Chainlink (LINK) - Oracle/middleware that connects smart contracts to external world

NewMeta

Newbie
void said:
I think an additional reason is, that they fucked up the crowdsale by allowing the pre-sale guys to pool ETH without a cap? and public crowdsale was only for like 2 million.$. I am to lazy to research the exact number. This enabled a small nuimber of people to control the supply of the coin on these small exchanges.
What I have learned from this: Get into pre-sale with discount and flip before it crashes. Huge discounts only shift the power to the whales/big investors.
To have a stable development of the coin the coin supply distribution has to be more equal.
I guess most noobs already pulled out by now and some big players are accumulating giant numbers of the coin now. The ownership structure is screwed for the short to midterm.

A) They didn't know what they were fucking up during the ICO pre-sale
B) They just wanted to sell as much as soon as possible. Enjoy your token being controlled by a small minority.
c) I have to start reading 4chan
Think reading 4chan only gives the benefit of seeing what their latest fud is, it's always done after a ATH to bring the price to lower so they can buy back in after selling the top. Everything down right now anyway so no point trying to call whats going to happen, its a rough month for alts, still likely that after or just before the fork BTC money will buy back into promising cheap alts. Link might be one of them, in which case you can profit from buying the discount now. Just a theory I actually have no idea how it will play out.
 

void

Pelican
I will think about buying back in, on Tuesday/Wednesday, as I don't want to have BTC locked in a wallet before the dump.
 
Have to admit I was disappointed of the lack of communication of the chainlink team. The price has tanked an incredible amount in the last couple of days and just above 2x ICO price. Not sure how much of it is caused by people FOMO buying into BTC. Most other newly launched alts are not doing better:

ENG: below ICO
AST: below ICO
MTH: below ICO
ODN: 2x ICO price
REQ: below ICO
KNC: 2x ICO price

It's so bad ICOs like Cindicator are delaying launch of their token conveniently until after the fork date. I would stay clear of any ICOs until the fork ends and money flows back into alts.
 
The timing is very convenient I'd say.

It's not just cindicator. iCON and all the other new ICOs are doing the same. Coincidence? Many new ICOs releasing tokens during this fork period and the ones that do are getting rekt.

Regardless, LINK is performing better than all new alts. I can't name an exception yet. Blackmoon is also below ICO price.
 

NewMeta

Newbie
Sergey presenting at Devcon 3 on November 3rd: https://ethereumfoundation.org/devc...rnal-data-payments-and-off-chain-computation/


Content will be:

"We will cover the need for secure and maximally decentralized oracles for Ethereum smart contracts. The focus of the presentation will be on how allowing data providers, payment providers, and various API-based services to be accessed by Ethereum smart contracts through a decentralized oracle network can greatly expand functionality, while maintaining the key security guarantees of smart contracts. We’ll focus on how TownCrier’s approach to implementing Intel SGX enables third party oracles to be provably secure, as is already being done on production using the currently live TownCrier implementation. We’ll also look at how oracle operations and off-chain computation can be written in solidity to be run entirely in an SGX Enclave, allowing provable off-chain computation and retrieval of external resources. Smart contracts need to retain a high level of security in both the network they run on, and the inputs/outputs they rely on, we aim to show how decentralized oracle networks, TownCrier’s approach to using Intel SGX for secure external access , and off-chain computation using solidity in Intel SGX can together allow smart contracts to remain secure as they access key resources outside the Ethereum network."
 

Olav

Sparrow
Gold Member
NewMeta said:
Sergey presenting at Devcon 3 on November 3rd: https://ethereumfoundation.org/devc...rnal-data-payments-and-off-chain-computation/


Content will be:

"We will cover the need for secure and maximally decentralized oracles for Ethereum smart contracts. The focus of the presentation will be on how allowing data providers, payment providers, and various API-based services to be accessed by Ethereum smart contracts through a decentralized oracle network can greatly expand functionality, while maintaining the key security guarantees of smart contracts. We’ll focus on how TownCrier’s approach to implementing Intel SGX enables third party oracles to be provably secure, as is already being done on production using the currently live TownCrier implementation. We’ll also look at how oracle operations and off-chain computation can be written in solidity to be run entirely in an SGX Enclave, allowing provable off-chain computation and retrieval of external resources. Smart contracts need to retain a high level of security in both the network they run on, and the inputs/outputs they rely on, we aim to show how decentralized oracle networks, TownCrier’s approach to using Intel SGX for secure external access , and off-chain computation using solidity in Intel SGX can together allow smart contracts to remain secure as they access key resources outside the Ethereum network."
Well, the Devcon presentation has passed, no pump or correction from its downward movement. Unfortunately, the price is just going to continue to dive lower and lower, due to poor communication from Sergey and his team.

It's a pity, the fundamentals of the project look solid, but at this point its impossible to tell if they are quietly working and letting the results speak for themselves, as some LINK holders believe.
 
Seems like the bottom is around $0.15 and it's going to hover in the $0.15-0.20 range until the bitcoin drama ends. Since the LINK network isn't even up and it has yet to get on a major exchange like Polo or Bittrex it looks like LINK is becoming a long term hold. Many will not be comfortable holding it and missing out on other opportunities but I'm a firm believer in this like I have been for:

-Trump
-OmiseGo
-Bitcoin Cash

ChainLink is the first mover and the only game in town when it comes to decentralised oracles that allow for high value use cases like overseas remittances, financial instruments and insurance and backed by trusted hardware like Intel SGX. Nothing has anything remotely close to it. I'm holding onto this until Christmas 2018 before I let go. I've talked to other holders who are selling their stack but will keep ears to the ground for any announcements that inevitably happen in the near future and buy back in.

The fact that the price jumped after s2x fork was called off says something about the valuation of Chainlink. There's also a tendency for people not to sell their holdings in a start-up when they see real value in it, these are the ones that do well. The top 100 wallets for ChainLink haven't budged, and judging from 4chan it seems like the tech value has been persuasive.
 

NewMeta

Newbie
There was abit of a glitch in the matrix recently, the LINK slack found a URL we weren't supposed to find called swift.smartcontract.com

On it was, what appeared to be, testing of the SWIFT system making use of the LINK network, you can see some screenshots in this biz thread:

http://boards.4chan.org/biz/thread/4321482/rory-fucked-up

If this isn't confirmation that SWIFT is using this system 100% I don't know what is. I mean it was one of the selling points of the tech anyway, a lot of us just assumed the partnership but this seems pretty concrete at this point.

Due to lack of news and not having a functioning network it still isn't going to go up short term although that biz thread pushed it briefly up to 20 cents from 18 there is no need to FOMO into this...

But if you do my LINK bags are the heaviest of all my bags so ill make sure to unload on all of you extra heavily.
 

booshala

Pelican
Gold Member
NewMeta said:
But if you do my LINK bags are the heaviest of all my bags so ill make sure to unload on all of you extra heavily.
the level of full disclosure is beyond reproach. *finger pistols*
 

Laurifer

Woodpecker
Gold Member
NewMeta said:
Chainlink testnet is up and running, i made an account and can confirm working:

https://testnet.smartcontract.com/

Edit: Confused, I think the testnet has been up for awhile but it is only just getting visibility now so its caused a small pump. Need to look into this more.

Yep it's that, this medium article was released highlighting it:

https://medium.com/@jonnyhuxtable/smartcontract-test-net-and-technology-evaluation-b5023d750f6f
Cool I'm gonna make an account. About to double my position in this as well.
 

NewMeta

Newbie
Malone said:
https://medium.com/@sergeynazarov/c...b803?source=linkShare-5d50a5aad58b-1513733478

The CEO announced release of the network in Q1. They've hired Golang devs and marketers. I now believe this is a guaranteed moon and you probably won't have to wait more than 6 months to see it.

Full disclosure: I'm a big believer and holder of it.
I read that and it's pretty fluffy. Why so bullish?
They are working with big names and have their main-net out in Q1 of next year. Provided anyone can buy and wait that long it's almost guaranteed to take off based on token economics alone.

Right now blockchain is missing a good oracle (read: middleware that transfers real world data into a smart contract to make smart contracts actually useful in any given system), and chainlink are providing that and more, the oracle system is also decentralized and offers more security than other oracle offerings so far in blockchain.

Disregarding big partnerships that will become a real thing once the network is live the token is used:

1) To run nodes on the network, it is 1 out of a few metrics used to rank your node.
2) To pay node operators to use their node to run data through it.

Node operators want to hoard link for better metrics to get better ranked nodes so they are used more / paid more. The more Link you have the higher the ranked node, or the more nodes you can run = you gain more link. Then the other side is simply either keep hoarding more link (reduces circulating supply) or sell it to either people who want more link for their nodes or people who need it to pay operators to use the nodes.

So there are good incentives to knock the price up. Running a node should be easy, I have been playing with the idea of doing so using my stack, for hardware you can use a VPS like AWS or Linode or maybe even cluster a couple of Raspberry Pis (depends on the hardware requirements, maybe only one Pi is needed, we dont know yet).
 
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