind of fuel made from moss, and suddenly laws popped up around the world forcing cars to run on moss.

ISO 20022 is a massively important new global standard, and Chainlink developed its PoC for Swift around it.
Swift then listed Chainlink as a key example of ISO 20022 implementation, see pic.

[Anonymous No.10840409]

>>10840353
Sergey has been all about smart contracts since 2014, and the chainlink network will be live before smart contracts go mainstream. Timing is just fine, 1000eoy is a meme. 1000eoy 2020 isn't

[Anonymous No.10840417]

>>10840353
>Is chainlinks timing right?
Smart contracts were invented decades ago, but they were merely a theory until crypto came around with its trustless decentralization, and now the world is finally on the cusp of implementing smart contracts.
And PSD2 just happened.
The timing couldn't be more perfect.

[Anonymous No.10840439]

>>10840058
Compliance. Nothing more, nothing less. Don't you worry your sweet little head. Xo

[Anonymous No.10840719]

[Anonymous No.10841108]

>>10840719
So let me get this straight. Smart contracts can’t connect to external resources because of the decentralized nature of Blockchain and chainlink is going to solve this problem that everyone believes can’t be solved. Then they are also compliant somehow with banking and government regulators? Wtf is going on here

[Anonymous No.10841115]

>>10840395
>>10841108

[Anonymous No.10841198]

>>10841108

[Anonymous No.10841221]

>>10841108
>Smart contracts can’t connect to external resources because of the decentralized nature of Blockchain
Pretty much everything you just typed is wrong. No offense.

Oracles are basically off-chain nodes. Instead of having the nodes for the actual blockchain process, confirm, dispatch, ... the computations necessary for the execution of a contract (which would needlessly congest any network and reduces privacy among other concerns), a certain number of "oracles" do the needful off-chain, and simply record the outcome on the blockchain.

You always need multiple oracles or there is no consensus, so the only (!) solution that even comes close to replicating the trustless decentralization of the blockchain back-end, is to have decentralized oracles.

[Anonymous No.10841242]

XLM is trying to take business away from Swift, has nothing to do with PSD2. That isn't going to happen though because Swift already has deep connections to the banks they service, plus they have Chainlink who will make their process extremely efficient.

[Anonymous No.10841284]

>>10840395

[Anonymous No.10841303]

>>10841284
What’s the diffeeence between ISO 20022 and PSD2 ?

[Anonymous No.10841332]

>>10841221
From Sergey himself. Idk what you mean but it makes sense that oracles need to be decentralized in order for smart contracts to remain tamper proof by design

[Anonymous No.10841382]

>>10841303
ISO 20022 is the standard form of messaging among financial industries. PSD2 is just a policy that's being enforced upon banks that will allow third party groups to have access to your bank info.

more here: https://www.evry.com/en/news/articles/psd2-the-directive-that-will-change-banking-as-we-know-it/

[Anonymous No.10841412]

>>10841332
What’s hard to understand here? Chainlink uses the swift messaging standard for cross bank messaging, meaning it can communicate with banks to authorize payment off chain, and PSD2 will give it an easy opportunity to access open APIs to many banks. If all goes well, this could become the standard implemented by banks worldwide to respond to processes recorded on chain (bond payment, stock trade, currency exchange ect.)

[Anonymous No.10841482]

>>10839369
you are a MANIAC

[Anonymous No.10841491]

>>10841332
Sergey: "the decentralized nature of smart contracts means they can't connect to external resources"

You: "the decentralized nature of blockchain means smart contracts can't connect to external resources"

[Anonymous No.10841770]

>>10841491
They seem similar. That’s probably why I don’t get it

[Anonymous No.10841802]

>>10841491
Smart contracts need a Blockchain to be secure so it sounds like the same thing to me

[Anonymous No.10841811]

>>10841770
From the white paper: " Unfortunately, because of their underlying consensus protocols, the blockchains on which smart contracts run cannot support native communication with external systems"

In that quote you posted, Sergey was actually talking about the underlying blockchain, not the "smart contract" itself.

[Anonymous No.10841867]

>>10840439
Cum pants. Thomas Moore. Budapest.

[Anonymous No.10842222]

This guy reminds me of the Chainlink man.

[Anonymous No.10842244]

>>10842222
wasted

[Anonymous No.10842939]

>>10841412
How does it use the swift messaging standard?

[Anonymous No.10843620]

I know a fair bit on this topic so I'll try to explain some things for those interested. There are a few different concepts here that people are slicing and dicing the wrong way. First I will explain the terms and then I'll explain why this matters for Chainlink.

1) PSD2
This is an EU directive to force banks to open their data to authorised 3rd parties (i.e. other banks, fintechs, start ups) to increase competition in the Banking industry. In real terms: by September 2019 every bank in Europe is forced to launch a suite of APIs to enable 3rd parties, on behalf of their customers, to initiate payments, and retrieve account information (transaction history, balances, etc). This is groundbreakingly huge and will unlock an entire industry of new competition and innovation in the banking space.

2) ISO 20022
This is a financial messaging format standard. It dictates the XML formats for which anyone wishing to communicate to banks (e.g. other banks, or large companies), must comply with. There are many types of ISO 20022 messages for different purposes, e.g. one to make a payment (who's the debtor, who's the creditor, what's their account number, currency, amount etc.) and for example one to read transaction history. This is just a suite of XML standards. Compliance is not difficult but by using ISO 20022 in their PoC, Chainlink demonstrated maturity and depth of their understanding of the industry.

3) SWIFT
This is a cooperative company owned by banks that manages the network used by banks to communicate their financial messages. It is used, and jointly owned, by practically every financial institution in the world.

4) Enter Chainlink

Part 1/2

[Anonymous No.10843629]

>>10843620

Thx for this brother. Finally someone with a brain joins these threads.

[Anonymous No.10843634]

PSD2 will allow chainlink to access open banking APIs which will allow for smart contracts to perform payments directly into someones bank account? is this right?

[Anonymous No.10843721]

>>10841108

christ you're stupid. the regulations apply to the requirement that open banking APIs be made accessible. it has nothing to do with Chainlink. Chainlink benefits from the fact that more open banking APIs are available. its the responsibility of the APIs to remain compliant. its the responsibility of Chainlink to connect them to blockchain tech.

at least try to keep up you retarded faggot

[Anonymous No.10843735]

>>10843620

4) Enter Chainlink
All of the above is going on regardless of Chainlink, and regardless of Blockchain technology period. The reason this matters for Chainlink is because in the future it is obviously anticipated that businesses and banks will take advantage of the benefits of DLT-governed smart contracts to do business. Much of this business is anticipated to be payments related because 1) tech like Ripple, 2) the huge investment banks have said to have made into DLT, even so far, 3) the fact that SWIFT did a PoC with Chainlink.

For smart contracts to be useful, they must use external/off-chain data via APIs. In the payments world, that off-chain data is data held by banks about their customers - data that today is unavailable but will become available in September 2019 via APIs. Similarly, smart contracts may execute payments by sending an API request to a Bank - today impossible, but after PSD2 possible via APIs.

Blockchains/DLT is not able to interact with off-chain data without oracles. These are off-chain services that make the API calls on behalf of the contract and feedback the result (e.g. send the payment or retrieve the account data). Even if PSD2 was live today, for DLT smart contracts to interact in this way, they would need to use a centralized oracle service, such as Oraclize. This works by trusting the Oraclize organisation and their servers to fulfil the API requests without manipulation or downtime. Trusting a 3rd party completely undermines the objectives of using blockchain DLT and is therefore a total blocker for enabling the smart contract economy. This issue is known as the Oracle Problem.

Chainlink solves the problem by creating a decentralized network of oracles, that can make several calls to the same API/bank (in ISO 20022 format), and then come to consensus on the result to avoid any manipulation. Implemented correctly, this is the final piece in the puzzle for totally decentralized payment services on blockchain.

[Anonymous No.10843797]

>>10841198
Fucking kek

[Anonymous No.10843818]

[Anonymous No.10844219]

>>10843721
>>10843634
fucking idiot thinks he's smart

[Anonymous No.10844229]

>>10843620
>>10843735
thanks for the quality input

[Anonymous No.10844357]

>>10841198
more like
>When you've been bagholding something for a year and you're still in the red

[Anonymous No.10844557]

>>10843735
Great posts, anon, it's rare to see any decent insight these days.
Is there any sort of PSD2 equivalent in the works for the US? Is there any reason to believe that the US will follow suit, or resist this sort of innovation? Why has Europe chosen to compel banks to open up like this?

[Anonymous No.10844969]

>>10844557
This is typical EU competition style legislation but I think it is inevitible that two things will happen:
1) Non-EU banks will build their own APIs anyway because they want to be compatible with future API-driven business
2) Other region's financial authorities will most likely implement their own version of PSD2. I am not aware of any others but I only know about EU anyway.

[Anonymous No.10845044]

>>10839554
Have you ever had anal sex with a FtM transperson to help them get ready for what sex will be like for them when they become a man?

[Anonymous No.10845344]

>>10843735
Also, it doesn't even matter if Banks open their API's in the rest of the world or not because banks will just run nodes. These nodes will deliver api data to smart contracts directly. Or they can just have subscription services that people pay to get access to the api.If they don't adapt, they will become irrelevant over time.

[Anonymous No.10845974]

>>10844557
Mint.com has access to your bank accounts I believe. Idk if this is exactly the type of third party applications that will be built in the EU or not but mint.com helps you track spending etc.

[Anonymous No.10846172]

>>10845974
Mint.com was at least part of the inspiration for PSD2 . Mint can work with banks that partner with it while in a PSD2 world, every bank must make services available to any 3rd party registered with the local financial regulator of their customer wants to use it.

[Anonymous No.10846847]

>>10844357
>didn't average down at atl. Oh dear.