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3731845 No.3731845 [Reply] [Original]

1. Eth and smartcontracts. We all know smartcontracts are revolutoinary, but their use cases are limited. Smartcontracts are awesome, but they are confined within the blockchain and data on the blockchain. In otherwords, right now smartcontracts are "you send 1 eth and I'll send back 1000 McTokens", and this contract is verifiable/trustless/amazing but its stuck within the universe of Ethereum and the data Ethereum understands

2. It is possible to use external data to inform these contracts, but right now that process is centralized. This is a problem. Lets say the external data is a transaction of Dollars for ETH. So you send 300$ to bank account X, and then I send one Eth to your address. Right now you either do that through a third party (CoinBase), OTC (LocalBitcoins) or whatever else centrlized system you want to use.

Knocking out that centralization, where you have to trust someone, is THE key to SmartContracts having a real world use case. But how do you get that information -- the fact that the $300 has been sent -- onto the blockchain using data that the smartcontract understands?

3. Oracles. Right now the answer is "hey we can hire Oracle X to do the translation to represent this bank dollar transaction on the blockchain." The "oracle problem" with this is that you are 100% TRUSTING that oracle to act prudently. That they don't tamper with the data. So we can kill coinbase but now we have to trust the oracle instead of coinbase .This is a HUGE problem for Banks who want to get into blockchain but have to trust a centralized oracle to translate data. This Oracle can be hacked, falsified, defrauded, really all the problems that come with cenralization.

(1)

>> No.3731848
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3731848

(2)

CONTINUED

4. ChainLink - this service DECENTRALIZES that translation process of the Oracle. Now, the translation is trustless, and you have a trustless data feed that informs the trustless smart contract.

Multibillion dollar institutions can rely on distributed blockchain technology and know the data that informs their smart contracts is tamperproof.

So Thats what ChainLink does. ChainLink is the first decentralized Oracle that allows anyone to securely provide smart contracts with access to external data, off-chain payments, and really literally any other API you can dream up. Confirmation of delivery of an items (RFID, like Walton), confirmation of a wire being sent or received, interest rates from any central bank, sports scores, product/machine uptime, price of Eth/BTC in real time, weather patterns etc. Right now smart contracts are simple if/then functions where you go and manually do the if so the then comes back. Now with Oracles smartcontracts can automatically confirm or deny if then statements without any human interaction. Transactional automation for agreed upon terms on steroids.

Anyone can now engrain off-chain data directly onto the blockchain in an actually decentralized way and use that data to directly inform trustless smart contracts, and since the Oracle is decentralized you know the data feed is secure and you’re not concerned with tampering on the Oracle’s part. This is like a skeleton key to actualize the data on the blockchain and apply that data to real world use cases.

>> No.3731867
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3731867

Watch this video and you'll see for yourself the potential of this coin


https://www.youtube.com/watch?v=MfH1B85YyFU [Embed]

and incase you dont trust any more URLs on

bizchan then here, search this in youtube

"CoinFund Q&A: Sergey Nazarov @ SmartContract.com"

https://www.youtube.com/watch?v=1nmLU284fIk [Embed]

https://www.youtube.com/watch?time_continue=16&v=nMlpTgxKtAY [Embed]

https://github.com/smartcontractkit/chainlink

https://link.smartcontract.com/whitepaper

† Ari Juels is a faculty member at the Jacobs Institute at Cornell Tech. He co-authored
this work in his separate capacity as an advisor to SmartContract ChainLink Ltd., inwhich he has a financial interest.


http://www.arijuels.com
-----------------------------------------------------------

In 2004, MIT’s Technology Review Magazine named Dr. Juels one of the world’s top 100 technology innovators under the age of 35. Computerworld honored him in its “40 Under 40” list of young industry leaders in 2007. He has received other distinctions, but sadly no recent ones acknowledging his youth.

We were selected by the World Economic Forum's Tipping Point report as the "Shift in Action" for Smart Contracts, for our work on allowing smart contracts in the Bitcoin network to be automatically triggered by external data.

https://image.slidesharecdn.com/worldeconomicforumtippingpoint2015blockchain41-170330211144/95/world-economic-forum-tipping-points-report-1-638.jpg?cb=1490908469

-------------------------------------------------------
We're partnered with Cornell's IC3, to help launch the first Intel SGX secured link between smart contracts and external data. This more secure way of running an oracle is the future and we're glad to be moving it forward.
https://create.smartcontract.com/#/contracts/cc3ea3c76b5a60f171e0eaf223146f34?tab=info

>> No.3731883
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3731883

--------------------------------------------------------
We've been chosen as a 2017 Blockchain Applications Cool Vendor by Gartner. We feel this validates the value that CTOs and CIOs see in our more secure approach to connecting smart contracts with critical external resources.
https://www.gartner.com/doc/3698947/cool-vendors-blockchain-applications-

-----------------------------------------------------------
We're proud to be working with SWIFT on their own SWIFT Smart Oracle. Allowing smart contracts on various networks to make payments, send governance instructions, and release collateral with over 11,000 banks.
https://www.slideshare.net/slideshow/embed_code/key/HJglipax9KmMPx

>> No.3731897
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3731897

Listen very carefully to what I'm about to say.

Ambrosos wants to represent external data (food) on the blockchain.

Walton wants to represent external data (RFID tags) on the blockchain.

Ripple wants to represent external data (financial transactions) on the blockchain.

These use cases are ENTIRELY contained within ChainLink.

ChainLink is the skeleton key that makes all these proects obsolete. It gives every company the building blocks to use oracles that represent ANY data, not just single use cases like food/RFID/financial transactions, however they want.

>> No.3731923

This is exactly why LINK will moon. It is desperately needed in current technology and systems. It's the next step for companies that would benefit from smart contracts but are limited by its narrowness. Also this will have a huge impact on ethereum especially since it's foundation is smart contracts and chainlink will widen it's use cases by a fuck ton

>> No.3731936

Holy shit OP

>> No.3731940

>>3731845
Thanks for taking the time to write this.

>> No.3731947

DELET

>> No.3731951
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3731951

>>3731867
>>3731883

I LOST MY 30K LINK AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHH MOOOOOOOODSSS

>> No.3731958

I would put all my money on it reaching $5 by the end of the year.

oh wait..

>> No.3731977

>>3731845

Well said.

>> No.3731980

TL;DR

Bought more Links from dip

>> No.3732007
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3732007

id buy some in a 2 months. having fun with the forks right now.

>> No.3732025
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3732025

I'm pretty sure IBM is literally talking about ChainLink in this tweet

>> No.3732057

>>3732025

Honestly, a lot of companies may need Chainlink so they can make their blockchains actually useful.

>> No.3732088

>>3732025
and people think this won't balloon to astronomical levels by EOY

>> No.3732791
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3732791

>> No.3732812

>>3732007
what forks are you talking about, m8? if you don't mind me asking.

>> No.3732856

>>3732812
The BTC fork and Eth fork? Where the fuck have you been?

>> No.3732888

>>3732856
i just got back after quitting in january. i'm still not caught up yet on the recent news so forgive me. any site i could reliably get information from besides biz of course?

>> No.3732925

>>3732888
oh yeah and what the hell is this BCH shit in my wallet? i have 300 of these fellers.

>> No.3732933

>>3732025
I love chainlink but I doubt this is referring to it. Lord Sergey even said it'd be 2 years before chainlink gets into derivatives and trades. 1-2 years for remittance and overseas transfers in banks (using SWIFT)

>> No.3732945

>>3732933
where did he say that?

>> No.3732980

>>3731897
amen

>> No.3732998

>>3732933
Yeah its probably talking about Ripple truth be told.

>> No.3733008

just bought 100k

>> No.3733018
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3733018

>>3731845
NICE TRY FAGGOT. PATHETIC FUD ATTEMPT

BY PAJEET NIGGER WHALE. KYS OP

BUY LINK FOR 10000X GAINS. SERGEY = SATOSHI CONFIRMED

>> No.3733064

>>3732933
great FUD pal, lets see that source faggot

>> No.3733080

>>3733018
Did you even read the post? You're the worst person on this board

>> No.3733083

>>3732057
>limitations of codes
Im sure those external data is decentralized too right and theres no way to falsify those

also people forget youre limited on the ethereum network kek

faggots when another decentralized provider thats better coded comes aound what do you think will happen taht new one will still use chainlink tokens run hell the fuck no

>> No.3733119
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3733119

>>3733080
LMAOOOOOO

>> No.3733132
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3733132

FUCK YOUR MOONS.
FUCK YOUR LAMBOS.
FUCK YOUR SHILL-S
FUCK YOUR FUD-S.

HOW CAN YOU UNDERSTAND TECH AND NOT GO ALL IN?

IF THIS SHIT WON'T GO TOP 10 COINS --WORLD MAYBE DOES NOT NEED BLOCKCHAIN....

FUCKING PAJETI CLOWNCOINS ARE MOONING, MESSENGER APPS, POT COINS, EVERYTHING MOONING, AND LINK STILL NOTHING.

>> No.3733203

>>3731940
it's okay, he copy pasted 1/2 of it at least.
>>3731897
ive seen this one 3 times

>> No.3733255

Chainlink is the bridge to all major blockchains, not just ethereum.

The astounding thing is that it is designed to work on Bitcoin, ethereum, and Hyperledger. Not many blockchain companies are targeting the 3 most popular blockchains.

http://hudsonjameson.com/2017-08-06-advising-status-smartcontract/

>> No.3733287
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3733287

>>3733132
Patience, my friend. Our time will come.

>> No.3733295

the coin we need, not the coin we deserve

>> No.3733316

>>3733287
>she

>> No.3733422

Saving up all my monies for the conference dump dip

>> No.3733431

>>3731845
>>3731848
All those words and you explain LITERALLY NOTHING about how it ACTUALLY FUCKING DOES THAT.

>ChainLink is the first decentralized Oracle
>Anyone can now engrain off-chain data directly onto the blockchain in an actually decentralized way

HOW YOU FUCKING SHIT, HOW?

God I hate you lazy ass shills.

>> No.3733482

>>3733431
Here you go:
link.smartcontract.com/whitepaper

>> No.3733492
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3733492

>>3733431
Read the whitepaper

>> No.3733501

>>3733492
>>3733431
Even though it will be like reading an Elder Scroll to you

>> No.3733508

>>3733431
whitepapers, mother fucker. DO YOU READ THEM

>> No.3733551
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3733551

>>3733431
KYS FAGGOT

>> No.3733605

>>3733482
>>3733492
>>3733501
>>3733508
>>3733551
How about you go fuck yourself you lazy faggot shitposters.

You shit up this board with your completely empty and lazy posts which are nothing more than marketing bullshit.

At least copy paste from the fucking whitepaper you faggots instead of writing empty bullshit. And I have to wade through this bullshit because you retards apparently have no idea what the actual value of the coin is.

>I'm up literally 100000% because I do read and actually understand whitepapers unlike you brainless retards
>When I shill a coin, I actually post facts and descriptions of the real utility, and all coins I've bothered to shill have mooned 10000+% since I shilled them based on actual fundamentals rather than retard pump and dumps

>> No.3733666
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3733666

>>3731845
I just got kicked from a telegram group for shilling Chainlink... and calling them Pajeets. Hopefully they got the essence of my message.

>> No.3733670
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3733670

>>3733605
Who are you calling lazy when you can't be bothered to read the fucking whitepaper?

>> No.3733676

>>3733431

They have a highly technical white paper you utter brainlet

>> No.3733686

>>3733666
Nicely done Satan

>> No.3733692

>>3733605
So.. you want someone to hold your hand instead of opening a PDF file and reading?

>> No.3733711

>>3733605

>You shit up this board with your completely empty and lazy post

Yeah, ok buddy. THIS is the lazy post on biz today. THIS

>> No.3733780

>>3733676
anon its not technical at all, a concentrated ddos attack on a single node connected to the oracle block executing the smartcontract makes the contract not execute

unless they run everything centralized they cant keep people with malicious intent out

>> No.3734066

>>3733780
How would they even get the ip let alone get past cloudflare

>> No.3734204

>>3733605
do you have any self awareness?

>> No.3734327

>>3734066
>cloudflare
Id explain it but this is biz youll just call me a fudder

just shows how little people know how blockchain and crypto currencies work

>> No.3734370

>>3733780
You're literally fucking retarded, that's the point of a DECENTRALISED Oracle. Another node will confirm the transaction if one fails you absolute fucking moron.

>> No.3734398

>>3734327
explain it anyway

>> No.3734435

damn dawg how balls deep in LINK are you

>> No.3734579 [DELETED] 

>>3734370
its on your whitepaper read it, and tell me what your long term goal is?

its a centralized "off chain aggregation"

>> No.3734608

>>3734579
I think you are just being intentionally retarded at the point or English isn't your first language and you are also retarded.

>> No.3734738 [DELETED] 

>>3734608
people listen to retards, when you post a autism level explanation they tune it out