bitcointalk chainlinkThe Future of Decentralized Oracle Networks With LinkPool Chainlink Plugged-In

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today as you know we have the one and only johnny huxtable from linkpool lets welcome johnny johnny thank you for coming [Applause] so johnny will present linkpool well answer your questions and um johnny taken away sure thank you so yeah im johnny im the uh founder of limppool and been working with chairlink and unchaining since 2017 really so um i cant believe its nearly been five years to be honest but thank you everyone for coming out um its good to do one of these in person again its you know its been a very long time i think the last time i did one was like 20 20 so yeah thanks for turning up on a friday um so this presentation is one ive been looking forward to doing for for a good while um so now whats taking is you know actually being thought about when on the roadmap for uh chairlink and its a good time to talk around and talk about some of the concepts how it might work and you know some concerns from our point of view in terms of uh the solution um and also self-service so self-service is something that has not really been talked about yet but its something especially from a link poor point of view has been thought about for a good amount of time and ill sort of go into the details as im going through um ill probably take about like 30 45 minutes doing this and ill stop after for anyone to ask me questions anything at all it doesnt have to be based on this presentation or anything else um and i suppose if youve got any questions when im going through it as well just feel free to uh shout out so um i thought id start off by giving some high level statistics about chain link today really um you know since you know weve first started working on this and got involved in chairman scholar after his ico in 2017 um you know it felt like ages until main net was actually out um linkport was one of the first three nodes on maynard back then um and since then really you know its seen exponential growth and has essentially gained overall market share for um oracles within d5 you know it was pretty much the trigger to you know d5 summer and the boom i started in 2019 um the chilling prize feeds powers you know the uh lending protocols things like harvey and and synthetics back in the early days and really sort of triggered that whole um grower within the d5 industry so theres just some very high level stats to put that into context and i think theyre honestly quite impressive to be honest some of them are different from what chairlink have i suppose officially talked about in marketing but we use um our own soon to be released metrics and um theyre just i suppose we pick things up in different ways and measure things in different ways so um seeing around 15k to 25k link rewards again to the node operators across all networks is might be impressive um dons or node operators in total spend around 100 to 200k usd in gas so thats you know gas like ethereum polygon dmv across all the networks and if you equate that to the gas units so the actual gas used then thats 120 billion in gas which is a huge number and so when you see that you can plot it over time and see the growth it sort of shows the um the cost of supposed security defined how much work chin link dons and the oracles today are put in um its 285 nodes is a good number as well um across 11 networks and some of them are from the same node operators but in total theres 285 individual nodes which is a huge step up really since its release so to actually get onto the content um tuning today is currently missing explicit staking for anyone whos been following chain link for a good amount of time weve probably seen the thousands and thousands of questions of people saying wednesday and wednesday so you know its been a good amount of time and also self-service so that is something well go on and itll be mostly what this slide is focused on and the presentation um i suppose apologies in advance the slides are quite dry theres no graphic its not like its a pitch deck or anything of the song its you know very much some topics around children that ive wanted to speak and speak about for quite some time but hopefully ill go into some quite interesting details um so self-service to get onto it um i quite like the top line at a high level it changed it changes chain link from a product to a protocol and what i mean by that is i suppose if you think about how easy it is as a web 3 developer these days to deploy um smart contracts on any evm based chain or even non-evm based chains and its very self service youve got the uh developer tooling and everything you need to be able to get on with that currently the barrier of entry for as well as developers setting up their own dons and new dirt feeds is quite high um theres a a couple of reasons for that well go into it but staking really is sort of the catalyst to make self-service a lot easier and its something that were going to be leaning on in the future to make this development and self-service at a high level is um just allowing developers and protocols and users and anyone else to be able to self-serve and create doms create new data feeds new applications using new protocols like ccip vrf or anything else why are they important so so to go back to stake in a little bit um stake in a minute thank you um theres a currently um all of the incentives are implicit and what i mean by that is theres no sort of actual financial you know elite tokens put forward at stake and its all implicit you know known operators go off building their own you know brand image reputation being a chain node operator like we have done since um 2017 2019 when it launched and and since ive shown the rewards being around 15 to 25k a day you know if if if you did something malicious on the network then youre probably going to get booted off the network so and then you lose your fees so everything is implicit theres no actual explicit link um status collateral on the network at the minute which is what is going to change with explicit staking um one of the big changes there as well is you might have seen the announcement around channeling being profitable on certain chains and which is a great announcement and it sort of proves the staking model working in practice when that actually does go live but when staking is actually released what youll see is a change um in terms of users actually pulling fees and youre being able to see that on chain so in terms of like audibility and transparency in terms of how much link is actually being paid for by protocols and users and consume chain data will be you know very apparent very easy to see um itll make it a lot easier for rewards to grow in the future when more people consume chilling there um which is exciting for a node operator and weve understaken theres no real financial incentive to self-serve theres a couple of examples of different teams that ive self-served at the minute what i mean by that is theyve created their own dons an example is tracerdam and theyve created perpetual markets around the nft price floors and they created those dons themselves so thats an example of self-service and you know theyve done a lot of work to get to that point and consult with different known operators but its you know its a lot of heavy lifting and theyve done that um out of i suppose necessity or um you know they want it for their protocol and what theyre doing interested how and since theyre um one of their subsidiary teams is also a known operator it makes sense for them to sort of um you know think of new ways and try and self-serve um outside of that um you know if you go to the effort of trying to create a done yourself like if anyone in this room sort of saw a demand for dale um or began to request data on chin theres no real financial incentive for you to do that at the minute but that change is mistaken because youve suddenly got the the whole model around paying user fees um and all of the transparency in terms of like how much link is actually being spent to create done um on-chain which depending on how its actually architected and orchestrated in the future um means there might be financial incentive future for you to actually go out and match the you know the data providers the node operators to the actual consumers of that data um another thing thats always been talked about as well in terms of i suppose self-service is you know what people whats called neat nodes or like anyone being able to spin up a chain-link nude and be parts and build their own reputation on chain at the minute thats not really a reality but one of the things self-service would do is make that a reality and so anyone anyone in this room could spin up a chain-link node and sort of put the effort in and be part of different dons and then ling rewards and which sort of fulfills the end goal and vision of chairman um so to talk about how that will actually sort of work going forward um you might have already seen that the stake in release is planned for this year at 2022 but initial stake in release what chain links have always done um in the past and in the present its done everything in phases so you can see that with like vrf like vrfe1v2 ocr v1 v2 the the flux monitors and there was fm v1 v2 theyll always do everything in phases because ultimately the protocol security and the correctness is whats most important so theyre never going to rush sort of a new iteration and sort of idea to market when its not being properly researched and developed and rushed especially um as the the companies grow i suppose the amount of detail and planning that goes into building out new ideas and new features like staking is extensive when that when circa is released self-service can follow for me self-service is a thing thats full i suppose the community in the angola and will be largely built by the community and companies like linpo and for us the the marketplace for example the end vision of that product is to essentially allow people to subserve to match the you know people providing data and also the consumers of it so to get on to staking very basic high level overview im sure a lot of people know about this but you know the the core premise of staking link is to state link as collateral across chairlink dons which will provide explicit security to the network um you know weve talked about the difference between implicit and explicit sort of mistaking and reputation um the node operates well front link and that is used as collateral um theres been some good discussion around this recently in terms of the actual word staking and you know with d5 and i suppose yield farming and a lot of the um liquidity mining incentives and like inflation models that happen the whole world the the word staking is and its meaning has been diluted you know typically in d5 you dont really stake tokens because youre not really putting them at risk within the protocol um other than obvious things like like contracts risk and everything else but in terms of like the actual design of mechanics you know youre very much putting your tokens in there and people are creating um economic incentives for you to leave your tokens in there but its not actually being used as collateral not like the ethereum and proof of stake for example where you know if you do something malicious you can get slashed um the chain link will actually produce a staking protocol because youre actually putting your link at stake um chilling users will um pull user fees so i touched on this a little bit but the transparency of how much link is actually generated as user fees and sent to node operators its pulls is going to be very transparent and one of the biggest shifts that is good as a node operator is currently at the minute depending on a couple of factors like market volatility and gas prices you know your link revenue is is fixed its largely linearly fixed to the amount of feed youre on and the amount that feed pays whereas when stakings i think you know the more users that consume the feed the more rewards that the people providing the data the node operators getting return which is a great dynamic because it just means the more growth um the more link that needs to be staked the more link that is and um in return the more known operators get and benefit from securing the network and the more people in pools and also providing cloud will get in terms of yield as well um you know its a real uh supply and demand model you know its not inflationary like you see in typical d5 protocols these days which you know is good and one mentioned is already profitable so its a system that will work just the high level and one of the questions that sort of ive always thought of for a very very long time is the question of slashing and socially known operators will be slashed if they are whistleblown by other node operators and the events could be you know being offline providing bad data doing anything malicious and like coding coordinating with different node operators and as seen in the the white paper v2 there will be a sort of a two-tier oracle system um an arbitrator a group of arbitrators will speak that will sort of revolve resolve those events um um its for me its always sort of made me think of the potential of a global insurance pool and how that would work in terms of the link network and chair link in general since theres a maximum amount of link that can be saved per node and the amount of link that can be staked before diminution returns his cat and so for example um you know this is one of the things that for us as linpo and you know a sort of token model has always sort of looked at not fixing but um you know working around and sort of providing mechanisms to allow people to stay and get a fixed and dedicated position on another and what this does mean though with global insurance it would allow anyone to put their link forward to allow them to stake it in a global pool and earn a subset of link in return um which sort of opens the floodgates more linked to mistakes in return youd um thered be more link i suppose took off the markets but less liquidity and it would be more used as that what actual cloud in the uh in the network helps the talk and dynamic at the end of the day um so ive talked about this a lot already um but let me just pick a good point um the bottom one so theres i suppose theres been a lot of talk about data but um for me uh my general computation and ccrp in general is an exciting point um it opens up chairlink oracles not to just serve data but also perform general compute and that is a good application for node operators because in terms of actual cost and rewards um you know compu for us is a lot cheaper than paying gas costs and the potential rewards out in the back of that might be much greater as well so its a its sort of a um a good idea sort of a good concept to think about and to give some examples of that i mentioned this before a little bit um but like layer two sequences um in uh like optimism arbitrary for example one of the core issues with with those networks at the minute is that their sequencer is centralized um chilling coracles and nodes already run on those networks it makes sense for them to sort of provide that capability and when ccip is a thing because it unlocks that potential to be able to do that also cross chain swaps as well if you think of protocols like fortune for example that do like cross chain swaps and have um as well as off-chain liquidity poles and chain would be able to do something similar as well so people would be able to use the channel node to make a cross-chain amm which is also a cool concept um mention it but rewards could be high whereas the gas cost might be cheaper um so you know from another point point of view is it could be a lucrative thing to get into ccip also unlocks the potential for single liquidity impulse mistaken so think of like rv3 v3 and how they blend and have a single pool of liquidity across different chains by using bridges and contract messaging um to make that reality um ive still got everyone ive not lost everyone yet youre good youre good cool self-service i mean ive talked about it a lot already but ill sort of break it down into three components um creation management and ir or incident response so don creation is creating a decentralized oracle network management is keeping on top of that managing it an incident response is actioning and sort of detecting any potential incidents that occur so just in general at a high level there needs to be a mechanism that allows um dons adult proposals to be created so if you think of like a snapshot ball or like a a downvote for example it could be something similar where someone um raises a formal proposal that says i need x data you get a lot of other protocols and people jumping in saying oh yes i also need x data um they pull field fees together in terms of the linked talking it shows that theres demand for that data and then node operators can also then test their interest and say that they will provide that data and specify the data sources so in that way youve got you know you know mentioned market link suppose pun intended a marketplace for um data proposals which would allow self-service and really make the things sort of automated and lower the barrier venture um management so you know if you create a dom you cant just sort of uh create it leave it there and think it will work forever going forward you know um everythings very live you need to monitor everything from the data sources to how the oracles are performing and with that you know i can envisage a um sort of a manager role and these essentially online monitors that will use various forms of our ongoing metrics to detect any issues uh proactively find new data sources and also raise proposals to you know keep them updated and keep the security of the of the dam up today weve got um i suppose internally we do this metrics v2 but on the marketplace we weve been working on an updated form of metrics for a very long time i was going to demo it but you know and you cant ever get a working live demo i cant even do it because laptops not working so i cant actually show you that in practice but um also with um you know theres a difference of community companies that can solve this problem and sort of wrap around and also made it tough to build a solution and incident response largely ties into the two tier system that you find its taken so thats you know actually the arbitration and sort of the management of issues if they do occur you know lets say um two data providers deviate from the medium by 80 percent and youve got to manage that and thatll get escalated to you know the second tier of oracles if if theres risk to actually sort of lower the uh security of the price feed and medium um and an automated system just needs to be built around that to be able to manage it and automatically update the dons to make sure that the the security of the dom isnt actually affected um this really hasnt been built in an automated fashion there is some i suppose process and um like talking around it but i suppose the envision hasnt really been realized and i think this is the last side i have no idea how long i went on for them yeah [Applause] i hope i didnt lose everyone but feel free to literally ask me anything um it can be anything about chain link living pool um even anything else so ill pull up the chair so the chain link node itself is very low cost so you can pretty much get away with you know like a very um small server like one two cpu two giga ram um the hardest part about running um a challenge oracle is the blockchain connection um to make sure a network is secure sorry youve got to write your own full nodes so youre on ethereum node youre on like polygon node for example and they are a lot more resource-intensive if youre talking like you know eight 16 um core boxes 64 gig ram you might be running four of them in here fashion and thats the tough part and it largely depends on something the the network like youre running like ethereum and its a lot easier than esc and avalanche is easier again so hope that answers your question saying theres no inflation into the rewards im wondering where the 300 million worth of link is going from the original white people um well you know the um i supposed to to answer the question um a lot of it will be have been used to subsidise the network and start bootstrapping in the early phases um now i can imagine at least in terms of incentives and grants in the future when theres more transparency in terms of um the link rewards for dons it you might start actually seeing more of that actually being used on chain in a more transparent fashion in terms of you know overall its i dont you know i cant see that thanks for sharing im curious about how this interacts with the chain link price feed does that mean that with the self surface is the room for each protocol anyone really to create their own price feeds or is that something just completely separate or its part of the roma thanks yeah um i mean that is so for the core principle of self-service hopefully in the future youll see you know an economy of scale where anyone can create their own price beats really easy with a large amount of oracles and the security of those price fees are just as secure as what you see already on different maintenance and so really that is the end goal of self-service to allow anyone to create price fees and dons that are as secure as what you see already on the internet yeah any more questions yeah thank you um i just wanted to understand that went back normally with other cryptocurrencies um when you didnt stay here you just put your stake towards the validator and then get your rewards yeah it doesnt sound thats the same way that i dont really understand how i would be able to obtain without becoming a normal operator or doing self-service or could you just explain that a bit more please sure um so you know one of the the core products of linkpool is to create a pulling mechanism um theres a couple of nuances in terms of you know needing to own some of the talk and to gain access to the nod and actually stake on it but we will be providing pulling contracts and ways for you to ways for node operators to open up their node to allow like you know people like yourself to be able to stay contoured um the the the slide i had around sort of global insurance and if that was actually a reality then it would mean anyone would be able to stick their link onto a mechanism within the cheerleading network where you get a slice of the the actual rewards and so if something like that is built then you know itd be very easy for you just like you would do with any other default app to go in statelink you know its a potential for you to get slashed for example if there was a slashing event um but you would just be earning a slice of the rewards like anyone else would be hello yeah so just at the end they mentioned it was like two tiers of nodes um there were like management modes or something like that that were very interesting is that part of your actual architectural lingpool or is that something which is in the pipeline yeah thank you that is in um the pipeline of chandler so that was described in the second white paper that was um driven by the research team on sort of the high level uh designs of the protocol um supposed to go a bit deeper on that the the oracles that would be on the two tier system i can imagine are the ones that you forget nominated or its based on like a reputation factor so uses different metrics and things to calculate reputational factors well actually i guess we can uh thank johnny for the presentation and uh now its time to have some year questions in private and uh yeah you you can ask other questions im sure they will come up during the you know um the rest of this meetup and make sure you subscribe to um linkable telegram channel and discord and as well as chain link telegram channel and cheating discord if youre not there yet so thank you so much and lets have some fun thank you [Applause] so you At this London Chainlink Plugged-In event, LinkPool co-founder Jonny Huxtable shares his experience as a node operator on the Chainlink Network, explores the future of decentralized oracle networks, and discusses how LinkPool is empowering developers to build the next generation of hybrid smart contracts. Joining the Chainlink Network in 2017, LinkPool was one of the earliest nodes on mainnet. Featured guest: Jonny Huxtable, Co-Founder of LinkPool Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains. Learn more about Chainlink: Website: Docs: Twitter: Chainlink Chainlink,