chainlink oracle partnershipChainlink Oracle Beginners Guide

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oracles connect data that is not on the chain with the chain how is that ever possible you call a smart function basically by doing it non-atomically if you take a look at this screenshot right here um your um you know your your uh your your consumer needs to both be able to request data from the chain link oracle to say hey um can you tell me about tomorrows weather and then uh mean what will happen is the oracle will um emit an event right right to the right to the log on the chain you have a node which is a server right just regulates or rather um but its listening usually through web sockets uh for events on the contracts that its paying attention to on the chain right so your your node is associated with your oracle contract um and oh hey it admitted an event time for me to go to work do do do do i go out to the network i go get the information and i submit the information like a number back into the smart contract my oracle the oracle then remits that fulfillment through the fulfill function and thats how you do asynchronous processes on the chain right at block one you make your request emit your event at block two youll fulfill that request and run that fulfill and now your consumer has the information i was looking for yeah but why not cut out the middleman and go right to the source data source uh smart contracts cannot talk uh outside of the chain they dont have a mechanism for doing outside um calls i dont see the why um the data what does the api need to live as a blockchain and not just a api lambda function well basically the the the idea behind the oracle is to connect the stuff on the chain with lambda function but it puts you in a position where you can have smart contracts that are sensitive to information that lives off chain but then its gorgeous so you can see you can have a smart contract thats like a swap based on weather or a or you have to use a less legal example a bet based on sports yeah but this data source can still be fallible so i dont see right well right so the the uh the other aspect of um of the oracle that chandling tries to bring to the party is being distributed right so the uh youd have multiple oracles providing multiple sources of data so a chain-link price fee would include things like you know there there is a chain link um contract thats on say ethereum that has the price of uh solana right and that price of solana is being fed by multiple oracles which are giving it different answers and so its giving you spread okay so you get to uh crowdsource the truthiness of the input data right and by having multiple sources presumably you can get a potentially better answer im a little sketchy as to how super useful that is but its a thing you can do cool actually the single source stuff to me is actually really interesting um because the the single source stuff is how you just straightforwardly have a smart contract that can be powered by external data because smart contract can handle the money and handle the disposition and who should be paid under what circumstances what the value really is instead of having a an institutional uh broker whos handling those uh transactions and some of these things like you know um building a fair game uh using uh the uh randomized function verifiable randomized functions which is one of the serve which is probably the biggest use of chain link right now why is a random number so you cant get a random number on the chain remember anything you do on the chain is necessarily deterministic yeah but right you could approximately random i would think fairly easily like you come up with a function that could do that i would think even well but based on what whats going to be your seed right if your seed is something like the time stamp i mean its true theres some degree of variation in the timestamp but its hackable because the question of like what the block goes is going to be determined by the miners so if the codes transparent then its reverse engineerable and all the codes transparent right so the the your best case scenario is security through obscurity that nobody cares enough to game your system um but if anybody cares enough to gain your system its certainly gameable by generating the random number off chain it becomes verifiable verifiably random oh thats uh so so chain link is actually this whole area oracles is not something i understood before starting this hackathon but now i mean theres a big hole in the market and were even looking at how to bring down the cost of building a node like their their default way of building a node is um they have a button you can push to go deploy it over on aws which i kind of say is slick yeah but its not economically feasible basically you need to make sure that youre going to get paid enough for the oracular calls for that that hosting to be worth it to you but like if you go host like you know the way they do it on aws its designed to not require anything third-party it also makes it really expensive yeah so like were talking about like you know maybe a 100 200 a month which is quite a lot to be putting up just and thats just for the hosting costs so the other thing were looking at is using um a digital ocean uh to make a very very inexpensive um uh chain-link node and were saying instead of hosting your own eth you know eth endpoint just use alchemy right or infuria and between those i mean we might be able to get this thing down to five bucks a month but it cant call a third-party api right no it cant call anything well when you say third party you cant call anything thats not on the chain and thats the reason why we use something indirect thats where the oracle pattern comes in so you know we write something to the chain and then we can admit that what this doesnt show is how you can emit an event emitting events are basically additional bits that get written right alongside the chain and you can be listening for those events and thats a very common thing for like a data scientist to do like oh hey or or a trader right hey oh wait that that nft just moved right so the kinds of things you might do you know they currently you might look at an open c you can look at by just monitoring the chain This video will provide a quick primer on what function Web3 oracles serve and how Chainlink is helping facilitate data streams to smart contracts.Oracles allow you to make interesting smart contracts with input/output to theoretically any data in the real world. A decentralized oracle network like Chainlink aims to give access to those data inputs/outputs with the same level of security/decentralization/game theory mechanics as the underlying tech where smart contracts reside blockchains like Ethereum. Outline Oracles 0:00 - 1:24 Smart Contracts 1:24 - 2:00 Distributed Data Sources 2:00 - 3:00 Verifiable Random Number 3:00 - 4:25 Building a Chainlink Node 4:25 - 5:55 chainlink web3 oracle Securely connect smart contracts with off-chain data and services Chainlink decentralized oracle networks provide tamper-proof inputs, outputs, and computations to support advanced smart contracts on any blockchain. Chainlink ______________________________________________________________________ 1Password Secure Enclave for Password Management Wander Bear Coffee wanderingbearcoffee Use Discount Code for 10% OFF Everything: Timothy No Code Technology Mastermind Zoom Call Calendar [Free to Join] Lets Talk. One-on-One. 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