Thread by @ChainLinkGod

It seems many people think $LINK won't have cryptoeconomic security until staking is released

This is not true

#Chainlink oracle networks today are secured not only by nodes reputation on the line but also by the opportunity cost of losing future income if nodes act maliciously

Malicious nodes would be removed not only from the oracle network they attacked, but ALL oracle networks they serve as they have proven themselves unreliable

These nodes lose ALL future revenue in the #Chainlink economy, which is substantial given the P.A. and utility of $LINK

The current tranche of Chainlink nodes used in production by #DeFi projects on Ethereum mainnet today are security-reviewed, sybil-resistant, and fully independent nodes which are run by leading blockchain devops and security teams

feeds.chain.link

In the future when staking is released, #Chainlink's cryptoeconomic security will increase as nodes have a direct quantifiable skin-in-the-game which can be slashed delivering short term punishment, while the loss of future income & reputation acts as long term punishment

Throw in TEEs and nodes won't be able to fake/manipulate delivered data even if they wanted to, the only thing nodes can do to disrupt a network is to shut off their node, which becomes immediately apparent to everyone that they're an unreliable node that can't be trusted

#Chainlink is also the only decentralized oracle framework afaik that supports authenticated web APIs, these are the high quality reliable data sources needed for high value contracts

Free open APIs are slow, unreliable and insecure for any high value contracts requiring oracles

I could keep going about how Chainlink's security, even in its early stages today, is already light-years ahead of every other oracle solution on the market, but I think I've made my point clear

We're early days but Chainlink's security will only continue to grow exponentially

Also to note the cost/gas consumption issues listed on above slide for #Chainlink will be solved nearly entirely by Threshold Signatures, Prepaid Aggregator, and Flux Monitor 👍
medium.com/@chainlinkgod/…