if you need to bring outside data into smart contracts, there are many centralized solutions.
LINK is supposedly the only decentralized solution, BUT decentralized oracles are an UNSOLVED computer science problem.
The biggest threat are sybil attacks which basically is one person/one party creating multiple identities to compromise any decentralized reputation system. Think sockpuppets, or fake accounts for farming upvotes/likes.
Bunch of 4channers tried to force it as /ourcoin/ back last month during the presale ico phase of chainlink there was a minimum requirement of 300eth to enter the presale. Bunch of anons pooled up together and shared presale links to fill them with their eth.
Coin continued to get shilled and pumped up and hyped for the sibios event that link was attended, whole event turned out to be a flop chainlink had a presentation in a room of like 18 people next to the public toilets, literally no news or partnership came from the event and the coin dumped back to below ico prices and created 1000’s of bagholder anons.
Now during this alt bull run lots of anons and took advantage of this and shilling this coin to all the new money and newfags that joined in december and don’t know this story.
The coin is HEAVILY manipulated and the supply is dried up from huge whales who accumulated below ICO price to create a artificially lower supply (a lot like REQ) and these people have so much room to dump on all of you faggots to still be in profit when the time comes.
In regards to actual project that chainlink aiming to achieve it’s nothing more than a basic json parser for smart contracts, would take like a day to add to ethereum by itself.. literally making links whole concept pointless and definitely no need for a token. Would take a lot longer to get it working with bitcoin but the bitcoin core devs would be able to work out the solution a lot quicker than chainlink will, think that’s something worth noting that literally nothing is completed and you’re literally just buying a whitepaper, they have only 2 developers and they don’t communicate at all with no proven background on either, in fact sergey was involved in a project before chainlink called NxT that he since been abandoned until it was took over by a new developer team
IF Chainlink really isnt a scam and is actually the next big thing then that means there has been an organized FUD campaign for years the likes of which hasnt been seen in crypto. We are talking some serious social engineering.
If Chainlink really is just a scam then it has had an equally large campaign and should make everybody weary of every project in crypto.
Watching this shit go from an absolute joke to one of the more promising projects in crypto makes me think I know absolutely nothing about the entire space. It makes me lose trust in everybody.
If such a system ever wanted to be successful, it would have to be essentially free and make zero money for anyone involved, forever. If it wants to make money it can’t succeed because of the legal hurdles involved that have been mentioned ITT. A fucking pipe dream from a philosophy major. Got to ask yourself why no one else is bothering with given the massive attention that smart contracts have gotten these days. It’s not under the radar, this isn’t ‘stealth phase’. Decentralised oracles are a shit idea that nobody asked for, and when presented with them nobody still wants. Believe it or not, big business doesn’t care too much about smart contracts. Turing complete smart contracts are a timebomb (the DAO) and nobody wants to touch them. Non-Turing complete smart contracts, ie the ones that will actually be used don’t need complex blockchain feeding mechanisms. The simpler smart contracts haven’t even been utilised at 0.1% by enterprise yet.
While there are certainly profits to be made by trading Chainlink, there are warnings to not HODL it with the hope that one day developers will adopt it as their source for decentralized oracles – That certainly won’t happen. The app developer looked over the Chainlink white paper and documentation, here is what he found: […] More