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12 hours ago, Mr_X said:

Except it's not exactly... it is blockchain agnostic and an ERC 677. Chainlink is being deployed on a variety of other chains and platforms... polkadot, hedera, harmony, hyperledger, but will support all popular smart contract networks that have demand. You may want to dig a little deeper and see why they created the ERC 677 standard: https://github.com/ethereum/EIPs/issues/677


https://medium.com/@ivoidwarranties/chainlink-a-requirement-for-cross-blockchain-interoperability-more-f994b2ee67aa

https://medium.com/web3foundation/web3-foundation-and-chainlink-announce-collaboration-df55ed462a3a

https://medium.com/hashgraph/hedera-hashgraph-and-chainlink-collaborate-to-provide-a-decentralized-oracle-network-for-hederas-3d1c77a6bcb9

So im confused and am at work right now, if you could help me with this that would be awesome.

From what i saw yesterday its an erc-20 token according to coinmarketcap (and i know they're **** but its where i read it.

Does chain-link have its own network or is it on the eth network as a modified token?

What is the max network speed of transaction?

 

 

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^Good question. I have one of my own as well..

 

I understand that Link will be locked up in contracts and also used for payouts.  What happens in the event the system becomes under-collateralized due to a crash in the value of collateral?

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On 7/10/2019 at 1:52 PM, Finesse said:

From what i saw yesterday its an erc-20 token according to coinmarketcap (and i know they're **** but its where i read it.

Does chain-link have its own network or is it on the eth network as a modified token?

What is the max network speed of transaction?

Chainlink is a network but it's all off chain so it can be as fast as the network it's integrated on... once it goes native on Polkadot, one the newer chains or eth 2.0 sky's limit. It's blockchain agnostic... to technically it can be deployed on any chain (which is why you're seeing so many integrations lately). Chainlink is an ERC677 token which inherits functionality from the ERC20 token standard, while implementing additional functionality, "transferAndCall," that is used with their contracts.

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On 7/10/2019 at 6:49 PM, XRPboi said:

I understand that Link will be locked up in contracts and also used for payouts.  What happens in the event the system becomes under-collateralized due to a crash in the value of collateral?

Yes, LINK will be locked up in contracts/nodes and node operators will be paid in LINK, however "fiat convertors" will allow for payment to be made without buying the token. You could technically start a node without "LINK," but no one would use it. High value smart contracts or any contract that has value will use nodes that carry the same or a % of value of LINK. There is infinite amount of collateral available because the token price can rise to meet it. The more data, the higher the LINK price becomes... more valued data, higher the price.

The collateral is going to be game theory and play out over time, but the fiat convertors will help... the open market will ultimately decide the value. As for the volatility, a CL team member addressed it this way... "a requester could specify payment in fiat currency off-chain and that amount can be automatically exchanged for LINK at the time of the transaction on-chain."

some further discussion on this can be found here (with a team member answering questions): 



 

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10 hours ago, Mr_X said:



The collateral is going to be game theory and play out over time, but the fiat convertors will help... the open market will ultimately decide the value. As for the volatility, a CL team member addressed it this way... "a requester could specify payment in fiat currency off-chain and that amount can be automatically exchanged for LINK at the time of the transaction on-chain."

 

Thanks for sharing this info. Regarding the highlighted part above: even if the specified amount (of fiat) is held off-chain and automatically exchanged for Link at the time of the transaction on-chain, what happens if the current value of Link at the time of the transaction isn't enough to cover the off-chain amount (due to market volatility)?

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14 hours ago, XRPboi said:

Thanks for sharing this info. Regarding the highlighted part above: even if the specified amount (of fiat) is held off-chain and automatically exchanged for Link at the time of the transaction on-chain, what happens if the current value of Link at the time of the transaction isn't enough to cover the off-chain amount (due to market volatility)?

No problem... I'd highly suggest reading the white paper if you have not. https://link.smartcontract.com/whitepaper 

Every contract has an SLA (service level agreement) that covers these conditions. This case sounds like an outlier that can be covered or defined pre contract... here's a bit more discussion (that addresses SLA's and market volatility) below:

1248554183_ScreenShot2019-07-13at3_35_19AM.thumb.png.2ec5d59afd8702026d1a4a00365ff1e5.png

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