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Give it a chance. It may not replace every contract in every case but Ethereum in conjunction with Chainlink does address an increasing number of legacy contra

by lowkey 5y ago

Give it a chance. It may not replace every contract in every case but Ethereum in conjunction with Chainlink does address an increasing number of legacy contract use cases. This is a nascent technology and per the article, major structural transformations such as this may play out over 30 or more years. If you are genuinely curious I would suggest reading up on the details of how Chainlink works [1]. As you can see these are not trivial challenges and the solutions often require a bit of effort to understand. (Not claiming to be an expert, just an interested student) [1] https://chain.link/solutions https://chain.link/solutions

mypastself 5y ago
I actually am curious about the entire crypto space, and I’ve been trying to get a good theoretical grounding. I find the tech fascinating and potentially valuable. But the majority of potential use cases so far, particularly those relating to applications beyond the strictly financial, seem to rely on flawed premises. The idea of oracles seems to go against the whole point of even using the blockchain. Perhaps Chainlink or any number of competitors will eventually resolve some of these issues, but I don’t think they’ve presented a convincing case yet. Or I just don’t quite understand it.
- lowkey 5y ago
  Fair enough. Chainlink’s solution to the consensus problem is to have a large number of independent sources of real-world data for any variable. This redundancy makes it difficult for a single or a few bad actors to collude to mis-quote. To your point though most of Chainlink’s current activity is tied to crypto-asset prices, not the broader use cases mentioned (such as weather oracles). I suspect this is due to the more lucrative short-term returns available from speculation vs other use cases. I love the potential of crypto but would like to see more real-world use-cases. I suspect they will come in time and that short-term speculation is the use case to drive adoption.

by lowkey 5y ago

mypastself 5y ago

I actually am curious about the entire crypto space, and I’ve been trying to get a good theoretical grounding. I find the tech fascinating and potentially valuable. But the majority of potential use cases so far, particularly those relating to applications beyond the strictly financial, seem to rely on flawed premises. The idea of oracles seems to go against the whole point of even using the blockchain. Perhaps Chainlink or any number of competitors will eventually resolve some of these issues, but I don’t think they’ve presented a convincing case yet. Or I just don’t quite understand it.

lowkey 5y ago
Fair enough. Chainlink’s solution to the consensus problem is to have a large number of independent sources of real-world data for any variable. This redundancy makes it difficult for a single or a few bad actors to collude to mis-quote. To your point though most of Chainlink’s current activity is tied to crypto-asset prices, not the broader use cases mentioned (such as weather oracles). I suspect this is due to the more lucrative short-term returns available from speculation vs other use cases. I love the potential of crypto but would like to see more real-world use-cases. I suspect they will come in time and that short-term speculation is the use case to drive adoption.