OpenLaw Demo - Bridging Fiat / Crypto Divide with Chainlink

[Anonymous No.11039251]

https://media.consensys.net/bridging-the-fiat-crypto-divide-431eee00d5bf

The address of the contract in the video (shown at 3:14): https://rinkeby.etherscan.io/address/0x36c143D43f7d86A851F8ED290E5EEd0772559C43

One of the transactions calling Chainlink: https://rinkeby.etherscan.io/tx/0xad8bf7ae211c224b04285197a800799399739b347ad406d6f78221a7c568e4e5

Using this api, they're getting the price of USD and then giving the equivalent amount of ETH in return.

[Anonymous No.11039265]

While it's still early days it seems like this could herald a new era of smart contract based wages, where people are paid almost in real time and their tax liabilities could even conceivably be extracted on an hourly basis as well.

It's kind of dizzying to think how many bureaucratic and accounting jobs this sort of technology could displace with global deployment.

[Anonymous No.11039292]

super stinky

[Anonymous No.11039333]

>>11039251

[Anonymous No.11039336]

super linky

[Anonymous No.11039358]

[Anonymous No.11039359]

Link $500 EOY

[Anonymous No.11039365]

>>11039359
whoops, switched devices meant $2500

[Anonymous No.11039617]

>>11039359
Nice FUD

[Anonymous No.11039816]

so is anyone gonna explain what they meant by this?

[Anonymous No.11039831]

>>11039292
Fuck off Delphi

[Im The Real Astro L8dQx4TGuf No.11039832]

>>11039359
$1000 End of YEAR!

[Anonymous No.11039850]

>>11039816
It's kind of like when a job interview says it's open to everyone, but they've really already hired someone in house.

[Anonymous No.11039882]

>>11039850
This

[Anonymous No.11039891]

>>11039850
>we plan to work with multiple oracle providers in the future
yeah, exactly like that, right? how DELUDED

[Anonymous No.11039908]

GAME CHANGER
A
M
E

C
H
A
N
G
E
R

[Anonymous No.11039959]

>>11039891
You hold no power here Satan

[Anonymous No.11039974]

>>11039908
But still a game nonetheless. A useless game :(

[Anonymous No.11040002]

>>11039959
in all seriousness, what other oracle provider could they even use? MOBIUS? Oracalize? Probobaly oraclaize huh. My fears are confirmed, only a tiny fraction of jobs will be valuable enough to merit an expensive decentralized oracle, and those jobs will only pay a few cents just like a cheap job would. Well it's been fun lads. I enjoyed the memes.

[Anonymous No.11040026]

>>11040002
Oraclize is the only possibility, but I don't think they'd be called OpenLaw if they wanted to use a closed system.

[Anonymous No.11040047]

>>11040002
Have fun using Oracalize XD. Why do you think people hate centralized oracles? Pic very much related.

[Anonymous No.11040094]

>>11039292
liking the idea, but saying it's not a meme in this context is a bit backwards. if it's compared to the original pipe thing. but it's a brain twister. what the fuck does this mean? it's not a meme, because it's only a picture of a meme that has it's own existance in the real world

[Anonymous No.11040109]

>>11040002

[Anonymous No.11040125]

>>11040094
but this picture suggest a picture of a chainlink cube is not a meme, but chainlink in reality is a meme. is this what delphi really means. or are they brainlets that actually don't understand they are promotin the chainlink is a meme is a meme is a meme

[Anonymous No.11040177]

>>11039292
so this should say "this is not solving the oracle problem". maybe leave the delphi stamp off too, it's annoying

[Anonymous No.11040287]

>>11040002

[Anonymous No.11040410]

>>11039265
yep. and we are grass roots early

[Anonymous No.11040425]

>>11040002
This is the kind of legit FUD that brings me back down to earth and it should do for everyone else on here

Yes, decentralised oracles are more secure. But how many use cases need this extra security - especially if it’s more expensive? It’s still pretty uncertain how this whole oracle thing is going to play out which is why I can’t get behind the certainty of people on here parroting $1000 EOY even if it is ironic.

To my mind, $10 LINK would be completely out of this world and anything more would be a MIRACLE

Fuck I hope we make it lads but it’s still so uncertain

[Anonymous No.11040456]

>>11040425
>Yes, decentralised oracles are more secure. But how many use cases need this extra security - especially if it’s more expensive?

Well shit boys we are going to have to become top tier l33t haxors to create a universal use case.

[Anonymous No.11040527]

>>11040425
>>11040002
>>11039891
This is why I hate coming to biz. They aren't referring to other oracle companies like morphius or oracalize. They mean other nodes.

>>11040109
Illustrates this. "Oracle provider" in the context here is referring to other nodes providing information to the contract. Consensys wants to highlight that they'll be using multiple nodes or "oracles" in the future to make the information truly decentralized. They said
>we plan to work with multiple oracle providers in the future
because when the network goes live, they'll be able to pull from multiple "providers" of the information required for decentralized smart contracts.

Fucking brainlets.

[Anonymous No.11040541]

>>11040527
mobius*
Fucking pajeet shit

[Anonymous No.11040556]

>>11040527
a slobbering NEET running a node in his basement is NOT an "oracle provider" dumbfuck

[Anonymous No.11040568]

>>11040556
>what is a decentralized network?
>(you)

[Anonymous No.11040594]

>>11040568
nice try, retard. Just delete both of your posts to stave off further embarrassment

[Anonymous No.11040632]

>>11040594
You make some really good points. I appreciate the effort you put into this and will consider your wisdom in the future.

[Anonymous No.11040652]

>>11039251
REAL

[Anonymous No.11040682]

>>11040632
if a 700lb autist in his mom's basement is the chainlink ORACLE
...then...
(stay with me here)
then who is the oracle PROVIDER?
that's right, Chainlink. They provide the oracle and others operate it.
An alternative oracle provider is Oracalize, or pajeetius

[Anonymous No.11040693]

>>11039265
what's more dizzying is to think about how well off I am going to be in a few years

[Sage No.11040714]

>>11040527
Chainlink is an oracle provider because they provive other businesses with an oracle to run their own data through and onto the blockchain. Oraclize is not an oracle provider and neither are other nodes. An oracle providrr is soneone who will give you your own oracle.

[Anonymous No.11040719]

>>11040682

> responding to pasta

[Anonymous No.11040799]

>>11040682
>>11040714
Jesus. I don't even know where to start. Listen, I don't have the time to spoonfeed you brainlets. I recommend you do some more research because its clear neither of you understand this.

When you're done do the world a favor and gas yourself.

[Anonymous No.11040813]

>>11040799
$2500 EOY

[Anonymous No.11040819]

>>11040799
if you had followed my advice and deleted the first 2 posts you wouldn't look like such a retard rn. You should probably head back to r3ddit

[Anonymous No.11040830]

>>11040719
>he doesn't know about the 700lb autist pasta
yhtgb

[Anonymous No.11040832]

>>11040819
Ok. Please describe for us what an oracle provider is?

[Im The Real Astro L8dQx6TGuw No.11040837]

>>11040799

[Anonymous No.11040874]

>>11040832
>>11040682
it's not hard.

[Anonymous No.11040877]

>>11040425
18 decimals

[Anonymous No.11040920]

Ari Juels and Blythe Masters connected other than ic3 being an associate member of hyperledger?

[Anonymous No.11040940]

>>11040527
They likely mean other nodes to integrate more services on the CL network.

It wouldnt surprise me if they also support oraclize as some businesses may prefer a centralised solution.

For others.
CL and oraclize arent really competitors. Some operators in the CL network may try to compete with oraclize though.

[Anonymous No.11040995]

>>11040874
>>11040832
>>11040568
in an uncharacteristic show of grace and camaraderie, I will admit that it's basically a semantics issue and you are probably technically correct in that the basement neet could be considered the "oracle provider". I'm sort of half-assedly baiting in this thread while sitting in my boring ass finance class. However, I do think that OpenLaw meant other oracles, not "different chainlink nodes".

[Anonymous No.11041049]

>>11040819
>>11040837
>>11040874
Jesus. The 700lbs autist in his basement is exactly what the network wants and needs. Chainlink is the oracle provider. It provides a way (decentralized oracle protocol) for anyone to upload information to the blockchain. What consensys meant when they say they will use other "oracle providers" was to imply that when the network is up and running, they can draw the API information from the decentralized network of 700lbs autists. See what you faggots don't understand about smart contracts is that in order for smart contracts to run, the data needed to execute the contract has to be available 24/7, or the whole point of self executing contracts is worthless. This means that even if a company needs ethereum's price, for example to make wage payments, there NEEDS to be multiple "oracles," or 700lbs autists providing that information 24/7 so the smartcontract will be able to execute when the off chain event is triggered. This enables true end-to-end trustless verification of the data because even if 1 node goes down, there will still be many others able to provide that information so the contract can self execute.

Consensys, in this article, is saying they'll use other "oracle providers" to show the decentralized feature of this network. It wouldn't make sense for any company to use multiple oracle networks when they can get all the information they need from one (chainlink network) and from multiple decentralized oracles provided by 700lbs autists in their basements to keep the network up.

I hope NPCs like yourselves will one day develop an internal monologue so you can figure this shit out.

[Anonymous No.11041088]

>>11040995
Ignore my NPC comment

[Anonymous No.11041099]

>>11040920
Digital Asset is a member of ic3
Synchronize (a conf sponsored by DA) had a conf with ari and the DA CTO saul kfir speaking about smart contracts

Now get this:
Alexander Chepurnoy was a core dev on NXT and a co-founder of smartcontracts.com

For whatever reason he left SC (now works at IOHK), and Sergey doesn't follow him (conflict?).
But Steve and Miller do. More interestingly, key members of the hyperledger structure follow him. Bart Cant, Kelly from the TSC (both also follow SC/CL/SN) and... the CTO of Digital Asset (and he only follows 223 accounts). This likely means DA/HL people have been closely following SC since as far back as 2014, due to the ic3 intermediary. Kfir also follows Ari and spoke alongside him & Szabo at Synchronize. He started following Alexander, Vitalik and another Cornell professor (involved w/ Town Crier) right after he started following DA.
I used to think innotribe was what brought them to hyperledger attention but now it's becoming clear it's actually DA who hooked them up with swift. Chris Church is another interesting part of that puzzle.

[Anonymous No.11041165]

>>11041099
montana mark's municipal marmalade manifested mutated marsupials

[Anonymous No.11041198]

>>11041165
Got it ;)

[Anonymous No.11041253]

What did she mean by this?

https://twitter.com/annetgriffin/status/1039638747833413632

[Anonymous No.11041259]

>>11041049
Let me draw this out for any newfags who stumble into this thread.

Currently:
Data Provider (APIs) -->
Centralized Oracle -->
Blockchain

Chainlink network:
Data Provider (APIs) -->
Decentralized Oracle (700lbs autist) -->
Decentralized Oracle (700lbs autist) -->
Decentralized Oracle (700lbs autist) -->
Decentralized Oracle (700lbs autist) -->
Blockchain

In the current state, if the centralized oracle goes down:
>Data Provider (APIs) -->
>Centralized Oracle --> X
>Blockchain
Data can't reach the smart contract so it can self execute, and I can't ensure I'll get the data I need. One can also receive information from different data providers to the decentralized nodes if its the type of data not coming from one source.

In the Chainlink state, if one of the decentralized oracles goes down:
>Data Provider (APIs) -->
>Decentralized Oracle (700lbs autist) -->
>Decentralized Oracle (700lbs autist) -->
>Decentralized Oracle (700lbs autist) --> X
>Decentralized Oracle (700lbs autist) -->
>Blockchain
the data can still reach the smartcontract and it can self execute. I don't need to worry my smartcontract won't be able to get the data it needs in case an oracle goes down. 24/7 uptime is critical for smartcontracts because I don't need to TRUST a centralized oracle to provide the information, making it trustless in getting the data verifiably delivered from one party to another.

If I made any mistakes please correct me.

[Anonymous No.11041340]

>>11040714
Yes.

[Anonymous No.11041362]

>>11041099
Checked ! Wow! This is on another level.. ima jump into this rabbit hole. Thank you for shedding light anon! This is like a mystery novel where the protagonists are all subject to scrutiny for different actions that took and are currently taking place.

[Anonymous No.11041401]

>>11041259
There are a few intermediate steps that you're ignoring. Those flowcharts should read
Data Provider (APIs) --> Two all-beef patties --> special sauce --> lettuce --> cheese --> pickles --> onions --> sesame seed bun --> Sergey --> toilet --> Decentralized 700lbs autist --> Blockchain

[Anonymous No.11041447]

>>11041401
This is the correct answer. I must have had a momentary lapse of mental ability.

$.01 EOY

[Anonymous No.11041467]

>>11040456
I have the weirdest boner right now.

[Anonymous No.11041475]

>>11039292
"This is not sound financial planning"

[Anonymous No.11042290]

>>11040109
i dont think people realize that chainlink can be a centralized oracle if the smart contract creator wants it to be. the fact you have the option to add additional security layers is what makes chainlink revolutionary

[Anonymous No.11042465]

$1000 EOY

[Anonymous No.11042510]

>>11039882
Can you elaborate as to the significance of this?

[Anonymous No.11042536]

>>11042290
Is this true?

[Anonymous No.11042617]

>>11042536
Yeah, you can select your nodes, and your rep service.

[Anonymous No.11042618]

>>11041259
What if this happens:

>Data Provider (APIs) -->
>Decentralized Oracle (700lbs autist) --> X
>Decentralized Oracle (700lbs autist) --> X
>Decentralized Oracle (700lbs autist) --> X
>Decentralized Oracle (700lbs autist) --> X
>Blockchain

[Anonymous No.11042629]

>>11041259
Better yet:

>Data Provider (APIs) --> X
>Decentralized Oracle (700lbs autist) -->
>Decentralized Oracle (700lbs autist) -->
>Decentralized Oracle (700lbs autist) -->
>Decentralized Oracle (700lbs autist) -->
>Blockchain

[Anonymous No.11042698]

>>11042629
>what is redundancy

how long do you spend on the internet. how many API's do you think people hit per minute browsing the big boys - fb, twitter, goog, amazon, netflx, linkedin etc etc. good architecture builds in redundancy, banks know how to build in redundancy, especially for institutional banking

[Anonymous No.11042803]

>>11041198
Oh come on! What are these messages?

[Anonymous No.11042925]

>>11041099
you are one of the 5 people on this board making it worthwhile and I thank you for it

[Anonymous No.11043032]

>>11042803
Mchainlink m$1000 mEOY

[Anonymous No.11043428]

>>11042290
>>11042536
Yup. The best thing about it is that the mvp is literally operational right now.
It makes sense as a shitty centralised mini network serving CMC requests, and it also makes sense as a global hypernet serving the entire financial data of the planet.