►
From YouTube: Patrick Collins (Chainlink) - Good Data: An Oracle Story
Description
Hear how Chainlink data provides smart contract developers with access to a secure and reliable source of real-world data to power their unique use cases.
A
B
Spot
on
yeah
thanks
so
much
jeff
nice
to
nice
to
be
here,
hello,
everybody
how's
it
going
and
nice
to
hear
from
you
too
roland.
I
roland's
one
of
the
few
people
in
the
web
three
space
that
I've
actually
met
in
real
life.
Covenant
has
made
meeting
impossible,
but
somehow
I've
met
matt
roland
yeah,
so
jeff
do
I
do
I
just
go
right
into
it.
A
B
B
So
if
you
go
to
my
profile,
it
should
be
the
most
recent
tweet
that
I
put
feel
free
to
put
any
questions
like
as
I'm
I'm
giving
the
talk,
I'm
gonna
do
you
know
I
have
20
minutes
to
talk
here
so
I'll
do
10,
15
minutes
of
talking
and
then
answer
some
questions.
So,
while
I'm
talking,
if
you
have
any
questions
really
about
anything
blockchain-wise
smart
contracts,
obviously
oracle
and
data
related
feel
free.
B
B
A
B
So
you
can
do
something
like
this.
Okay,
we
have,
I
see
a
100
from
one
of
the
listeners,
so
you
hit
the
little
heart
button,
so
I'm
coming
in
loud
and
clear,
throw
up
another
100
if
I'm
loud
and
clear
put
the
laughing
emoji.
If,
if
I'm
not,
maybe
just
my
phone,
maybe
my
phone-
oh,
oh,
it's
laughing
emoji!
So
I
might
not
be
coming
in
loud
and
clear.
Well,
that's
kind
of
fun,
but.
B
Yeah
I
was,
I
was
flipping
back
and
forth
between
the
speaker
and
a
listener
and
as
a
speaker
yeah,
so
I'm
seeing
a
couple
laughing
emojis,
I'm
not
coming
in
clear
as
a
speaker.
We
can
hear
each
other
fine,
but
as
a
listener
it
seems
to
be
a
little
a
little
bit
tricky.
But
I
guess
hopefully
it's
all
good
and
I'll
I'll
just
go
ahead
and
continue
on,
but
yeah.
B
B
These
these
trust
minimized
agreements,
that's
really
what
they
are
right.
This
blockchain
is
a
solution
to
a
problem
that
has
existed
and
I-
and
I
always
want
us
to
focus
on
that
when
it
comes
to
these
blockchains.
All
this
whole
web
3
thing
this
whole
industry
that
we're
building
it's
solving
a
problem
and
the
problem
that
it's
solving
is
when
somebody
makes
a
promise
to
us.
We
have
to
pray
and
we
have
to
trust
them
that
they're
going
to
fulfill
their
promise
and,
surprisingly
enough,
that's
an
issue
that
we
can
solve.
B
We
can
build
agreements
where,
when
somebody
makes
a
promise,
they
have
no
choice
but
to
fulfill
that
promise,
and
that's
incredibly,
incredibly
powerful
right
and
we've
seen
this
happen
time
and
time
again,
where
groups
and
institutions
make
promises
and
they
don't
fulfill
them
right.
I
a
number
of
examples.
I
usually
give
I'll
give
like
the
the
mcmillion
scandal.
So
mcdonald's
made
this
promise.
Hey
do
our
monopoly
lottery,
game
and
you'll
have
a
fair
chance
to
win,
and
that
was
the
issue
there.
You
didn't
have
a
fair
chance
to
win.
B
All
the
money
went
to
the
same.
You
know
group
of
people
for
like
20
years.
It
was
like
13
million
same
group
of
people.
They
didn't
fulfill
their
promise.
You
didn't
have
a
fair
chance.
Another
example
is
with
what
happened
with
robin
hood
recently,
robin
hood
painted
this
picture.
Hey
come
use
our
platform.
I
promise
you.
I
promise
you
that
you
will
be
able
to
engage
in
finance
you'll,
be
able
to
work
with
these
financial
markets.
You'll
be
able
to
buy
and
sell
stocks.
I
promise
you'll
be
able
to
do
that
and
then
what
happened?
B
They
broke
their
promise
right.
The
amc
game
stock
stocks
flew
up.
You
know
off
the
charts
in
game
and
robin
hood
said:
wait.
Okay!
You
can't
do
that
anymore.
Sorry,
and
whether
or
not
it
was
right
for
them
to
do
that,
doesn't
really
matter
right.
They
made
a
promise,
they
couldn't
fulfill
it.
They
have
the
centralized
power
to
flip
a
switch
and
say
you
know
never
mind
that
promise
that
we
made
it's
not
really
good
for
us
anymore.
So
we're
not
going
to
do
it
right,
so
they
made
this
promise.
B
They
have
this
conflict
of
interest
where
they
don't
actually
want
to
fulfill
their
promise
and
that's
an
issue,
so
I
always
want
to.
I
always
make
a
point
to
go
back
to
these
first
principles,
because
this
is
why
we're
building
this
stuff.
This
is
why
we're
doing
this
stuff,
because
we
are
creating
a
world
where
we
don't
have
to
trust
the
other
person
is
going
to
do
the
right
thing.
Instead,
we
move
to
a
place
instead
of
having
to
trust
these
brand.
B
With
these
brand-based
guarantees,
we
have
to
trust
the
brand
of
robin
hood
trust,
the
brand
of
mcdonald's.
We
can
trust
the
mass.
We
can
trust
the
cryptography
if
a
smart
contract
says
one
plus
one
equals
two.
It's
always
going
to
execute
it
like
that.
If
a
human
being
says
one
plus
one
equals
two,
they
could
mess
up
their
math
and
say
one
plus
one
equals
three.
B
B
If
it
rains
do
x,
it
will
always
do
that
right
because
it
runs
in
a
decentralized
context
and
not
a
centralized
context
and
that's
incredibly
powerful.
So
these
trust
minimized
agreements
are
incredibly
powerful.
Now,
when
it
comes
to
these
agreements,
these
smart
contracts
that
we're
building-
what
do
we
need
with
these?
B
Well,
we
need
a
connection
to
the
real
world.
Why
do
we
need
to
catch
the
real
world?
Well?
Think
of
any
agreement
in
your
life,
any
agreement
at
all
any
agreement
and
imagine
try
to
imagine
that
agreement
without
any
real-world
data?
Okay,
let's
your
rent
with
your
landlord
okay,
you
have
you
have
some
real-world
data
there,
there's
a
there's,
a
house
there's
a
place
that
you're
living
in
electricity.
B
Your
electricity
bill
again
your
the
power,
the
meter
that
you're
running
there's
data
there,
maybe
maybe
some
type
of
insurance
right
if
it
or
farmer's
insurance
right.
If
it
rains,
pay
them
out.
Okay,
there's
data.
Did
it
rain?
Is
it
sunny
it
did
a
tornado
strike
them
right
there?
You
have
all
this
data
you
need
to
put
into
these
smart
contracts.
Otherwise
what
can
you
do?
What
can
you
do
without
data
not
a
whole
lot?
You
can
do
tokens
transfers,
which
is
which
is
very
cool
right.
B
It's
giving
rise
to
these
these
insane
platforms
like
d5,
you
can
make
nfps.
You
can
kind
of
do
this
digital
art
thing,
but
we
can't.
We
can't
do
these
all
these
things
that
these
this
technology
was
built
for
these
superior
digital
agreements.
They
need
this
external
data,
they
need
this
real-world
data.
B
Now
you
go
ahead
and
introduce
a
centralized
data
point.
Is
your
application?
Is
your
smart
contract
still
decentralized?
The
answer
here
is
a
resounding
no,
because
what
have
you
reintroduced
by
doing
this,
you
are
reintroducing
a
centralized
power
who
once
again,
has
a
switch.
They
can
flip
and
ruin
the
autonomy
of
your
smart
contract
right
if
they
decide
that
they
want
to
alter
the
data
if
they
want
to
turn
off
the
data.
B
They're
malicious,
if
they're
you
know
self-interested
whatever
you've
reintroduced
this
centralized
power
and
you've
essentially
removed
the
entire
purpose
of
what
we're
doing
here
in
the
first
place,
which
brings
us
to
this
idea
of
decentralized
oracle
networks,
so
devices
that
bring
data
onto
on-chain
from
the
real
world
or
do
any
external
computation.
Any
type
of
computation
that
happens
off
chain
are
called
oracles,
and
these
are
critical
pieces
of
infrastructure
for
any
smart
contract
application,
also
known
as
hybrid
smart
contracts.
B
Hybrid
smart
contracts
was
when
they
combine
the
the
cryptographic
security
of
on-chain,
smart
contract
and
external
data.
Now,
how
do
we
get
this
data,
though?
It
sounds
like
it's
really
important
right.
We
want
the
weather
data,
we
want
to
know
you
know,
what's
your
electricity,
how
much
electricity
you
use
where
you're
living
or
you
know
whatever-
maybe
not
where
you're
living,
but
we
want
this
data
for
these
agreements
right.
How
do
we
get
them
to
make
these
agreements
that
are
these
superior
digital
agreements?
How
do
we
get
this
data?
B
Well,
what
we
can
do
is
do
it
use
a
decentralized
oracle
network,
and
this
is
where
chainlink
comes
into
play,
so
we
need
a
network
where
the
same,
in
the
same
sense,
that
your
logic
in
your
smart
contract
is
decentralized,
but
your
data
is
also
decentralized.
So
both
your
logic
and
your
data
are
decentralized.
We
we
need
a
service
that
can
do
that
and
that's
exactly
what
chain
link
is
chain
link.
Is
a
decentralized
oracle
network
that
can
query
data
that
can
read
data?
B
You
can
say:
oh
the
the
price
of
ethereum
is
x,
the
you
know
the
price
of
agoric
is
x.
It's
raining
outside.
It's
not
raining
outside
the
temperature
in
moscow.
Is
you
know,
x,
y
or
z.
We
have
to
have
a
decentralized
network
bringing
this
data
on,
so
we
can
have
both
our
logic,
layer
on
chain
decentralized
and
our
data
layer
off
chain
decentralized
and
additionally,
not
only
data
but
any
type
of
external
computation.
B
So
maybe
you
want
to
outsource
that
to
an
off-chain
decentralized
system
and
then
pull
it
back
in
just
as
data
after
it's
run
right,
so
it
allows
our
agreements
allows
these
smart
contracts
to
go
from
these
kind
of
fun.
Token
transfer
things
to
these
incredibly
powerful
applications
that
can
completely
re-landscape
everything
we
know
and
love
as
far
as
agreements
go
today
right.
Everything
and
we've
seen
rise
to
this
right
now
like
most.
B
If
you
look
at
any
of
these,
these
d5
trackers,
like
d5,
pulse
or
d5
llama
you'll,
normally
see
at
least
50
of
the
top
projects
are
using
oracles
as
some
critical
infrastructure
right
and
then
another
30
percent
are
using
protocols
that
use
oracle.
So
right,
so
we
have
an
80
of
these
top
d5
projects
have
oracles
as
critical
infrastructure,
and
I
think
it
makes
a
lot
of
sense
because
again,
the
oracles
allow
these
smart
contracts
to
do
these
amazing
things
and
to
do
all
the
stuff
that
we
really
care
about
right.
B
Some
of
the
biggest
stuff
right
now
is
borrowing
and
lending
right
of
these
borrowing
and
lending
protocols
for
doing
d5
right
in
order
to
price
the
collateral
you
put
down
to
borrow
and
lend.
What
do
you
need?
You
need
some
real
world
data.
You
need
the
price
of
the
underlying
assets,
so
you
can
measure
how
much
collateral
they
actually
have
and
that's
incredibly
powerful
and
that's
what
chain
link
has
set
up
to
do
and
that's
where
chain,
link
really
shines
chain
link.
B
Is
this
decentralized
oracle
network
that
allows
us
to
make
these
smart
contracts
really
do
anything
really
have
limitless
potential
really
be
as
feature
rich
as
the
web?
2
space
is,
with
this
decentralized
context,
and
right
now,
some
of
these,
these
out
of
the
box,
really
easy
to
plug
in
solutions
for
developers.
B
I
mean
price
feeds
chain
the
keepers
chain
chain
like
price
seeds,
which
gets
the
the
pricing
of
of
different
like
cryptocurrency
and
stock
assets,
different
financial
assets,
chandler
vrf,
which
gives
provably
random
numbers
and
then
chained
keepers
which
does
really
any
type
of
event
driven
execution.
So
as
as
we
know
in
order
to
trigger
a
transaction.
Somebody
has
to
press
the
go
button.
Somebody
has
to
press
confirm.
B
A
keepers
can
actually
do
that
in
a
decentralized
context
which
is
incredibly
powerful
and
then,
of
course,
there's
chain
link
any
api,
which
is
this
unlimited
customization,
where
you?
If,
if
anything,
if
any
of
those
don't
suit
your
fancy,
you
can
customize
the
chain
node
to
really
do
whatever
you
want
to
do
so.
That's
kind
of
the
basics
of
why
oracles
are
so
important.
B
What
we're
doing
here
in
the
first
place
and
then
some
of
the
really
really
powerful
tools
that
developers
are
using
right
now
to
build
a
lot
of
these
amazing
applications
right.
So
there's
applications
like
ave
securing
something
like
20
billion
dollars.
Right
now
relies
on
these
training
price
feeds
to
secure
the
underlying
collateral
right
protocols
like
synthetics,
same
thing,
protocols
like
compound
same
thing:
all
these
protocols
securing
billions
of
billion
dollars.
B
I
think
it's,
I
think
the
price
fees
alone
are
securing
something
like
80
billion
dollars
in
d5
right
now,
which
is
an
insane
amount
get,
but
these
give
rise
to
just
more
and
more
use
cases,
and
we
are
really
just
at
the
tip
of
the
iceberg
with
all
the
amazing
things
that
are
being
built.
All
the
amazing
all
the
amazing
places
that
we're
going
so
I
have
I've
yapped
up
a
storm,
and
let
me
I
have
a
question:
yeah
yeah
go
for
it.
Yes,.
A
So
so
oracle
that
you
are
other
designated
oracles
of
truth
or
sources
of
truth
already
in
web3,
so
that
if
I
wanted
to
know
the
sports
score,
the
outcome
of
what
the
highest
temperature
of
the
day
in
the
world
was
yesterday,
I
wanted
to
know
you
know
who's
the.
I
don't
know
the
the
the
top
selling
author
of
20
of
the
year
2020..
A
B
Yeah
jeff,
that
is
a
that,
was
a
fantastic
question
so
similar
to
how
you
know:
ethereum
agoric
bitcoin,
all
these
blockchain
works.
All
these
blockchains
work,
the
more
nodes,
the
better
right
and
what
you're
talking
about
is
setting
up
a
new
decentralized
oracle
network.
So
in
kind
of
this
oracle
space
you
can
have
multiple
networks
of
oracles
that
do
different
things.
B
So
right
now
for
price
feeds,
there
is
a
there
is
an
established
group
of
node
operators
who
are
delivering
data
in
a
decentralized
context.
So
they're
all
independent
node
operators
are
all
getting
pricing
data
now
where
it
gets
interesting,
is
kind
of
what
you're
talking
about
you're,
saying:
okay!
Well,
what
about
weather
data?
What
about
sports
data?
What
about
this?
B
And
then
the
other
thing-
and
this
is
where
the
customization
of
chain
link
really
comes
into
play,
because
if
you
wanted
to
spin
up
your
own
oracle
network
right,
you
and
a
bunch
of
buddies
could
get
together.
You
could
connect
to
a
few
different
sports
apis
start
delivering
that
data
on
chain
boom.
Now
you
have
a
sports
data
feed
and
actually
a
couple
of
protocols
are
doing
exactly
that
right
now.
B
The
the
interesting
thing,
especially
with
oracle's
that
comes
into
play,
is
okay.
Well,
is
that
enough?
Is
it
enough
oracles?
Is
it
enough
data
sources?
Is
it
enough?
This
is
it
enough?
That
is
the
other
thing
and
you're
talking
about
hey.
Is
there
a
centralized
source
of
truth,
so
the
centralized
source
of
truth
is
gonna.
Come
from
the
aggregation
of
multiple
nodes
right,
we
don't
want
to
rely
on
a
single
api
or
you
know
a
single
centralized
source,
because
why?
Because
again,
that's
reintroducing
right
if
you
have
centrality
so
we
want
to.
B
A
Yeah,
I
I
haven't,
come
from
wall
street
and
worked
for
a
broker's
broker.
I
appreciate
the
need
for
for
pricing
data
for
sure
we
were
one
of
the
sources
that
went
out
on
telerate,
but
is
are
there
business
models
built
into
the
oracle
site
too,
so
that
people
are
being
paid
for
access
to
the
data,
or
is
the
data
essentially
free?
If
you
have
access
to
the
node.
B
No
spot
on
amazing
question
yeah.
So
all
these
protocols
that
are
using
these
so
we'll
focus
on
just
price
feature
now.
So
whenever
you
request
data
right,
whenever
you
request
data
from
a
decentralized
oracle
network,
you
have
to
pay,
I
call
it
oracle
gas.
You
pay
a
little
bit
of
a
link,
token
right
and
so
literally
kind
of
the
same
way
you
can
think
about
of,
like
you
know,
bitcoin
or
ethereum,
or
gorek
mining
or
validating
that
little
payment.
That
goes
to
them.