Reddit User /r/Vornth – ChainLink Technical Community Manager, Provides Clarification to Node Operation questions on LINKTrader subreddit.
See full discussion on Reddit. It seems our new Technical Community Manager is hitting the ground running and is pumping out volumes of useful information.
Caveat: This information has not been posted in his official capacity and should be viewed as technical guidance from a Reddit User.
A ChainLink project update was posted by Sergey Nazarov to the team’s official Slack channel early this morning. Sergey is currently at the Devcon3 conference and will be presenting ChainLink on the main stage on November 3rd.
Sergey Nazarov Update 11-1-17
Sergey Nazarov Update 11-1-17
ChainLink Oracle Creation Process Detail
A few new additions describing ChainLink Oracle Creation process have been released on the GitHub of Thomas Hodges who is the newly announced Technical Community Manager for the ChainLink project. These documents outline the process of creating an assignment for your node and how the selection process works.
These are not available on the ChainLink Network GitHub and are not considered sanctioned documentation at this point. However, it is on the personal GitHub of the Technical Community Manager so it may be something that could be added at a later date in an official format.
Creating a ChainLink Node Assignment
Smart Contract Oracle Selection and Bidding
New Technical Community Manager Announced.
Today the ChainLink project announced in its official Slack channel that it has brought on Thomas Hodges as Technical Community Manager. Mr. Hodges has produced a number of technical how-to videos on running ChainLink Nodes and has also contributed to Oraclefinder.com.
Hopefully, this addition will continue the trend of increased communication from the team regarding both technical and nontechnical updates. I believe this is evidence of concrete steps being taken to address the community’s concerns regarding lack of updates and communication. Congratulations to Mr. Hodges on his new position.
LINK token trading is now active on COSS.IO. COSS had made an announcement earlier in the day that BTC and ETH pairs would be made available. There is still very low volume on COSS but any new LINK exchange is good news for the community.
A LINK trading pair for BTC and ETH has appeared on Coss.io. Trading is not active at this time. This indicates strongly that LINK will be available on the exchange in the next few days if not hours. This combined with any additional news regarding node development may indicate a potential price swing towards the upside. The addition of LINK on a third exchange (besides EtherDelta and Binance) will go a long way towards improving sentiment after multiple allegations of price manipulation on Binance.com.
Coss.io has confirmed that LINK token trading will be available later today (10/31/2017) via their twitter channel. Today is shaping up to be a very happy Halloween for the ChainLink Network.
CHAINLINK CODE UPDATE – 10/31/17
ChainLink’s GitHub repository saw a number of new commits this evening including an upgrade to Ruby 2.35. This is the first public code update since September 29, 2017. These code updates from Steve Ellis (ChainLink CTO) may point to a new node container release being imminent. More importantly, this may also signal news regarding required node staking amounts being released soon. Obviously, this is just speculation, but it may be wise to invest in LINK tokens to a minimum of 10k; the amount that has been rumored to be the minimum considered by the ChainLink team to have “skin in the game”.
While there is no minimum LINK balance requirement to create a ChainLink node, a larger amount of staked tokens will increase the priority of the node in the ChainLink network. Hopefully, clarification on these requirements will be forthcoming in the near term.
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SmartContract CEO to be a headline Speaker at Bitcoin, Ethereum & Blockchain SuperConference.
Smartcontract.com CEO, Sergey Nazarov has been announced as a headline speaker at the Bitcoin, Ethereum, & Blockchain SuperConference. The conference is slated to be held February 16 – 18, 2018 at The Dallas Fort-Worth Airport Marriott North.
The topic of his talk has yet to be announced on the conference site. However, it will most likely relate to the importance of the ChainLink oracle project and the potential of smart contracts as a disrupting force in the financial, real estate, and insurance industries.
The financial industry has been clamoring for a way to execute contracts automatically based on predefined criteria for a long while. Capgemini predicts that in three years the use of smart contracts will enter mainstream use. However, before this happens there has to be a platform available that can independently verify that these criteria have actually been met. The ChainLink oracle network aims to provide these answers and make them available to blockchain hosted smart contracts. On top of that, they plan to do it in a decentralized trustless manner. Meaning that the network itself cannot be manipulated or influenced by those that created it and that these verifiable data points will not be able to be tampered with.
A smart contract that uses the ChainLink oracle system can use one data provider to control its execution or many. By using more than one verification point the smart contract creator can be extremely certain of the veracity of the criteria before the contract is executed. Smart Contracts and the underlying oracles like those provided by ChainLink will revolutionize not just the banking industry but many others such as insurance and real estate.
So…What does this mean for you?
By becoming a node operator on the Chainlink Oracle system you can get in on the upcoming smart contract boom by monetizing your data sets and APIs. You will be compensated in LINK tokens each time your data is used. If the data you provide is in demand this could happen thousands of times each day!
Don’t believe me? Take a look at what Capgemini Consulting says about the future of smart contracts.
Sergey will be speaking regarding the need for secure, decentralized oracles for smart contracts on the Ethereum platform. The ability to allow data providers, payment processors and other API providers to be accessed via Ethereum based smart contracts would be a giant leap forward in practical functionality and present a real-world use case for blockchain technology.