In a captivating interview, Sergey Nazarov, the visionary co-founder of Chainlink, takes us on a thrilling journey into the transformative world of cryptographic guarantees and oracle networks in web3. Brace yourself as we explore the rise of smart contracts, witness the exponential growth of DeFi, and envision Chainlink's pivotal role in revolutionizing the very core of blockchain technology.
Nazarov, renowned for his groundbreaking contributions, emphasizes the critical role of oracle networks in powering smart contracts. He reveals that while smart contracts themselves lack the ability to access external systems, it is the oracle networks that truly make them "smart." With Chainlink's protocol as the backbone, smart contracts can now tap into a vast array of external data and systems, enabling them to make informed decisions and execute complex operations.
Reflecting on his entrepreneurial journey, Nazarov's passion for advancing smart contracts becomes evident. Prior to Chainlink, he co-founded several successful ventures, including SmartContract, which also focused on the revolutionary potential of smart contracts. It is through these experiences that Nazarov became acutely aware of the need for advanced inputs and outputs in the blockchain ecosystem, drawing parallels to how Uber relies on external systems to function seamlessly.
Nazarov draws a stark contrast between the current Web 2.0 world and the promise of web3. In Web 2.0, reliance on human-based decisions and legal promises means that guarantees are not truly guaranteed. The whims of a single entity can disrupt the established rules, leaving users vulnerable and uncertain. However, Nazarov envisions a future where cryptographic guarantees form the bedrock of web3. In this parallel system of contracts, promises are not merely backed by legal systems or human choices but are enforced through robust technological mechanisms.
The impact of Chainlink's work is undeniable. With over $7 trillion in transaction volume across industries like DeFi, gaming, and NFTs, Chainlink has catapulted these sectors to unprecedented heights. Nazarov highlights the explosive growth experienced by blockchain applications once they integrate with an oracle network. It's not just a doubling or tripling, but a skyrocketing effect that sees their value locked increase by over 100 times.
Looking ahead, Nazarov shares his long-term vision for Chainlink. He emphasizes the importance of cross-chain interoperability, enabling seamless communication and collaboration between different blockchain networks. Additionally, he explores unexpected use cases for smart contracts and the potential fusion of AI and blockchain technology, hinting at exciting advancements on the horizon.
As we conclude our captivating journey with Sergey Nazarov, one thing becomes clear: the era of cryptographic guarantees and
oracle networks is poised to redefine the very fabric of web3. Chainlink's visionary roadmap promises to unleash the true potential of smart contracts, empowering industries, and individuals to navigate a decentralized, secure, and transparent future.
