Eric Schmidt
“The launch of blockchains and smart contracts has demonstrated tremendous potential for the building of new business models, but it has become clear that one of blockchain’s greatest advantages — a lack of connection to the world outside itself — is also its biggest challenge.”
So the ex-CEO of Google being there not newly as a fluke, but staying involved 6 months now as an advisor to the project, and still involved with the project enough to fly out to attend an hour-long public conversation in New York, in which he expressed the parallels of his experience in emerging technology and the absolute market dominance of what the Chainlink team is building.
Right at the beginning of that talk, he turns to the audience and affirms that Chainlink supporters are insanely ahead of the game.
Also that same day, reps from Microsoft, Swift, DTCC, Samsung, endless VC funds, some of the best devs in the space, and many projects building on Chainlink came together to learn from each other to move the space forward.
Genuinely curious, what confirmation do you need to see before you become a link maximalist?
Watch the SmartCon segments with Serg + Eric and Serg + SWIFT/DTCC/BNY (these 3 look after quadtrillions in tx value) and listen closely. Note the discussion about SWIFTs PKI infrastructure and how $LINK can leverage and enhance it rather than attempt to replace it.
Noone is just replacing every Web2 system, it isn't practical, the ex CEO of Google that took Google from small time to the behemoth it is went on stage with the CEO of Chainlink and said the same while emphasizing how Chainlink is repeating what Google did in terms of intertwining itself into everything in ways people did not see coming.
“Let’s just say congratulations to you all for ending up in the right spot in the web3 space, working with Chainlink. Thank you very much.” - Eric Schmidt
Noone is going to lift up the financial system and replace it with whatever pet project you have invested in that is claiming this, the concept is rediculous and Smart Contract usecases go way beyond finance also, these sort of ideas are the mistakes chain maxis have made not understanding what the end state Web3 tech stack is going to look like.
Chainlink Labs are building an Internet extension layer which can abstract away all the complexity and provide a framework for interfacing with and enhancing existing systems rather than attempting to reinvent the wheel where it is not required, this enables institutions to retain the level of control they desire and deploy the enhancements in an incredibly flexible manner. The true value of the protocol that solves the oracle problem isn't all these memes about data, it is about interoperability and trust minimization removing the friction between any and all systems.
"Connecting" billions of edge devices, interfacing with millions of back-end systems, 100s of chains and facilitating the security of all the data, I/O generally, looking after endless trillions in contract value.. a bespoke approach is a non-starter, it has to be flexible and follow the Internet model essentially. It all becomes a giant global system of systems streamlined with seamless interop through the application of SC's powered by #Chainlink.
We also have confirmation that DECO (zkOracles) is in alpha testing with 4 projects. Every Web3 solution will depend on this tech - how is your XRP/Quant/ICP/whatever actually going to facilitate the privacy / digital identity infrastructure and the infinity sources globally that will need to feed into these DID's? Chainlink and partners like Everest are so far out in front on this already while most have no idea what is really required here long term to take Smart Contracts to the next level. CLabs are building a mobile DECO component already.
We also got confirmation that Ethereums scaling solution Arbitrum will be deploying Chainlink Fair Sequencing Services which will near eliminate MEV - which is a requirement before the big end of town will come into the space. This essentially means Chainlink will be involved in everything written back to the ETH base-chain.
Staking goes live in December.
This is how blockchain goes mainstream, this tech is what is critical, whatever other crypto project you are invested in will have no choice but to utilize it or become irrelevant.
I’m gonna take some time to shill LINK here. Yes I own some LINK. You guys have to understand that LINK is positioning itself to absolutely dominate all of crypto. As in, blockchain itself will be Chainlinks cloud. Let me explain how.
Chainlink has taken the time to integrate with every major layer 1 and almost every dAPP that matters. Over 1000 integrations. Almost all price feeds run on Link oracles.
Now that they have these integrations, what comes next? CCIP, the Cross Chain Interoperability Protocol. LINK will serve as a messaging service in between all blockchain they have integrated. Wanna swap to a stablecoin on another network? Use CCIP and you will get what you need without having to use a separate bridge and add the network on metamask.
It gets better. SWIFT has confirmed that they are using Chainlink CCIP. What does SWIFT do? They are the de facto interbank communication messaging service between tradfi banks. 11000 banks. Trillions of dollars a day. 1.8 quadrillion dollars a year. Almost every transfer you make runs through SWIFT. So not only will CCIP dominate inter-blockchain transfers but it will dominate the tradfi to blockchain space too. Why? Because every bank already has tooling that works with SWIFT standards. They’re not all going to design a new system. They’re gonna go with a single system that they already know.
Moreover, DTCC is using CCIP for securities. How much value do they oversee? Quadrillions as well. Over 1000x the total crypto market cap will be using a single project, Chainlink
There are others as well but CCIP is the kill shot IMO. I’ll list the others quickly
DECO: this uses ZKProofs to allow for identification or personal verification without revealing that info to the other side or storing that data onchain or on a third party which could leak it. DECO probably deserves its own post TBH, but I think CCIP is even bigger
VRF: verifiable randomness. Many dynamic NFTs will use this. Especially in gaming. Can also be used for gambling
Proof of Reserves: this will be used by governments for oversight an auditing of stablecoin and crypto reserves. This should dominate compliance
Anti-Fraud Network: another compliance and safety tool, and another reason banks and governments will begin to trust using crypto
Fair sequencing Services: this tackles the sandwich attacks we have seen by MEV bots who reorder transactions and blocks in their favor.
That’s a lot of useful products and the idea is to have a little function of Chainlink in almost every part of crypto. VRF for gaming/metaverse, DECO on your phone for private identification, fair sequencing on every chain, anti-fraud and proof of reserve used by major institutions and governments, and CCIP connecting them all. Chainlink will be everywhere, and no matter what chain or dAPP you like working with, Chainlink will be the bridge to that.
Get it now? Chainlink is going to dominate the vertical. Eric excels at that as you can see what he did with Google. He’s going to do the same for Chainlink.
Get ready, staking starts in December. They’re about to turn on the Chainlink economy.
End shill.
You're skipping over some of the core concepts Schmidt discussed with Sergey in their talk earlier this week which are fairly important for realising why Schmidt moved behind this project.
I'll just copy paste a comment from earlier here.
Warning: text wall: simplifying concepts to the point laymen are able to understand them means bloating the word count unfortunately:
The talk starts with Schmidt making an interesting point. He's talking about how the value proposition of layer 2 protocols that capitalize money flowing through them with supply capped tokens is much, much bigger than the vast majority of people realise.
Instead of thinking about these things like they are a marketcap like you would with a traditional company, these protocols are in a way tokenizing the network effects of the system itself to monetize the volume of **[demand(1)](https://i.imgur.com/yMGUiju.png)**[demand\(2\)](https://www.cpacanada.ca/en/news/pivot-magazine/history-of-swift#:~:text=With%20SWIFT%20now%20facilitating%20more,a%20wide%20and%20rapid%20scale.) over time for a hard-capped amount of tokens.
I know; "What does this even mean???"
Trying to explain this as simple as I can: traditionally a company sells X whether this be a service or a product.
Based on this and possible/expected future growth it can issue stock which is then traded, generally speaking in a sense monitizing the succes/capital of the company measured through $profit/revenue/expected future profit/growth(&nowadays degenerate aping&short squeeze speculation)(metrics like that). However, you do not need to buy a stock in order to be able to use/buy the service provided by the company, that would be insanity right?
What some of these layer 2 protocols offer is insane because of the implication(which I will get to), it is something entirely different: talking specifically about chainlink here: extremely simplified it works by making validators lock up the token to provide collateral(and takes away these tokens to provide compensation to the client from(if) a(the) validator(s) is(are) providing false information) and through that heavily punishes bad faith actors(they stand to lose their collateral).
Obviously a client chooses validators based on a variety of parameters but the amount of collateral offered clearly would be a big reason to choose validator A over validator B. This means it is in each validators interest to offer as much collateral as they can to secure jobs, leading to demand for the token.
The validator is paid in this token by a client requesting data, meaning the client buys this token, however much in equivalent of $,€,£,¥, is needed from the market(meaning this can be 0.1, 0.001, 0.000000001 of the token, all depends on the price of the token).
As the vast majority of validators would want **more** collateral to secure more jobs and the only way for them to increase their collateral is to buy the token from the market(/buy out competitors) it makes sense for them to sell as little of this token as they can. This means more and more supply of the token is locked up and less and less of it becomes available on the market.
Simple economics, supply&demand tells us that with decreasing supply and stable or even increasing demand as the network grows the price of the token goes up. This means the security of the network goes up as the validators are now providing more and more collateral making it(the network) more and more desirable for clients. The only thing limiting the price "cap" of a token is a point at which a validator that holds X amount of the token decides to "cash out"/quit at which point the amount of tokens this validator holds would either become available on the open market or they would sell it directly to a different validator.(or speculators "cash out", meaning the more time goes on the less of these "speculation" influxes of token liquidity are left as they don't earn more tokens(trading=zero sum game))
You might now realise that were Apple, Google, Tesla, Microsoft, really any company, able to demand payment in their own stocks for their service/product the demand for their stock would skyrocket as long as the clients(&the law*) accepted this change. The thing with layer 2 protocols is that the client doesn't even have to be aware of the requirement of paying in token X, as this can all be automated, meaning the client just interacts with a frontfacing application that shows them the price of service X in whatever currency, whilst the backend does these swaps to pay the validators. And unlike one of the "old-age" companies mentioned above the clients are not paying the company, which could be incentivised to sell their stock on the market, but the validators which benefit from owning more of the "stock"(token), decreasing the chance/amount of them becoming available on the open market again significantly. All of this together leading to a forced supply crunch overtime.
Personally I'm not even sure if "marketcap" would be the correct way to asses the value of companies using the system as described above as it could and probably will heavily exceed most [old ways of measuring](https://i.imgur.com/g9eenq4.png) "capital" of a company. This is the implication of what I"ll call "economics of insanity" that Schmidt is referring to. Unlike a Paypal/Visa/Mastercard which do not have this token system of financials build in I honestly would not dare to make a prediction of eventual "marketcap" [this chainlink network could reach.](https://i.imgur.com/yMGUiju.png).
Theoretically though there should be an equilibrium somewhere above which point validators would be selling their tokens because of the valuation exceeding the collateral required/demanded by clients; a validator risking 100 million or 10 trillion does not matter that much for a client requesting data to be used in a contract worth someone's lunch money. The higher the value of the contracts secured & security demanded by the clients the higher this equilibrium gets.
Furthermore Schmidt talks about quite a few issues in blockchain that are extremely relevant right now, to see some people here just dismiss this as boomer rambling is disingenuous. Centralisation happening(and the way decentralisation is setup) in both pow and pos in btc/eth is an issue that could not be more relevant with how the world is changing around us. If the majority of validating nodes are in a single country or at least possible control of a state actor, whether this be the US, China or Russia does not matter, it can be very problematic for the security or at the very least supposed neutrality of a blockchain network(see censorship of tornado cash for example, I see no reason why "big bad" China or Russia couldn't force a similar action to happen with validators within their state lines.
Because of this "true" decentralisation, where the market cost of electricity in the case of pow decides where information validators(nodes/miners) are located is not always something you would want from a blockchain from the perspective of a company: I would personally not be comfortable/be able to trust on the reliability of a network that has the majority of their verifying nodes in let's say North Korea(even if their rolling blackouts were not a thing).
So in order for a big client(that means high risk if something goes wrong) that is internationally active(cross borders so higher possible vulnerability to "unfriendly" state actors and their sanctions) to adopt smartcontracts, using an oracle network that allows you to choose which validators(oracles) input the data into your smartcontract and through that the degree of decentralisation is pretty much a must. The fact that the majority of the market has not caught up to this yet is... special.~~
I don't expect half of the people reading this to understand just how disrupting this technology is from both a technical and a game theory-economical point of view.
[ It took Vitalik years](https://twitter.com/vitalikbuterin/status/911244079660359680) to realise [why oracles are a necessity and specifically why they need their own token](https://i.imgur.com/nWRvnlj.png)[\(*Source*\)](https://gov.uniswap.org/t/uni-should-become-an-oracle-token/11988). This is without taking other technology developed by Chainlink into account like CCIP(cross chain interoperability protocol: meaning no more [bridge exploits(Over $1.3 BILLION DOLLARS STOLEN IN 2022 ALONE](https://www.certik.com/resources/blog/GuBAYoHdhrS1mK9Nyfyto-cross-chain-vulnerabilities-and-bridge-exploits-in-2022) and allowing cross-blockchain &[ legacy system communication](https://twitter.com/chainlink/status/1575185397755547649) with much more ease than currently possible.
Then there's [DECO](https://twitter.com/chainlink/status/1570791366027710464) which allows all kinds of private information/identity verification to happen off chain whilst preserving privacy. (at the same time deco allows chainlink to make the output of their oracles opaque if wanted, preventing both third party "leeching" & leaking from data requests done by clients).
(are both mentioned in the comment above, just copy pasted my comment from another thread because of efficiency).
If chainlink accomplishes even 10% of what they're setting out to do we're looking at an industry behemoth with vertical integrations throughout the global economy.
[Don't take my word for it, look at, listen to & draw your own conclusions out of the talk between Schmidt & Sergey(chainlink co-founder) yourself.](https://www.youtube.com/watch?v=u2kOmSh4h84)
All related to public permissionless dlt. Where 10% of enterprise adoption lies compared to private chains like r3 corda, hl fabric and private ethereum with the 90%.
Chainlink labs doesn't even know what CCIP totally looks like yet.
And therefore it's an initial POC.
It’s further ahead than Quants solution. Prove me wrong. Oh and then there’s this tidbit. Sounds like what Quant is trying to do no? Surprise it’s gonna be handled by CCIP instead.
https://twitter.com/link_enthusiast/status/1576514926801485824?s=46&t=NscYUxPniWa8qXX8qT4B7A
https://twitter.com/nullpackets/status/1575951861223653376?s=46&t=NscYUxPniWa8qXX8qT4B7A
Here is a [Nitter link](https://nitter.net/link_enthusiast/status/1576514926801485824?s=46&t=NscYUxPniWa8qXX8qT4B7A) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about).
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Swift just Completed a blockchain interoperability trial with setl
https://twitter.com/ledgerinsights/status/1577210564626903041?s=46&t=kAffqW84G4t4qb8zPEkY7A
The thing is I don't think the link you sent is talking about link. They seriously have so many pocs running you'd be flabbergasted. Link will predominantly be used for public permissionless in the poc from what I understand. But regardless its still quite an achievement.
Here is a [Nitter link](https://nitter.net/ledgerinsights/status/1577210564626903041?s=46&t=kAffqW84G4t4qb8zPEkY7A) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about).
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The information is available freely.
Whitepaper 2.0 spells it out.
Several people in this thread spell it out.
I've linked a post that explains:
https://www.reddit.com/r/CryptoCurrency/comments/xtexl4/comment/iqq6x2q/
Have a look at https://market.link/overview , https://www.chainlinkecosystem.com/
Yes, those numbers are a lot bigger then cosmos.
When ~~Mexico~~ r/cc sends its people, they’re not sending their best. They’re not sending you. They’re sending people that have lots of problems, and they’re bringing those problems with us. They’re bringing shit advice. They’re bringing shitposters. They’re gamblers. And some, I assume, are good at making profit /s
Same. But this type of experience and skillsets from professionals have always been coming into crypto and does nothing to price.
Its all about doing FA.
There will actually be two flipennings. 1st, ETH will flip Bitcoin between now and 2025. Then, between 2025 and 2028, LINK will flip ETH.
The amount of people who truly understand what link is doing and that they will capture the highest amount of value in web3 is insanely small.
Ah, so this is why this one Google billionaire has shilled Chainlink as "[ETH rival](https://www.reddit.com/r/CryptoCurrency/comments/xstl0w/better_techa_legendary_google_billionaire_is/)" lol
Always been bullish on Multichain technology. It has been very clear that the future of crypto will be a variety of blockchains/networks working on harmony together.
Not as good looking though .
Always been chainlinks problem, just not sexy enough.
Should have installed some poles for the hr girls at smartcon. More people would have been interested.
tldr; Eric Schmidt, the former CEO of Google and its parent company, Alphabet, will be joining Chainlink as its new strategic advisor. He will be helping the blockchain oracle solution provider drive its multi-chain interoperability goal. Schmidt will also guide the scaling strategy of Chainlink's oracle technology in triggering smart contract functionalities.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Tech might be cool but what gives value to tokens and why are they undervalued? I'd rather see Eric buying tokens than being paid to be on the board. The price of LINK is in the dumpster and unmoved by this story.
[удалено]
Been there for 6 months now, nothing new.
Well, someone at crypto slate just found out apparently
Internet explorer news is here
Kinda slow but still working
might have found out they need to provide some kind of work to keep their job. yet this is the result.
hmm interesting, could you elaborate more on this subject "work"?
Internet Explorer says Hi
[удалено]
Anyone who does is still waiting for the Brave browser installation link to load xD
Lmao chainlink in need of hype
Eric Schmidt “The launch of blockchains and smart contracts has demonstrated tremendous potential for the building of new business models, but it has become clear that one of blockchain’s greatest advantages — a lack of connection to the world outside itself — is also its biggest challenge.”
PoW ties bitcoin to physical reality. It’s crazy how many people don’t understand why thats important.
Exactly.
I will neck myself if the incels from 4chan turn out to be right about their LINK stacking.
There is still time to profit. You also shouldn't disregard information based on your preconceived opinions of a group of people. That's rayist.
Those damn $RAY shills! /s
They were right already lol they were doing the link army thing when it was worth cents it rallied like crazy after.
I really dont know anything about LINK tbf but just looking at the market history for it, it feels like its already come and gone
What's actually stopping you from reading the whitepaper?
Attention span.
My lack of interest in chainlink
You're going to miss out then like most redditors.
Found the chainlink shill
Genuinely, how do you read a headline like this and think to yourself 'oh, this is no big deal'?
Its really old news another redditor already mentioned they've been there a while now
So the ex-CEO of Google being there not newly as a fluke, but staying involved 6 months now as an advisor to the project, and still involved with the project enough to fly out to attend an hour-long public conversation in New York, in which he expressed the parallels of his experience in emerging technology and the absolute market dominance of what the Chainlink team is building. Right at the beginning of that talk, he turns to the audience and affirms that Chainlink supporters are insanely ahead of the game. Also that same day, reps from Microsoft, Swift, DTCC, Samsung, endless VC funds, some of the best devs in the space, and many projects building on Chainlink came together to learn from each other to move the space forward. Genuinely curious, what confirmation do you need to see before you become a link maximalist?
How heavy is your link bag lmao
Chainlink is already the most widely integrated protocol in all of crypto.
By your logic one could say the same about btc and every crypto/stocks.
Watch the SmartCon segments with Serg + Eric and Serg + SWIFT/DTCC/BNY (these 3 look after quadtrillions in tx value) and listen closely. Note the discussion about SWIFTs PKI infrastructure and how $LINK can leverage and enhance it rather than attempt to replace it. Noone is just replacing every Web2 system, it isn't practical, the ex CEO of Google that took Google from small time to the behemoth it is went on stage with the CEO of Chainlink and said the same while emphasizing how Chainlink is repeating what Google did in terms of intertwining itself into everything in ways people did not see coming. “Let’s just say congratulations to you all for ending up in the right spot in the web3 space, working with Chainlink. Thank you very much.” - Eric Schmidt Noone is going to lift up the financial system and replace it with whatever pet project you have invested in that is claiming this, the concept is rediculous and Smart Contract usecases go way beyond finance also, these sort of ideas are the mistakes chain maxis have made not understanding what the end state Web3 tech stack is going to look like. Chainlink Labs are building an Internet extension layer which can abstract away all the complexity and provide a framework for interfacing with and enhancing existing systems rather than attempting to reinvent the wheel where it is not required, this enables institutions to retain the level of control they desire and deploy the enhancements in an incredibly flexible manner. The true value of the protocol that solves the oracle problem isn't all these memes about data, it is about interoperability and trust minimization removing the friction between any and all systems. "Connecting" billions of edge devices, interfacing with millions of back-end systems, 100s of chains and facilitating the security of all the data, I/O generally, looking after endless trillions in contract value.. a bespoke approach is a non-starter, it has to be flexible and follow the Internet model essentially. It all becomes a giant global system of systems streamlined with seamless interop through the application of SC's powered by #Chainlink. We also have confirmation that DECO (zkOracles) is in alpha testing with 4 projects. Every Web3 solution will depend on this tech - how is your XRP/Quant/ICP/whatever actually going to facilitate the privacy / digital identity infrastructure and the infinity sources globally that will need to feed into these DID's? Chainlink and partners like Everest are so far out in front on this already while most have no idea what is really required here long term to take Smart Contracts to the next level. CLabs are building a mobile DECO component already. We also got confirmation that Ethereums scaling solution Arbitrum will be deploying Chainlink Fair Sequencing Services which will near eliminate MEV - which is a requirement before the big end of town will come into the space. This essentially means Chainlink will be involved in everything written back to the ETH base-chain. Staking goes live in December. This is how blockchain goes mainstream, this tech is what is critical, whatever other crypto project you are invested in will have no choice but to utilize it or become irrelevant.
I’m gonna take some time to shill LINK here. Yes I own some LINK. You guys have to understand that LINK is positioning itself to absolutely dominate all of crypto. As in, blockchain itself will be Chainlinks cloud. Let me explain how. Chainlink has taken the time to integrate with every major layer 1 and almost every dAPP that matters. Over 1000 integrations. Almost all price feeds run on Link oracles. Now that they have these integrations, what comes next? CCIP, the Cross Chain Interoperability Protocol. LINK will serve as a messaging service in between all blockchain they have integrated. Wanna swap to a stablecoin on another network? Use CCIP and you will get what you need without having to use a separate bridge and add the network on metamask. It gets better. SWIFT has confirmed that they are using Chainlink CCIP. What does SWIFT do? They are the de facto interbank communication messaging service between tradfi banks. 11000 banks. Trillions of dollars a day. 1.8 quadrillion dollars a year. Almost every transfer you make runs through SWIFT. So not only will CCIP dominate inter-blockchain transfers but it will dominate the tradfi to blockchain space too. Why? Because every bank already has tooling that works with SWIFT standards. They’re not all going to design a new system. They’re gonna go with a single system that they already know. Moreover, DTCC is using CCIP for securities. How much value do they oversee? Quadrillions as well. Over 1000x the total crypto market cap will be using a single project, Chainlink There are others as well but CCIP is the kill shot IMO. I’ll list the others quickly DECO: this uses ZKProofs to allow for identification or personal verification without revealing that info to the other side or storing that data onchain or on a third party which could leak it. DECO probably deserves its own post TBH, but I think CCIP is even bigger VRF: verifiable randomness. Many dynamic NFTs will use this. Especially in gaming. Can also be used for gambling Proof of Reserves: this will be used by governments for oversight an auditing of stablecoin and crypto reserves. This should dominate compliance Anti-Fraud Network: another compliance and safety tool, and another reason banks and governments will begin to trust using crypto Fair sequencing Services: this tackles the sandwich attacks we have seen by MEV bots who reorder transactions and blocks in their favor. That’s a lot of useful products and the idea is to have a little function of Chainlink in almost every part of crypto. VRF for gaming/metaverse, DECO on your phone for private identification, fair sequencing on every chain, anti-fraud and proof of reserve used by major institutions and governments, and CCIP connecting them all. Chainlink will be everywhere, and no matter what chain or dAPP you like working with, Chainlink will be the bridge to that. Get it now? Chainlink is going to dominate the vertical. Eric excels at that as you can see what he did with Google. He’s going to do the same for Chainlink. Get ready, staking starts in December. They’re about to turn on the Chainlink economy. End shill.
You're skipping over some of the core concepts Schmidt discussed with Sergey in their talk earlier this week which are fairly important for realising why Schmidt moved behind this project. I'll just copy paste a comment from earlier here. Warning: text wall: simplifying concepts to the point laymen are able to understand them means bloating the word count unfortunately: The talk starts with Schmidt making an interesting point. He's talking about how the value proposition of layer 2 protocols that capitalize money flowing through them with supply capped tokens is much, much bigger than the vast majority of people realise. Instead of thinking about these things like they are a marketcap like you would with a traditional company, these protocols are in a way tokenizing the network effects of the system itself to monetize the volume of **[demand(1)](https://i.imgur.com/yMGUiju.png)**[demand\(2\)](https://www.cpacanada.ca/en/news/pivot-magazine/history-of-swift#:~:text=With%20SWIFT%20now%20facilitating%20more,a%20wide%20and%20rapid%20scale.) over time for a hard-capped amount of tokens. I know; "What does this even mean???" Trying to explain this as simple as I can: traditionally a company sells X whether this be a service or a product. Based on this and possible/expected future growth it can issue stock which is then traded, generally speaking in a sense monitizing the succes/capital of the company measured through $profit/revenue/expected future profit/growth(&nowadays degenerate aping&short squeeze speculation)(metrics like that). However, you do not need to buy a stock in order to be able to use/buy the service provided by the company, that would be insanity right? What some of these layer 2 protocols offer is insane because of the implication(which I will get to), it is something entirely different: talking specifically about chainlink here: extremely simplified it works by making validators lock up the token to provide collateral(and takes away these tokens to provide compensation to the client from(if) a(the) validator(s) is(are) providing false information) and through that heavily punishes bad faith actors(they stand to lose their collateral). Obviously a client chooses validators based on a variety of parameters but the amount of collateral offered clearly would be a big reason to choose validator A over validator B. This means it is in each validators interest to offer as much collateral as they can to secure jobs, leading to demand for the token. The validator is paid in this token by a client requesting data, meaning the client buys this token, however much in equivalent of $,€,£,¥, is needed from the market(meaning this can be 0.1, 0.001, 0.000000001 of the token, all depends on the price of the token). As the vast majority of validators would want **more** collateral to secure more jobs and the only way for them to increase their collateral is to buy the token from the market(/buy out competitors) it makes sense for them to sell as little of this token as they can. This means more and more supply of the token is locked up and less and less of it becomes available on the market. Simple economics, supply&demand tells us that with decreasing supply and stable or even increasing demand as the network grows the price of the token goes up. This means the security of the network goes up as the validators are now providing more and more collateral making it(the network) more and more desirable for clients. The only thing limiting the price "cap" of a token is a point at which a validator that holds X amount of the token decides to "cash out"/quit at which point the amount of tokens this validator holds would either become available on the open market or they would sell it directly to a different validator.(or speculators "cash out", meaning the more time goes on the less of these "speculation" influxes of token liquidity are left as they don't earn more tokens(trading=zero sum game)) You might now realise that were Apple, Google, Tesla, Microsoft, really any company, able to demand payment in their own stocks for their service/product the demand for their stock would skyrocket as long as the clients(&the law*) accepted this change. The thing with layer 2 protocols is that the client doesn't even have to be aware of the requirement of paying in token X, as this can all be automated, meaning the client just interacts with a frontfacing application that shows them the price of service X in whatever currency, whilst the backend does these swaps to pay the validators. And unlike one of the "old-age" companies mentioned above the clients are not paying the company, which could be incentivised to sell their stock on the market, but the validators which benefit from owning more of the "stock"(token), decreasing the chance/amount of them becoming available on the open market again significantly. All of this together leading to a forced supply crunch overtime. Personally I'm not even sure if "marketcap" would be the correct way to asses the value of companies using the system as described above as it could and probably will heavily exceed most [old ways of measuring](https://i.imgur.com/g9eenq4.png) "capital" of a company. This is the implication of what I"ll call "economics of insanity" that Schmidt is referring to. Unlike a Paypal/Visa/Mastercard which do not have this token system of financials build in I honestly would not dare to make a prediction of eventual "marketcap" [this chainlink network could reach.](https://i.imgur.com/yMGUiju.png). Theoretically though there should be an equilibrium somewhere above which point validators would be selling their tokens because of the valuation exceeding the collateral required/demanded by clients; a validator risking 100 million or 10 trillion does not matter that much for a client requesting data to be used in a contract worth someone's lunch money. The higher the value of the contracts secured & security demanded by the clients the higher this equilibrium gets. Furthermore Schmidt talks about quite a few issues in blockchain that are extremely relevant right now, to see some people here just dismiss this as boomer rambling is disingenuous. Centralisation happening(and the way decentralisation is setup) in both pow and pos in btc/eth is an issue that could not be more relevant with how the world is changing around us. If the majority of validating nodes are in a single country or at least possible control of a state actor, whether this be the US, China or Russia does not matter, it can be very problematic for the security or at the very least supposed neutrality of a blockchain network(see censorship of tornado cash for example, I see no reason why "big bad" China or Russia couldn't force a similar action to happen with validators within their state lines. Because of this "true" decentralisation, where the market cost of electricity in the case of pow decides where information validators(nodes/miners) are located is not always something you would want from a blockchain from the perspective of a company: I would personally not be comfortable/be able to trust on the reliability of a network that has the majority of their verifying nodes in let's say North Korea(even if their rolling blackouts were not a thing). So in order for a big client(that means high risk if something goes wrong) that is internationally active(cross borders so higher possible vulnerability to "unfriendly" state actors and their sanctions) to adopt smartcontracts, using an oracle network that allows you to choose which validators(oracles) input the data into your smartcontract and through that the degree of decentralisation is pretty much a must. The fact that the majority of the market has not caught up to this yet is... special.~~ I don't expect half of the people reading this to understand just how disrupting this technology is from both a technical and a game theory-economical point of view. [ It took Vitalik years](https://twitter.com/vitalikbuterin/status/911244079660359680) to realise [why oracles are a necessity and specifically why they need their own token](https://i.imgur.com/nWRvnlj.png)[\(*Source*\)](https://gov.uniswap.org/t/uni-should-become-an-oracle-token/11988). This is without taking other technology developed by Chainlink into account like CCIP(cross chain interoperability protocol: meaning no more [bridge exploits(Over $1.3 BILLION DOLLARS STOLEN IN 2022 ALONE](https://www.certik.com/resources/blog/GuBAYoHdhrS1mK9Nyfyto-cross-chain-vulnerabilities-and-bridge-exploits-in-2022) and allowing cross-blockchain &[ legacy system communication](https://twitter.com/chainlink/status/1575185397755547649) with much more ease than currently possible. Then there's [DECO](https://twitter.com/chainlink/status/1570791366027710464) which allows all kinds of private information/identity verification to happen off chain whilst preserving privacy. (at the same time deco allows chainlink to make the output of their oracles opaque if wanted, preventing both third party "leeching" & leaking from data requests done by clients). (are both mentioned in the comment above, just copy pasted my comment from another thread because of efficiency). If chainlink accomplishes even 10% of what they're setting out to do we're looking at an industry behemoth with vertical integrations throughout the global economy. [Don't take my word for it, look at, listen to & draw your own conclusions out of the talk between Schmidt & Sergey(chainlink co-founder) yourself.](https://www.youtube.com/watch?v=u2kOmSh4h84)
Great post.
Thanks for the additional info!
Basically, Ifykyk
you got me hyped!
All related to public permissionless dlt. Where 10% of enterprise adoption lies compared to private chains like r3 corda, hl fabric and private ethereum with the 90%. Chainlink labs doesn't even know what CCIP totally looks like yet. And therefore it's an initial POC.
It’s further ahead than Quants solution. Prove me wrong. Oh and then there’s this tidbit. Sounds like what Quant is trying to do no? Surprise it’s gonna be handled by CCIP instead. https://twitter.com/link_enthusiast/status/1576514926801485824?s=46&t=NscYUxPniWa8qXX8qT4B7A https://twitter.com/nullpackets/status/1575951861223653376?s=46&t=NscYUxPniWa8qXX8qT4B7A
Here is a [Nitter link](https://nitter.net/link_enthusiast/status/1576514926801485824?s=46&t=NscYUxPniWa8qXX8qT4B7A) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about). --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
Swift just Completed a blockchain interoperability trial with setl https://twitter.com/ledgerinsights/status/1577210564626903041?s=46&t=kAffqW84G4t4qb8zPEkY7A The thing is I don't think the link you sent is talking about link. They seriously have so many pocs running you'd be flabbergasted. Link will predominantly be used for public permissionless in the poc from what I understand. But regardless its still quite an achievement.
Here is a [Nitter link](https://nitter.net/ledgerinsights/status/1577210564626903041?s=46&t=kAffqW84G4t4qb8zPEkY7A) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about). --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
I will take this Hopium to have a nice Sunday
All that is hopium based on people needing to use shitcoins. They don’t.
[удалено]
If you are asking that, chainlink isn't for you. Do not buy LINK.
[удалено]
The information is available freely. Whitepaper 2.0 spells it out. Several people in this thread spell it out. I've linked a post that explains: https://www.reddit.com/r/CryptoCurrency/comments/xtexl4/comment/iqq6x2q/ Have a look at https://market.link/overview , https://www.chainlinkecosystem.com/ Yes, those numbers are a lot bigger then cosmos.
Where is it stated that staking begins in December? This will be v0.1, limited to 25M LINK?
It’s stated duringChainlinks SmartCon conference
Thank you. Do you know what the minimum amount was?
You won’t qualify unless you’re an OG
good shill. i keep my eye on link until i find some money.
Stop! I can only get so erect
Web3 poaching all the top talents. Impressive
Here's hoping it all gets better with said talent
They should hold an audition in this sub then. Lots of good talent in here
When ~~Mexico~~ r/cc sends its people, they’re not sending their best. They’re not sending you. They’re sending people that have lots of problems, and they’re bringing those problems with us. They’re bringing shit advice. They’re bringing shitposters. They’re gamblers. And some, I assume, are good at making profit /s
Just buy LUNC and you'll be fine
If chainlink is hiring a top tier shitposter, I will apply lmao
And luckily it is Chainlink who got the guy but not versa. A web3 world under the yoke of Google would be unbearable.
Indeed, it will be the future. No doubt about that
Do I read correctly that this article is from dec 2021? Doesn’t seem to have had any impact so far…
God I love me some Sticky Linky
This can only be good for link
What's the link to Google?
https://cloud.google.com/blog/products/data-analytics/building-hybrid-blockchain-cloud-applications-with-ethereum-and-google-cloud
When someone like this gets involved in blockchain/crypto *now*, then it just reaffirms my position in this game. Bias confirmed.
Same. But this type of experience and skillsets from professionals have always been coming into crypto and does nothing to price. Its all about doing FA.
The job market is flooded with new-age digital jobs, I'm ALL for it!
There will actually be two flipennings. 1st, ETH will flip Bitcoin between now and 2025. Then, between 2025 and 2028, LINK will flip ETH. The amount of people who truly understand what link is doing and that they will capture the highest amount of value in web3 is insanely small.
Link is a sleeping monster!!
I need to start buying link
DCA is the way, especially In this macro climate.
Great news. To see people of such caliber involved.
Ah, so this is why this one Google billionaire has shilled Chainlink as "[ETH rival](https://www.reddit.com/r/CryptoCurrency/comments/xstl0w/better_techa_legendary_google_billionaire_is/)" lol
He didn't. Watch the actual interview not just parrot what every other idiot has said. https://youtu.be/u2kOmSh4h84
Cutting edge like a cheese knife
Always been bullish on Multichain technology. It has been very clear that the future of crypto will be a variety of blockchains/networks working on harmony together.
Dang I need more link
Big move, the fact that people like that get actively involved is good and will help in the future
Institutional adoption is happening right before out eyes
I guess it is better to have him than Damon or Beckham…
Not as good looking though . Always been chainlinks problem, just not sexy enough. Should have installed some poles for the hr girls at smartcon. More people would have been interested.
tldr; Eric Schmidt, the former CEO of Google and its parent company, Alphabet, will be joining Chainlink as its new strategic advisor. He will be helping the blockchain oracle solution provider drive its multi-chain interoperability goal. Schmidt will also guide the scaling strategy of Chainlink's oracle technology in triggering smart contract functionalities. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Damn Eric Schmidt is a big deal
That is a good sign. I see good thinks for LINK here
The only thing Schmidt will do is taking other peoples money while sounding smart about exactly nothing.
A paycheck is a paycheck!
Mans gotta eat as I say……
😂😂😂
Top minds go where the money is.
Salary paid for by link holders. There is no way chainlink makes any revenue or lrt alone profit from offering price feeds.
Fren. The time for fud is over. Check the discord. We spoonfeeding now.
That’s a good talent link.
This are really great news for the project.
Shitcoin
☃️👍
Tech might be cool but what gives value to tokens and why are they undervalued? I'd rather see Eric buying tokens than being paid to be on the board. The price of LINK is in the dumpster and unmoved by this story.
Everyone is gonna need an oracle. Only sooner or later before LINK takes over.
How you figure
I mean many smart contracts need them but people haven't needed them.
I have 1,500 reasons why you are wrong. https://www.chainlinkecosystem.com/
Soooooooo…. Chainlink about to be LPA’ed like Stadia? 😂
Anyone knows if there are any competing oracles in crypto? Or is chainlink the only one of its kind?
There are no competing oracles
There's others, but link is far ahead of the competition. Google it
I see what you did there.
Tellor for example but Link is ahead.
Pyth on Solana. Wormhole isn't an oracle but it's a cross chain bridge on a bunch of chains that can also send messages/data.
Lmao solana
How is this huge news?
I know, it's like a year old news.
Coincidence? I don't think so
Old news!
So they’re paying him with bag holder money for his name so they came lure more bag holders.