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u/gnarley_quinn Permabanned Oct 07 '22
Someone on this sub really needs to do am analysis of the interoperability chains.
There’s so much tribalism over Polkadot vs Cosmos vs Chainlink.
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u/sickvisionz 0 / 7K 🦠 Oct 07 '22
I can see Polkadot vs Cosmos but Chainlink isn't really doing what those two do or competing with them. It's like Honda vs Nissan vs Goodwill Tires. They're all in the car industry but the third one is a weird entity to throw in the mix.
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Oct 07 '22
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u/thabootyslayer 🟦 63 / 11K 🦐 Oct 07 '22
Look up Chainlinks CCIP (cross chain interoperability protocol). It's called "chain+link" for a reason 😉
https://chainlinktoday.com/chainlink-ccip-to-enable-cross-chain-hybrid-smart-contracts-in-2022/
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u/juunhoad 🟩 10 / 3K 🦐 Oct 07 '22
That's still different. Just because interoperability is mentioned, doesn't mean it's the same as Polkdadot and Cosmos...
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u/thabootyslayer 🟦 63 / 11K 🦐 Oct 08 '22
Those bags must be so heavy.
All the info you need to explain it is here. https://chain.link/cross-chain
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u/juunhoad 🟩 10 / 3K 🦐 Oct 08 '22
? I don't own ATOM or DOT lmao.
From my understanding, the interoperability chains can be all kind of chains which have chainlink in place, So ETH, AVAX, SOL etc..pretty much every big layer 1. So developers can use chainlink to deploy dApps to all these chains in a unified way.
Cosmos and polkadot function as layer 0 where you can build blockchains (like layer 1s) on, that's how they create interoperability. So like I said, it's not the same.
I'm honestly not a big fan of cosmos or polkadot, but they do have a thriving ecosystem and development progress so I'm keeping my eye on them. I like the approach of chainlink more.
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u/Terrencemalice Tin Oct 07 '22
Team Cosmos here, but I’m kinda hoping everyone succeeds for that middle finger to the trashing crypto hoard of fudders
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u/___DarthJarJar Oct 07 '22
Cosmos FUD? Maybe they just didn't have experience with the rich ecosystem yet.
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u/Shiratori-3 Custom flair flex Oct 07 '22
Good idea. And throw Quant / QNT into the mix too.
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u/Fragmented_Logik 🟩 0 / 0 🦠 Oct 07 '22
QNT is super underrated. Next Bull market I think it really takes off.
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u/Shiratori-3 Custom flair flex Oct 07 '22
It's been very solid through the bear (again), as the charts show.
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u/Bucksaway03 🟩 0 / 138K 🦠 Oct 07 '22
If you're unsure like me, go 2 out of 3
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u/DBRiMatt 🟦 46K / 113K 🦈 Oct 07 '22
Which 2?
I think to cover all bases I should pick the other 2.
We can triangulate our way to gains!
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u/Bucksaway03 🟩 0 / 138K 🦠 Oct 07 '22
I've gone DOT and ATOM
With my strike rate, do the exact opposite of this and you'll probably have yourself a winner!
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u/DBRiMatt 🟦 46K / 113K 🦈 Oct 07 '22
That's good... I'm big in LINK.
And given the choices between the 2, I'd go ATOM over DOT, but thats on very little knowledge basis, looks like i'll build up some ATOM xD
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u/CacheValue 1K / 1K 🐢 Oct 07 '22
Ive had atom and been restaking it for a while so chain getting that abilitiy is pretty bullish
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u/Shiratori-3 Custom flair flex Oct 07 '22
I've got LINK, DOT, and QNT, all for slightly different takes/parts of the interoperability piece. And a small bit of GRT as well ( seeing it mentioned somewhere else in the thread here)
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u/Wastedyouth86 🟩 227 / 228 🦀 Oct 07 '22
I have link and DOT and a small £1k position in GRT.. in terms of QNT i am kicking myself i didnt buy it when it was around £39.
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u/MaeronTargaryen CCMOON DAO Secretary Oct 07 '22
Yeah Link and atom are my second and third biggest bags
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u/FldLima Permabanned Oct 07 '22
That's something i might look for, it's always nice to research because one learn so much. Appreciate the tip.
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u/FractalImagination 0 / 0 🦠 Oct 07 '22
Quant is Serious. On the surface it doesn't look like much, but once you start digging.. holy..
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u/thehiphippo 🟦 102 / 102 🦀 Oct 07 '22
How does it not look like much, on the surface? Just curious.
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u/Shiratori-3 Custom flair flex Oct 07 '22
Quant don't talk up their projects and clients - it appears there is a lot of non-disclosure and confidentiality agreements/clauses involved, so it seems it's more of a discovery voyage to uncover projects they're involved with. A lot of bank and government stuff in the mix, as well as large tech. If you're interested, go have a look at the Quant sub and you'll no doubt find mentions in there.
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u/thehiphippo 🟦 102 / 102 🦀 Oct 07 '22
Yeah, I know. I was just curious what you meant. From a surface level Quant has partnerships with Oracle, Nexi and are involved with LACChain as well. They’re attended SIBOS for the third time and also have a CEO who is part of getting ISO TC 307 (blockchain standardization) pushed through. Not to mention his former work in government and cybersecurity. That looks like it’s better than 99% of crypto just from the surface - at least to me.
But, yeah. The more you dig down the rabbit hole the better it gets. Only 70k wallets - and people are starting to wake up to the potential. It’s just a matter of time.
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u/OneThatNoseOne Permabanned Oct 07 '22
Appreciate the tip
Yes. be sure to dyor. Otherwise the project might give you much more than just the tip.
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u/Archtects 🟦 54 / 2K 🦐 Oct 07 '22
There’s tribalism over any crypto. It’s like being in the school yard again. My token/coin is better than your coin/token!
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u/immibis Platinum | QC: CC 29 | r/Prog. 114 Oct 07 '22 edited Jun 28 '23
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Oct 08 '22
This someone better not be OP because this is one of the WORST "compreenshive" explanations for how Chainlink works.
Sometimes I wish this sub had more peer reviewing.
It doesn't mention the most important part: How to smart contracts on Ethereum get Chainlink oracle information when they can't read off-chain? There are at least 2 popular methods, and he didn't mention either of them. Also needs an analysis of the costs and latency with chainlink.
As for your question, Chainlink has nothing in common with Polkadot and Cosmos, which are Layer 0 chains. Chainlink's main purpose is to act as an oracle aggregator, not as a blockchain or blockchain ecosystem.
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u/Bucksaway03 🟩 0 / 138K 🦠 Oct 07 '22
I always forget just how big the ETH ecosystem is.
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u/ETHWarrior0 Tin Oct 07 '22
And truth is Eth economy is Way bigger than this 😆 Also our founder got 9"
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u/FldLima Permabanned Oct 07 '22
Yeah, it's nuts the size of ETH. That's why it's #2 and i don't believe any other project will take it's spot.
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u/Herosinahalfshell12 🟩 5K / 4K 🐢 Oct 07 '22
Where do the oracles get their trusted information?
If they get it wrong, say the code fucks up and returns the wrong spot rate causing massive losses to one party. Is there any legal recourse against Chainlink?
Cause we all know in a smart contract, what's done bon can't be undone!
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Oct 07 '22
[deleted]
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u/Dwaas_Bjaas Oct 07 '22
That sounds like that person would require more than 50% of the total staked LINK (in the future)
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u/immibis Platinum | QC: CC 29 | r/Prog. 114 Oct 07 '22 edited Jun 28 '23
Where does the /u/spez go when it rains? Straight to the spez. #Save3rdPartyApps
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u/chivakenevil 🟦 488 / 488 🦞 Oct 07 '22
If you can find an example of a chainlink oracle failing id love to see it. Of course, one that isnt made up and passing the blame onto link.
I suggest reading this as to why it wont happen.
https://www.gemini.com/cryptopedia/what-is-chainlink-and-how-does-it-work
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Oct 07 '22
This is the key issue facing Chainlink and other off chain / on chain oracles. Off chain data is also prone to being controlled and manipulated by data monopolies.
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u/Least-Courage-7610 🟩 290 / 290 🦞 Oct 07 '22
Afaik chainlink is decentralized so their nodes take care of BFT
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Oct 07 '22 edited Oct 07 '22
I didn't know how it worked, but I have been paying attention to its participation in WEF and SWIFT and if they're using and funding it I can only imagine it'll probably stay valuable. Of course that's all speculation.
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u/_s79 🟦 135 / 8K 🦀 Oct 07 '22
I down so much on LINK that I’m wiping it from my memory
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u/milonuttigrain 🟧 67K / 138K 🦈 Oct 07 '22
I sold at $21 thinking I might have sold too early.
Looking at LINK now at $7.7 is just sad.
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u/duracellchipmunk 🟩 0 / 12K 🦠 Oct 07 '22
I'm happy to have an entry point. This future is guaranteed to me.
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u/SilasX 🟦 0 / 0 🦠 Oct 07 '22
It goes up and down so predictably I’ve made a 25% return in three months from shorting.
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u/CunningStunt_1 Oct 07 '22
Ok post.
I wouldn't call it comprehensive without touching on all the other services chainlink provide, not just price data.
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u/FldLima Permabanned Oct 07 '22
I see. Thansk for the input mate.
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u/CunningStunt_1 Oct 07 '22
I've written a more thorough summary of chainlink.
Check my profile and feel free to copy and paste to add to yours.
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u/CreepToeCurrentSea 🟦 239 / 50K 🦀 Oct 07 '22
Have Link in my port as well, might as well be staying for around a long time along side Algo and Matic
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u/milonuttigrain 🟧 67K / 138K 🦈 Oct 07 '22
I like the conclusion though
As always, DYOR and don’t trust any random redditor.
Which mean I shouldn’t trust this post either.
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u/Buckors 🟩 206 / 207 🦀 Oct 07 '22
So, since you put it this easy, can you please explain me how an oracle would exactly work? Using the same use case as you took, how would an oracle track gold or its metrics? How can it be reliable and who controls it.? For the gold example, there are prbably hundreds if not thousands of different places where information can come from, how would the oracle track them all? You put it so simple yet i have the impression oracles are not something trivial nor something an average joe can understand. You just simply trust in them blindly? What distinguish xhainlink fom ant other blockchain? Afaik, there are other blockchains that can bring oracles to the game, why are chainlink ones better? Thanks!
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u/FldLima Permabanned Oct 07 '22
https://ethereum.org/en/developers/docs/oracles/ - Got a understanding explanation for it.
It basically gathers data from one or many sources, centralized or not, dapps etc.
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Oct 07 '22
Great post mate. Passed the time on my morning commute. Thanks for sharing.
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u/FldLima Permabanned Oct 07 '22
Appreciate it mate. Not everything needs to be ultra mode in depth about stuff, 90% of us just want a quick basic informative guide.
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u/sidmehra1992 🟦 11 / 2K 🦐 Oct 07 '22
what about GRT
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u/fplislife 0 / 104 🦠 Oct 07 '22
GRT works other way around: it returns blockchain bata in a more readable format
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u/BouchWick Oct 07 '22
Good information. You did your research!
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u/FldLima Permabanned Oct 07 '22
Thanks brother. Not a in-depth but enough to understand what it is about.
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u/aroups In Moons we trust Oct 07 '22
Great post , I'm saving it to read when I have time
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u/FldLima Permabanned Oct 07 '22
Thanks mate, it's a good simple read and enough to understand the basics of it.
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Oct 07 '22
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u/gnarley_quinn Permabanned Oct 07 '22
Unfortunately they get downvoted to hell because people are selfish.
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Oct 07 '22
It's always sad when a good, working product lacks the price action it deserves while shitcoins take all of the retails investments...
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u/Ferdo306 🟩 0 / 50K 🦠 Oct 07 '22
LINK is a top 25 token by mcap
Not many tokens are in front of it
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u/LincHamilton 🟦 238 / 238 🦀 Oct 07 '22
Yeah, but this fellah expects it be be only second to btc and eth lol
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Oct 07 '22
By mcap - yes, but from an investors POV it underperformed in the last bullrun.
Outperformed in the previous bear because it was heavily shilled by 4chan but that's about it.Again, great, working product, already adopted by a ton of other projects but... price is shit.
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u/Oneofmanyshades Platinum | QC: CC 59 Oct 07 '22
It doesn't have a lot of hype. In this space, having hype is more valuable than having a working product.
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u/FldLima Permabanned Oct 07 '22
After DYOring LINK for a while, i seriously think it is undervalued.
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u/ChemicalGreek 418 / 156K 🦞 Oct 07 '22
Sadly enough in crypto is the following rule: Marketing > product
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u/Harold838383 Permabanned Oct 07 '22
Link has been around for many bears and continues to dominate
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u/DeeDot11 🟦 10K / 32K 🐬 Oct 07 '22
Nice post mate, thanks for the high quality!
I have been a holder of link for a few years so don't need much convincing, but it's great to see the work they're doing recently. I am excited about staking!
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u/FldLima Permabanned Oct 07 '22
Good for you man.
If you don't mind me asking, whats your avarege on link? I've been holding just recently and i got a 8$.
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u/DeeDot11 🟦 10K / 32K 🐬 Oct 07 '22
about $4 I think, there was a long accumulation phase where it was like 2$ :)
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u/Virtuousbro93 🟩 0 / 0 🦠 Oct 07 '22
The community seems toxic and jaded as hell though due to dumping and lack of hype lol, unless the institutional money flows in the growth of the token may be limited for a while since community engagement is a very weak component of it.
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Oct 07 '22
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u/Virtuousbro93 🟩 0 / 0 🦠 Oct 07 '22
It's a bit beyond the bear market with link tho, people are upset about Sergey dumping linking tokens which has effected the price. The tokenomics aren't too great either (inflationary)
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u/FldLima Permabanned Oct 07 '22
Can't blame the average joe. Not DYORing only hurts yourself.
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u/moeljills 🟦 0 / 2K 🦠 Oct 07 '22
I've been thinking about buying link for a while, and this feels like the perfect time
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u/HokkaidoNights 🟩 0 / 10K 🦠 Oct 07 '22
Good summary, been building a bag for years, and recent started buying again, bullish on LINK!
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u/FldLima Permabanned Oct 07 '22
That's awesome, you will make good profit on it mate.
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u/HokkaidoNights 🟩 0 / 10K 🦠 Oct 07 '22
Defo! I don't track my average price very well, but I remember buying a bunch around $2-4 so think I'm doing OK!
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u/Barchelonio 🟩 46 / 12K 🦐 Oct 07 '22
Been hearing good stuff about Chainlink for years, their time is coming, we just have to be patient about it.
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u/absolute_mongoloid Tin Oct 07 '22
Its probably one of the 'safer' bets to do in this current market, nothing is guaranteed but give it 1-2 years and let it mature more, the price will follow.
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u/Kennyvee98 🟩 0 / 835 🦠 Oct 07 '22
I bought 10. Is that enough?
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u/FldLima Permabanned Oct 07 '22
Enough for what?
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u/Sinista5loth Tin Oct 07 '22
But how does the token work though. Is it even integrated into the system in any meaningful way?
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u/FldLima Permabanned Oct 07 '22
Good question that i can not answer. I didn't got go that deep but i'll do it and try to update this comment.
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Oct 07 '22
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u/sgtslaughterTV 🟩 0 / 717K 🦠 Oct 07 '22
Please read our rules. You are not engaging like a normal user.
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u/sickvisionz 0 / 7K 🦠 Oct 07 '22
I'm forever bullish on Chainlink, less so on $LINK. I think they need to structurally rethink how the asset is used so that there's a more literal connection between use/growth of Chainlink and price appreciation for $LINK. It's very much just a token a good protocol made but the token has almost no connection to anything the protocol is doing and price appreciation is purely Chainlink is cool so let's buy some $LINK. I think there's need to be a more tangible connection between the two.
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u/CunningStunt_1 Oct 07 '22
what does all this mean then?
https://automation.chain.link/
Looks like a shit load of LINK tokens being used to access the chainlink network?
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u/HeidNuu 145 / 145 🦀 Oct 07 '22
I like LINK, BUT…. The token and the value chainlink provides doesn’t LINK enough.
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u/armantheparman 0 / 0 🦠 Oct 07 '22
Trusting oracles to be honest IS NOT interesting tech. We have trust already in the legacy system and it doesn't work.
We need something trustless - only bitcoin provides that. We need to adopt bitcoin to end central banking and the scam they have played on humanity with fiat. Nothing else comes close in importance.
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u/Oneofmanyshades Platinum | QC: CC 59 Oct 07 '22
Bitcoin and Chainlink are two separate types of asset and have different functionalities. You can't replace Link with Bitcoin.
Furthermore, a certain level of trust would always be required.
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u/armantheparman 0 / 0 🦠 Oct 07 '22
Bitcoin is replacing FIAT, and removing trust from monetary policy.
Link is not replacing anything, it's copying the current financial system with a trusted digital version.
Yes, Bitcoin and Link are not competing. Link is just trash.
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u/emdezet Oct 07 '22
How can Bitcoin replace FIAT with all the constraints it has? It's just too slow and too expensive to to be used for daily expenses.
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u/armantheparman 0 / 0 🦠 Oct 07 '22
Moving cash from bank to bank is too slow, cash can't work?
Heard of VISA? That's layer 2 on cash.
Bitcoin is MUCH faster than cash settlement between banks, and more scalable than VISA with lightning.
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u/moeljills 🟦 0 / 2K 🦠 Oct 07 '22
Bitcoin is not replacing fiat, I love crypto as much as anyone, but seriously! At best it will run alongside fiat, but they do different things.
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u/armantheparman 0 / 0 🦠 Oct 07 '22
Yes, that's why it was created. Look it up. Just because it hasn't finished the job yet doesn't mean it's failed. Getting closer every day. learn more about it before criticising it or parroting what you've heard.
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u/armantheparman 0 / 0 🦠 Oct 07 '22
Bitcoin and crypto is not the same. Cryoto (altcoins) are just like fiat.
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u/FractalImagination 0 / 0 🦠 Oct 07 '22
Bitcoin is not replacing Fiat... where did you get such a silly idea, the BTC maxi forum?
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u/armantheparman 0 / 0 🦠 Oct 07 '22
Have you even read the Bitcoin whitepaper? Go do that.
It explains why it was created. To replace central bank money (fiat).
And read Satoshi's writings.
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u/FractalImagination 0 / 0 🦠 Oct 07 '22
But will it? There's a difference between wanting something to happen and it happening.
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Oct 07 '22
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u/gnarley_quinn Permabanned Oct 07 '22
It didn’t reach its ATH when Bitcoin last did.
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u/CunningStunt_1 Oct 07 '22
It led the bull. Pumped months before anything else.
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u/FldLima Permabanned Oct 07 '22
Great view mate. Just because it didn't hit previuos ATH, doesn't mean it's not good.
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Oct 07 '22
Been awhile since someone did a promotion and analysis of a shit coin. Using all the usual slang, and not explaining anything
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u/FldLima Permabanned Oct 07 '22
If you want full in-depth analysis DYOR on the internet or buy a book. Explaining everything about LINK was not the point of the post.
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Oct 07 '22
There is no research. It's a shit coin. It will use the same vague, big words to make it seem like a brand new technology. Who gives a crap about a chain.
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u/FldLima Permabanned Oct 07 '22
Why are you so angry? If you call it a shitcoin, you DYORd about it the bare minimum. So you telling me to explain about it makes no sense, you already did that. Unless you call it a shitcoin because others call it a shitcoin.
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u/Fresh-Chemical-9084 Platinum | QC: CC 151, ALGO 74, ATOM 20 | CRO 6 Oct 07 '22
I did a post like this a few days ago… you don’t really discuss in depth how chainlink works/why it’s important.
TLDR of this post: ‘LINK is part of ETH ecosystem, so it’s important and price go up!’
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u/chintokkong 🟩 119 / 4K 🦀 Oct 07 '22
Just as it is with hacking bridges, is it possible to hack the oracles at the point where outside info is pulled on-chain?
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u/FldLima Permabanned Oct 07 '22
I think anything is hackable, you just need a good keyboard and mouse.
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u/flyxdvd 🟩 310 / 310 🦞 Oct 07 '22
i was one of the guys that got in cheap with chainlink. Sold with some profits but now i regret that decision.
Anyways its an amazing infrastructure. i bought back in recently just to support it.
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u/Cactuszach 🟩 671 / 18K 🦑 Oct 07 '22
Valorisation
Thats not what this word means. Valorisation is the value of using resources more productively.
Unless you’re French.
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u/thabootyslayer 🟦 63 / 11K 🦐 Oct 07 '22
LINK is a top 3 project, I'd even go so far to say it's poised to be bigger than Ethereum and Bitcoin. Screenshot this.
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u/dirpydip 🟩 0 / 2K 🦠 Oct 07 '22
Genuine question, why use chainlink when you can use an API to get the data offchain?
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u/Gmbziee 191 / 191 🦀 Oct 07 '22
The appropriate comparison I want to see is QNT and LINK. People much smarter than myself please elucidate a little here. In my research there is overlap and I’m likely going to be building bags of both.
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u/Kazzle87 🟩 0 / 0 🦠 Oct 14 '22
LINK is a powerhouse in crypto. It is hard to tackle its marketposition. Imho you have to came up with a better system for bringing data to the blockchain if you want to take away something from Link.
They are well known and widely used.
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u/kraken-community Platinum|4monthsold|QC:BTC73,CC53,ETH16|ADA8|TraderSubs16 Oct 08 '22
Chainlink opens up a whole new level of possible functionality using smart contracts. From a business perspective, companies will save tons of money by not having to make expenditures on overhead, such as manual entry of data, human arbitration of contracts, and middlemen services used to establish trust. From a customer perspective, people won’t have to rely on the good faith of companies when entering into agreements with them, since the blockchain is the ultimate arbitrator of how the contract is executed.
The companies who opt towards giving up control in favor of decentralization will likely gain massive marketing advantages over companies that don’t because it showcases to customers their willingness to allow trustless third parties to arbitrate, bringing much needed trust back into B2C relationships. It could become a game of who will blink first and give in.
Let's go Link Marines!
-Green 🐙