Here's what I've gathered from Link from spending too much time on this board. It's rare to find actual synopsis' of this fucking thing without digging through "the archive" so here's what I've learned in layman's terms. If I've gotten things wrong, feel free to correct me. More discussion/information is always a boon.
If you delve into the inner workings of how Link will work it is extremely complex and esoteric. You can't truly understand it if you're not educated in programming, blockchain and network infrastructures. And that's really just the tip of the iceberg. There's nuance to how this coin would/could exist that no one here has the level of knowledge/powers of prediction to speak on.
To bastardize/summarize, Chainlink wants to connect API's (think of API's as handshakes) from various entities (corporations/data sources) and connect them using smart contracts (if this, do that), all of which can be theoretically connected together (linked) relatively easily, and/or in an automated way that will supersede current solutions/create new ones.
These contracts will execute their given instructions based on the contracts code. Examples for use case are paying out an insurance policy given a set of parameters that are met e.g. earthquake insurance is automatically processed when a richter scale reaches a certain level. This example only takes into account one source of data (or API) but use your imagination to come up with other examples that can be built on various forms of information coming in. This is the first use for Link.
The second use is to protect this data; hence Link is staked via these processes. Bad actors/bad information are disincentivized to broadcast out because these data sources are required to stake Link tokens as insurance for transactions. If bad information is given, their link tokens are at risk.
If Chainlink becomes adopted, Link price *theoretically* will go up in value as tokens are required to process transactions. But it's impossible at this point to say where a balance will be struck. We are in the fetal stage of this project, pure speculative investing and price discovery. Anyone that tells you otherwise, or says that Link should be worth more (or less) has schizophrenia. It's a complete gamble because blockchain is still trying to find a foothold in anything besides as an investment.
Chainlink is also nothing but code. Blockchain is code. One's and zeroes. Nothing more special. And so, it isn't impossible to say that traditional solutions can't accomplish what Link hopes to achieve as a use case. As the world exists today, this use case is achieved with code and software that sends out and interacts with networks via traditional encryption methods. Could Link be a paradigm shift? Sure, but it needs a ludicrous amount of infrastructure/development.
The psychology of Chainlink threads is interesting. Obviously many threads harp about how Link is the future (see XRP for similarities). This is because Link can be imagined to be utilized by a virtually infinite number of parties in a virtually infinite amount of ways. Succinctly, Chainlink links information together and protects it with Link cryptocurrency. This is the stuff that dreams are made of (mass adoption) and why many Link threads strive on preying on your credulity. Promoters will vaguely/outright accuse you of stupidity for not investing; a common reply is that only those with very high IQ can comprehend Link's future.
Ultimately, a use case for blockchain may be found, or it may continue to be a store of wealth. No one knows. Try not to get caught up in threads that do nothing but use ad hominem without getting into the technical and fundamental aspects of Link (or any crypto). Invest only into what you can understand. Hopefully this helps, maybe not. As always and most importantly, DYOR.
Isaiah Carter
Nobody cares what it does. Price go up sell price go down buy
That gigantic fuckhuge wall of words and you STILL DON'T KNOW WHY CENTRALIZED ORACLES ARE A PROBLEM
AHAHAHAHAHA LOOK AT THE RETARD
Jack Mitchell
Seems like a good synopsis. Not that I would know better.. My impression is that this crypto is powered by hopium. This board wants a second chance at a bitcoin like gain.. It seemingly has some potential, but there also seems to be a lot of big ‘ifs’ attached to this happening. I don’t think, from what I can see..that anyone has any idea what will happen with it, just a hope. I guess we’ll find out..but who knows when.
Nathan Rogers
>it isn’t impossible to say that traditional solutions can’t accomplish what Link hopes to achieve
How would trad solutions do it theoretically
Brody Diaz
It’s biggest use case right now is price feeds for defi. The thing that theoretically drives it up with normies is connecting lazy legacy systems to the blockchain. The thing that ultimately will make it huge is the profits that will be realized by the first big corporations who are able to fire a whole shitload of lawyers and other various middlemen because of efficiency’s gained through smart contracts. At that point anyone who doesn’t follow suit can’t compete and $avalanche$
They literally can't that's the whole point, I'm honestly amazed he did all that research without asking the most basic question (easy to find the answer too)
Jace Morales
Link isn't decentralized, far from it. Do you have examples of how centralized sources of information are currently a problem? Bonus points for an example of a real event (problem) that happened.
Wyatt Phillips
bZx attack you fucking retard, it's like you don't even follow defi news holy shit
You apparently don't know how trusted networks at enterprise level are built either
Hunter Cox
in the ecosystem of the Internet of Things, the way i see link is as the framework to an Internet of Contracts or at a higher level an Internet of Trust. its the monetization of trusted data.
Parker Morales
chainlink is a secure data transfer protocol enabled by a network of nodes, the core of the code is just a parser and aggregator. The value is in the physical nodes, which achieve functional decentralization through distribution. Nodes will also offer other features like enclaves (also called TEEs, google them) for enhanced security and privacy. It’s also worth noting that chainlink’s approach to building that network is literally the only way it can be done, which is why they are the industry standard and will be the secure blockchain data transfer protocol (oracle) of all serious projects and financial institutions
Jordan Carter
Can you extrapolate on why? I think you're implying that traditional solutions can't do *exactly* what Link does. You can add a system of "decentralized' oracles, nodes and cryptocurrencies. But that doesn't mean that you can't theoretically accomplish the same "smart contracts" with code.
Luke Anderson
The fact you honestly can't see the enormous sea of value in blockchain is hilarious to me. "Yeah the internet sends text so what?"
Isaiah Martinez
Only way they could is if they copied all the code from github and remade an entirely new Chainlink with their own version of tokens. Muh Json parser idea. But this possible could mean costing trad. solutions much more than just opting to use Chainlink.
In the end, value is determined by the market. Not just speculation on the tech.
Adrian Watson
We're not on the same page. A bZx attack is specific to cryptocurrency. Cryptocurrency can be mutually exclusive to alternate solutions.
Thanks for proving my point about ad hominem.
Samuel Thomas
Holy fuck the OP wrote that whole wall of text and I am not even reading it LMAO!!!!
When parties in an agreement are trying to cheat and there is a centralized shit system what the fuck do you expect to happen? Why do I need to spoon-feed this basic shit?
Easton Jones
>spending too much time on this board. >without digging through "the archive"
>Centralized systems are specific to crypto Okay retard, it's amazing you manage to face each day with your disability
William Sanders
Hahahahaha we’ve already talked about stuff 3 years ago Simeon you’re damn late to the game
Easton Gutierrez
Encryption. Billions of transactions are happening all day and we take them for granted. What are some value propositions?
You don't need a blockchain. Smart contracts are code.
Robert Long
You have no idea what LINK does apparently after all your research. You just described a transfer layer and an API.
The service LINK provides is automatic, trust less, verified real world data to the blockchain. It allows for smart contracts to be more than exchanging crypto.
BASIC EXAMPLE: right now you can’t create a smart contract to sell oil or gas or any other commodity that changes on a daily or say minute by minute basis. Not reliably anyway and not without trusting a 3rd party source.
Chainlink allows the smart contract to connect to as FEW or as MANY sources of data (nodes) on that commodity as required to “secure” that contract.
That’s literally it. The nodes reach consensus and the contract executes. It doesn’t SOUND like much but it’s actually a quadrillion dollar problem and there is no other remotely as sound or as close to fruition project in the world.
>Duuuhh what could possibly be the value in a distributed secure immutable scalable database
Ian Rivera
my nigga. When did I say blockchains?
Jason Taylor
Smart contracts are tamper proof code. There is a difference
Owen James
Your example was synonymous to the example I gave.
>right now you can’t create a smart contract to sell oil or gas or any other commodity that changes on a daily or say minute by minute basis.
You can program this via code. You can protect it with encryption. I don't know why people don't see this.
Ayden Bennett
Y’all know these posts are just simeon right, he’s 3 years late to the conversation can’t even figure out literally the fundamental part about the whole thing
Charles Powell
>But that doesn't mean that you can't theoretically accomplish the same "smart contracts" with code. That is exactly what it means, because those smart contracts would be worthless if the data in those contracts was implemented in a centralized manner.
Jace Thomas
What don’t you understand about centralized vs decentralized?
Caleb Roberts
Like you need to go back to crypto 101 simeon. Why is bitcoin so revolutionary or are you going to claim it’s about to crash back down to $0 too like you claim w link?
Camden Cook
You're counting your chickens before they've hatched. Link is lightyears away from connecting to all these various data sources, connecting everything in this regard. It's an incredibly difficult problem and an immense undertaking. What I'm getting at, is that it does not require blockchain. Can blockchain do it? Can you insert blockchain into it? Yes. But it's not required.
