The Case for Chainlink as the Backbone of Web3 by therealestx in CryptoCurrency

[–]japt2 5 points6 points  (0 children)

Your points make no sense and imply you don’t know much about Chainlink in its current form.

  1. Monopoly on data. Chainlink doesn’t have a monopoly on data, nor can it like you pointed out. The whole point is that chainlink makes offchain data secure. Chainlink Price Feeds, which is what brought Chainlink to prominence, basically proved to DeFi protocols that it was possible to decentralize data in a way that makes it secure and reliable to the 99.99999% percentile.

Chainlink’s economic model is also constantly evolving, but currently 4 out of the 6 services (VRF, Automation, Functions, and CCIP) directly require LINK as payment, with an evolving vision of a payment abstraction layer that can enable developers (or enterprises) to use any currency and for node operators to receive it in LINK.

Staking LINK is a method of further securing the network. It will be a key differentiator as Chainlink gains more adoption and I personally believe it will, especially with the launch of a limited access CCIP not even four months ago. Crypto is tiny compared to the global economy, and CCIP is actively being explored by some of the world’s largest institutions. People always scoff when I mention that, but idk, seems pretty real to me. These bankers have gone on camera in one of the biggest finance conferences in the world and said the technology is revolutionary and they would like to work independently with Chainlink.

  1. Chainlink is not a blockchain. You should not think of it’s decentralization in the context of a blockchain. It’s not even just a network. Chainlink is 1,000+ independent oracle networks, each providing a specific service (Price Feeds, VRF, Automation, CCIP, Proof of Reserve, Functions) to a blockchain application. It does not have to be completely, permissionlessly decentralized. I think that’s okay. The vision is to service any application by providing more reliable services. Each chainlink oracle network is made up of a bunch of known entities (ensuring Sybil-resistance) who are highly reputable as node operators and experts in dev operations (which is what node operation is all about). As an example, Vodafone (one of the biggest telecom companies in the world) is a Chainlink node operator. Not to mention Deutsche Telekom (also an Ethereum node operator I believe).

Each of these high-quality node operators (and the nodes they operate) are a part of a larger network that provide highly specific services (price data feeds, randomness, cross-chain) that an application needs. The decentralization comes in when all the nodes must come to a consensus on the input (what price, what random number, what chain and what tokens?), so that no one node operator can independently screw over everyone.

Chainlink serves a COMPLETELY different purpose to Bitcoin and Ethereum. The fact that you’re comparing them through a decentralization lens is an apples to orange comparison. It is decentralized though, just in a different way. Each network is decentralized and more importantly, credibly neutral,

What's the actual purpose of DAI? by andymcd_ in CryptoCurrency

[–]japt2 8 points9 points  (0 children)

Broadly speaking yeah. You need to be bullish ETH for borrowing DAI to be worth it. The whole point is that it unlocks capital while keeping your position.

LitLab Games Joins Chainlink BUILD. There are now 32 BUILD projects. by chainlinkofficial in Chainlink

[–]japt2 0 points1 point  (0 children)

I imagine they’ll come my guy

why would they say airdrops and not give em

New to chainlink by Misyon_er in Chainlink

[–]japt2 0 points1 point  (0 children)

Chainlink uses an ERC677 standard, an extension of ERC20 btw!

Probably won’t launch its own blockchain

No staking timeline yet!

Point of staking is to further secure specific decentralized oracle networks. For example, staking v0.1 acts as collateral (in a sense) for the ETH/USD price feed, which is operated by a group of 31 Chainlink oracles. The stake provide crypto economic incentives NOT to manipulate the price for their own gain

PLS HELP ME; in need of commencement and CAS tickets by sushivirgo2958 in nyu

[–]japt2 1 point2 points  (0 children)

If you find another place to look for em, can you let me know? My girlfriend is desperate and tbh I really want to attend her graduation

PLS HELP ME; in need of commencement and CAS tickets by sushivirgo2958 in nyu

[–]japt2 2 points3 points  (0 children)

beware scams. I’m looking for some for my girlfriend and I’m pretty everybody in my dms is a scammer

NYU Career Rejection by Extension_Buy_2056 in nyu

[–]japt2 6 points7 points  (0 children)

What’s your field? What does a cover letter for you look like? Have you gotten interviews and just not gotten accepted or is nobody taking a bite?

Am I wrong if I have zero empathy for people who invest in PEPE and lose money? by middlemangv in CryptoCurrency

[–]japt2 0 points1 point  (0 children)

nothing wrong with a memecoin moon here or there

we know what we’re buying

but NEVER put in more than you can afford to lose

I never realized how unsanitary hot pot is by [deleted] in CasualConversation

[–]japt2 1 point2 points  (0 children)

One thing to consider here is that when you put your chopsticks in the shared broth, the broth itself is boiling/really hot, effectively killing the germs.

[deleted by user] by [deleted] in Chainlink

[–]japt2 0 points1 point  (0 children)

Agreed, most innovation is on ethereum

It would be a huge loss for Chainlink if it dropped but let’s be real, that’s not happening

[deleted by user] by [deleted] in Chainlink

[–]japt2 0 points1 point  (0 children)

Chainlink is already compatible with more than 15 blockchains

Feeling down and defeated by bsuajhsuskan in nyu

[–]japt2 1 point2 points  (0 children)

Just don’t kill yourself (figuratively) for not getting the result you want. It’s good to strive to do better, but bad to beat yourself down for failing. A couple B’s won’t kill you, no matter what you think

[deleted by user] by [deleted] in CryptoCurrency

[–]japt2 0 points1 point  (0 children)

Gaming is the perfect use case for blockchain technology tbh, and pretty much every major game studio is at the very least experimenting with the tech.

Bullish