Chainlink co-founder wants web3 to provide cryptographic guarantees to the world - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/05\/20\/chainlink-co-founder-wants-web3-to-provide-cryptographic-guarantees-to-the-world\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chainlink co-founder wants web3 to provide cryptographic guarantees to the world - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/05\/20\/chainlink-co-founder-wants-web3-to-provide-cryptographic-guarantees-to-the-world\/ Chainlink co-founder wants web3 to provide cryptographic guarantees to the world 2023-05-20 21:49:48 Welcome back to Chain Reaction, a podcast that interviews newsmakers in crypto to better understand the tech behind the hype and the people working to build a decentralized future. 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Welcome back to Chain Reaction<\/a>, a podcast that interviews newsmakers in crypto to better understand the tech behind the hype and the people working to build a decentralized future.<\/p>\n

For this week\u2019s episode<\/a>, Jacquelyn<\/a> interviewed Sergey Nazarov<\/a>, co-founder of Chainlink, a protocol that provides an oracle network to power smart contracts.<\/p>\n

\u201cOracle networks are really the thing that puts the word \u2018smart\u2019 in smart contracts,\u201d Nazarov said. \u201cSmart contracts in and of themselves don\u2019t know what time it is; they don\u2019t have the ability to access any external system [\u2026] other than what\u2019s in a blockchain.\u201d<\/p>\n

Before starting Chainlink, Nazarov co-founded four other businesses, the most recent of which was SmartContract, which also focuses on smart contracts.<\/p>\n

Chainlink is also known as a web3 services platform that connects people, businesses and data with the world of web3. And for good reason: The platform has enabled over $7 trillion in transaction volume across DeFi, gaming, NFTs and other major industries.<\/p>\n

When it was launched in 2017, the total value locked (TVL) in the entirety of DeFi was \u201cwell below $100 million,\u201d Nazarov said. By late 2021, that number had grown to almost $200 billion, though it has since fallen to $47 billion today, according to DeFiLlama data<\/a>.<\/p>\n

\u201cWhen an oracle network goes live on a certain chain and provides data to it, that chain\u2019s total value locked within advanced applications, like advanced gaming applications or DeFi applications, skyrockets,\u201d Nazarov said. \u201cAnd \u2018skyrockets\u2019 doesn\u2019t mean that it doubles; it means that it [grows] more than 100 times.\u201d<\/p>\n

In order for blockchains to create advanced applications, they need advanced inputs and outputs, Nazarov said, pointing as an example to how Uber couldn\u2019t exist without other systems that handle a big portion of the workloads and problems it encounters. \u201cWithout those APIs, you can\u2019t build an advanced application,\u201d he added.<\/p>\n

Web 2.0 vs. web3<\/h3>\n
For Nazarov, the Web 2.0 world that most people use is \u201cnot guaranteed in any meaningful way.\u201d<\/p>\n
What does that mean? Well, at any point, an entity like Silicon Valley Bank<\/a> can \u201cchange the rules and then you have a difficult situation,\u201d he explained.<\/p>\n
Up until SVB\u2019s collapse, many people thought banks were predetermined, Nazarov said. \u201cThey felt that banks would always behave in a predictable, repeating way they understood. But now, I think people realize banks are probabilistic and there\u2019s a chance they might not behave in a way people expect because [of] a large amount of human-based decisions and legal promises that are not really guaranteed.\u201d<\/p>\n
So how can the world become more reliable and secure?<\/p>\n
Through technological, or cryptographic, guarantees in web3, Nazarov feels. \u201cIt\u2019s a parallel system of contracts. The Web 2 world defines events in a digital form [\u2026] but at the end of the day, those promises are only backed by the legal system and people\u2019s choice to fulfill those promises.\u201d<\/p>\n
In the web3 world that uses smart contracts, there\u2019s no capacity for human choice or the legal system, Nazarov noted. \u201cThere is just a technically enforced system of contracts.\u201d<\/p>\n
In addition to a number of topics surrounding smart contracts, technological guarantees, cross-chain interoperability and Nazarov\u2019s long-term vision for Chainlink, we disccused:<\/p>\n
\n
Unexpected smart contract use cases<\/li>\n
How traditional companies can tokenize assets<\/li>\n
AI and blockchain technology<\/li>\n
CCIP<\/a> updates<\/li>\n<\/ul>\n
Chain Reaction comes out every other Thursday, so be sure to subscribe to us on Apple Podcasts,<\/a> Spotify<\/a> or your favorite pod platform to keep up with the latest in web3 and crypto.<\/em><\/p>\n<\/p><\/div>\n
<\/br><\/br><\/br><\/p>\n
Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/05\/20\/chainlink-co-founder-wants-web3-to-provide-cryptographic-guarantees-to-the-world\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"
Source:https:\/\/techcrunch.com\/2023\/05\/20\/chainlink-co-founder-wants-web3-to-provide-cryptographic-guarantees-to-the-world\/ Chainlink co-founder wants web3 to provide cryptographic guarantees to the world 2023-05-20 21:49:48 Welcome back to Chain Reaction, a podcast that interviews newsmakers in crypto to better understand the tech behind the hype and the people working to build a decentralized future. For this week\u2019s episode, Jacquelyn interviewed Sergey Nazarov, co-founder of Chainlink, a […]<\/p>\n","protected":false},"author":1,"featured_media":32808,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-32807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\nChainlink co-founder wants web3 to provide cryptographic guarantees to the world - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/05\/20\/chainlink-co-founder-wants-web3-to-provide-cryptographic-guarantees-to-the-world\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chainlink co-founder wants web3 to provide cryptographic guarantees to the world - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/05\/20\/chainlink-co-founder-wants-web3-to-provide-cryptographic-guarantees-to-the-world\/ Chainlink co-founder wants web3 to provide cryptographic guarantees to the world 2023-05-20 21:49:48 Welcome back to Chain Reaction, a podcast that interviews newsmakers in crypto to better understand the tech behind the hype and the people working to build a decentralized future. 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