Blockchain oracle Chainlink (LINK) co-founder Sergey Nazarov thinks people won’t have any difficulty understanding his decentralized computing platform in the future.
In a new interview with Quinten François on Young and Investing, Nazarov says he wants people to realize that his team is working on building a secure, reliable system that will be able to handle “tens of trillions” of dollars in transaction value.
He notes that developing the Chainlink ecosystem is both complex time-consuming as it must be done within certain security and reliability requirements.
“They’ll understand it when we power everything. They’ll definitely understand it then… I think there’s a nuance where blockchains and oracle networks are very different. And this is the thing we’ve tried to make clear, but haven’t made fully clear… but I think as it gets more adopted, everyone will understand what it is.
And then the other thing is blockchains are not oracle networks. Oracle networks don’t have a chain, and I think it’s just a very different way of generating consensus that’s also very necessary.”
Earlier this month, Nazarov outlined a possible crypto adoption scenario whereby an accelerated collapse of the legacy financial system puts millions of people into financial pain and forces them to recognize the benefits of verifiable, cryptographic money systems.
“The fast case is… more Silicon Valley Bank, more Credit Suisse-type failures, more big monumental failures that may not be able to be muted by governmental intervention, and which may lead to significant financial pain for society, significant political tension, significant international problems, because the fundamental promises of the system are not sufficiently backed.
And the realization of those promises not being sufficiently backed is a painful realization that, if it happens, and if it happens in a way that cannot managed by governments, will lead people to realize the fragility of the systems in which their value exists, the systems in which their economic life exists. And at that point, a cryptographically guaranteed world, a verifiable web, will be extremely attractive.
It will be so attractive that anyone who doesn’t cryptographically guarantee your economic relationship with them, anybody who can’t verify for you how you relate to your assets in their system, anyone who isn’t part of the verifiable web, will be at a disadvantage.
It’ll be like not being on the internet. That is the fast case.”
At time of writing, LINK is trading for $7.31.
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- Source: https://dailyhodl.com/2023/10/11/sergey-nazarov-says-people-will-understand-chainlink-link-when-we-power-everything/
