WATCH: Chainlink CEO Talks Data Oracles
Chainlink CEO Sergey Nazarov spoke at CoinDesk’s Invest: Asia 2019 conference in Singapore on current products and future developments for the Chainlink platform.
A smart contract and API bridging service, Chainlink connects smart contract platforms–like decentralized finance products–to oracles containing real market data and event information.
At Invest: Asia, Nazarov said the platform is building up applications for DeFi products, among other applications.
“How do we make reference data work for the DeFi space? We have a good security model, we have great node operators, we have a framework to show their security, we have a large amount of data providers plugged into the node operators.”
Speaking on the role of oracles, Nazarov said it comes down to giving developers the best information. “The ability for a developer to make all the choices the way he wants about inputs and outputs is what oracles really provide,” Nazarov said.
Chainlink will soon be issuing more oracle networks specifically for on-chain DeFi information.
“What we’re going to be doing going forward is we are going to be releasing an additional 7 oracle networks…greatly expand what people can build in this space. What this means is that the decentralized finance developers won’t even need to form a service agreement they will just have a contract on-chain that puts critical price data on-chain.”
For Chainlink, it all comes down to data applicability.
“The thing that we are really going for is that someone can come into our space and in one day they can build something, [say] for crop insurance. They can sit down, they can take some core code, they can connect up . .. that level of reliability coupled with the reliability of the contract allows them to build an insurance product that might not need people.”
Chainlink CEO Sergey Nazarov at Invest: Asia 2019