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15079701 No.15079701 [Reply] [Original]

How do links smart contracts work? How does it verify real world events?

>> No.15079709
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15079709

>>15079701
Just buy

>> No.15079813

>>15079709
I want to understand

>> No.15079844

>>15079813
There’s nothing to understand it’s all magical. That’s why you should buy chainlink without asking

>> No.15079878
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15079878

>>15079701

>> No.15079969

>>15079813
here are the steps:
1- i am a a company called MUHDICK and i want to query the name of the country that won the football worldcup.

2- MUHDICK creates a service agreement containing:
> a MUHDICK smartcontract that will query the chainlink smartcontract
> an aggregator contract, that will aggregate the results from multiple nodes
> a penalty contract that will punish the nodes that didn't answer correctly

3- MUHDICK deploys the service agreement on the blockchain

3- MUHDICK smartcontract will call the chainlink onchain smartcontract with these parameters
>> service:sports action: getFootballWorldcupWinnerCountryName
>> nodes: [0xdflqsdfqsdffsqd, 0xaqdsfiojqdsjfq, 0xdiaulfqsiuaadu]
>> ps: they got the job ids of the nodes from a listing service or a reputation service online, those nodes will have to be UP during the whole duration of the service agreement

4- the chainlink onchain smartcontract will query the chainlink network and request answers from the 3 nodes selected by MUHDICK contract, the nodes have to agree on the service agreement of course.

5- the nodes answer to the chainlink onchain contract, the chainlink onchain contract will send the 3 results to the aggregation contract onchain

6- the aggregation contract will determine what is the truth between those answers, for example : if you get FRANCE FRANCE and GERMANY, the aggrgator will determine that FRANCE is the winner and will immediately punish the node that answered germany.
the aggregator will then, send the answer to MUHDICK contract with the penalty of the node that answered GERMANY.

7-MUHDICK smartcontract will call the callback on result and process the answer accordingly

>> No.15080071

>>15079969
yeah but what if....

CHAINLINK IS SCAM BUY SENT SIRS

>> No.15080136

>>15079701
The smart contract is programmed in ethereum or any other smart contract platform chainlink only provides the inputs that trigger the contracts and the outputs (usually payment) that occur when that happens. You can use any source of data, or multiple sources, chainlink just ensures that it is secure and hasn't been tampered with.

>> No.15080170

>>15079969
Nice summary

>> No.15080266

>>15079969
Penalty also goes to the node operators who answered correctly but otherwise nice summary. Also a good example of why 3 nodes is likely not a sufficient amount.

>> No.15080291

>>15080266
see hopw mentality changes? do you realize that before chainlink people only had 1 node? centralized oracles. now even 3 oracle providers semms not enough.

this truly tells alot about the necessity of chainlink.

>> No.15080987

>>15080291
Yea I get it. When the tech is fully scaled, there's no reason all data shouldn't be as decentralized as possible. The point of diminishing returns isn't until after 10s of thousands of independent nodes imo.