Looks like the LINK token is finally being implemented on other blockchains. Yes you could use the external initiator to initate Ethereum LINK job runs from other blockchains, however here you see LINK finally able to be minted (deposited) on other blockchains by locking it on the ETH. To unlock the LINK on that blockchain you can burn (withdraw) it on that chain to get it back to ETH LINK. This is the first instance of this so far that I know of - now you will have LINK (Matic), LINK (DOT), LINK (XTZ) and so on - all of these blockchains will require LINK to be locked up, further reducing the supply, and this is consistent with Thomas' vision a year ago.
He's so down to earth and chill An actual dev and not some poser
Jayden Jones
The only way to own a LINK token on another network is through a contract? Or would these tokens be sold on exchanges too?
Jackson Gutierrez
FAT A T
RUSSIAN SCAM
Owen Carter
LINK isn't needed on on blockchain
it's a useless token
Caleb Sullivan
oh good, i can maybe use aave without spending like $100 on 4 transactions >inb4 poorfag im all in link and i hate having to buy eth constantly
Ryder Edwards
i thought matic was using band?
Landon Barnes
You would need to lock up LINK (ETH) in order to mint it on other chains. So you won't be able to sell LINK (XTZ) for example, since it's essentially just locked ETH (LINK)
So basically Link would be locked up in an ETH contract and somehow reserved for another blockchain? Kind of like wrapped BTC can be represented on the Ethereum chain without increasing the supply of BTC correct?
Logan Collins
yeah exactly - and when people lock up their LINK to use it on other blockchains, they will be decreasing the supply available for sale
Won't this cause a shit ton of fees? Is there anyway for LINK to get off of ETH?
Gavin Baker
>216
Adam Nelson
Very interesting and efficient
Justin Harris
Why would this cause a "shit ton of fees?" We are literally talking about how LINK is getting off ETH right now - you lock it on ETH and use it on other blockchains. If you mean fully removing LINK from any reliance on ETH, I bet they could do that but it'd be super messy and it doesn't seem to make sense for them to do that - as long as you can lock LINK on ETH, you can use it anywhere else, using it on blockchains that have almost no fees, or very reduced fees.
Something most are overlooking are that they will now likely need node operators on all of these other blockchains too...
The thing is, it won't matter if it's LINK on ETH or LINK on Matic or LINK on any other blockchain. The fact of the matter is that most LINK will be locked up in nodes. And you'll still be able to use LINK on other blockchains with smaller fees at the same price as it is on ETH. This only matters if you plan on trading it a lot and by that point, you'll have made it so who cares about fees?
Henry Young
fees will be 1% of what they are once arbitrum is live. and .01% of what they are once arbitrum side chains go live. Fees will be next to nothing by EOY
Adam Martinez
noLINKers are going to be fucking furious when they see us doing nearly zero cost transactions and the network grows exponentially because of it, increasing the token value
Leo Baker
I'm starting to think 10k is enough to make it, not sure if I like giving myself this much hope
Yup still wouldve liked to get an update from him unfortunate dox Damn 30k wish I wasnt so lazy back in 18 and had accumulated at least 10k more, had 15k tried to swing 5k and got the rope kek
Christopher Harris
Is it a good idea to buy right now? it's at fucking 12
Camden Wood
so wait, off chain labs is a centralized solution basically right?
doesn't this kill the whole point of decentralized oracles? kinda whack
Aiden Mitchell
I would get xrp, only 30 cents, way more room to grow, and likely to be implemented by the government within the next 5 years as the de facto bank crypto.
Oliver Fisher
it is as decentralized as Chainlink is, right now it is KYC nodes, but they are working towards the goal of making it all automated with staking. You spin up nodes and stake Link on them and they participate in the network and are handed jobs. The nodes process the jobs and vote on the data they get, if people try to fuck with the data they lose their staked tokens.
