Well to begin down this rabbit hole, we got a talk about staking. Staking with in an ethereum token standard,is not possible with your typical ERC20 of which a majority of Ethereum projects are. But...not chainlink. If you didn’t know, which I bet many whohold the token didn’t, Chainlink is not an erc20. Chainlink is an erc 677. What??? How is this possible?
Chain Link has trading pools with Uniswap? I thought Uniswap only handled erc20s? Well Erc677, is the transfer and call token standard, and it is written to be backwards & fully compatible with the erc20 standard but with the added token feature of the transfer and call function, which the erc20 lacks. This means, exchanges, dapps, and wallet scan accept it just like an erc20 but it can’t do much more...you can think of it like Erc202.0 The standard was conceived by Steve Ellis,the current CTO of Smartcontract.com .
Chainlink and he is the co-founder along with Sergay. As we can see from his Linked’n and Sergay’s,he also worked alongside Sergay at their prior company, Secure Asset Exchange & they both went to NYU together at the same time. They are 2 peas in a Chainlink POD. Now, Steve actually spoke on the standard in github recently and this is what he said regarding how chainlink uses the standard today…”
LINK uses it and it is great for minimizing transactions and/or inter-contract interactions, along with the potential issues those raise example reentrancy attacks. Basically what he means, is it’s a secure way to save GAS by reducing on chain transactions. But the real reason for the standard is staking. Without transfer and call functions, staking links within contracts would be impossible.
Actually many things wouldn’t be possible...like the coordinator contracts. What are these?...going to chainlinks pivot altracker...if you're a link fan, you should have this bookmarked. You can see exactly what is being worked on. As we can see scheduled to be worked on at the end of November is the Multi word coordinator contract. What is this? Well it was discussed last year in the chainlinks ubreddit, and user fiflars, said this “It will be used in the future to diminish the cost of asking for an off chain event.
Right now, the Aggregator sends LINK to all oracles, which means that it has to pay a transaction cost for each oracle that is requested. For example, if a requester would like 10 nodes to service a request, the cost for that would be at least the cost of 1 request+10 transactions The coordinator contract will work a little differently. Instead of sending that link to the Oracle contracts explicitly, it keeps the LINK in the coordinator contract. Only the rightful owner of the oracle can withdraw the LINK from the Coordinator. The big difference here is that the request or only has to pay for one transaction instead of ten, effectively limiting the cost of a request from linear to constant with respect to the transaction cost.
SEPTEMBER 08, 2020
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