Interview & Article: Anderson Sima, Executive Editor of Foresight News
Chainlink Co-founder Sergey Nazarov, Image Source: Chainlink
On the shores of Hung Hom, Sergey Nazarov gave a thumbs up to the audience below. As the co-founder of Chainlink, he has been active on the frontlines of the blockchain industry, from New York to Singapore and Beijing.
On October 30, the annual SmartCon summit of the Chainlink oracle network was held in Hong Kong for the first time. In his speech, the Under Secretary for Financial Services and the Treasury of Hong Kong, Chan Ho-lim, expressed his excitement about the innovative potential of blockchain and virtual assets, and looked forward to more integration between virtual assets and the real economy.
In real life, Sergey Nazarov fits the stereotypical image of a tech engineer, always wearing T-shirts or plaid shirts. During the interview with Foresight News, he said he might be a bit "strange" due to jet lag. Interestingly, he has an unusual curiosity about electronic devices, such as being concerned about the heat dissipation of laptops on the desktop.
Sergey Nazarov's blockchain journey began in 2011, when the blockchain industry was still in its infancy and Bitcoin was the only existing cryptocurrency. Nazarov initially got involved with Bitcoin as a gaming enthusiast, but he was quickly drawn to the decentralized ideology behind it. He realized that Bitcoin, as a global standard without the need for corporate support, could potentially exist for the next 100 years, which was unprecedented in the history of digital currencies at the time.
With the rise of the smart contract concept, Nazarov saw the immense potential of blockchain technology. Instead of competing with emerging platforms like Ethereum, he and his team decided to build the oracle network, which was a critical infrastructure that did not exist at the time. The development of the oracle network has provided a bridge between the real-world data and systems, greatly expanding the application scope of blockchain technology.
Nazarov emphasized that Chainlink has played an indispensable role in the rapid growth of DeFi (Decentralized Finance). Supported by Chainlink, the total locked value in DeFi has skyrocketed from less than $100 million to a peak of over $200 billion. The services provided by Chainlink have become an industry standard, enabling more advanced smart contracts and providing a solid foundation for the development of DeFi.
When discussing Chainlink's latest technological advancements, Nazarov particularly mentioned the Chainlink Runtime Environment (CRE). This technology can coordinate various blockchain technologies, similar to the applications of Cobalt and Java in the financial sector. He believes the launch of CRE marks an important step for Chainlink in the integration and application of blockchain technology.
Furthermore, Chainlink has also made progress in privacy technology. Nazarov mentioned privacy managers and cross-chain privacy transaction technology, which are crucial for the integration of traditional financial systems and DeFi. By providing privacy protection, he said Chainlink enables more financial services to migrate to the blockchain securely.
Nazarov compared Chainlink's CCIP (Cross-Chain Interoperability Protocol), which the company has been promoting, to the TCP/IP of the blockchain world. Just as TCP/IP unified the internet, CCIP provides a unified connection platform for different blockchains. Through CCIP, Chainlink has made cross-chain transactions and communication simpler and more efficient.
Nazarov also emphasized Chainlink's efforts in promoting blockchain technology standardization. He believes standardization is key to the development of blockchain technology and a prerequisite for large-scale adoption. Chainlink is working with global regulators, financial institutions, and tech innovators to drive the standardization of blockchain technology.
"We believe that through standardization, blockchain technology can better integrate with the existing financial system and bring more value to the global economy," Nazarov said.
On the issue of tokenizing real-world assets (RWA), Nazarov pointed out that, unlike cryptocurrencies, RWA requires proof of authenticity and existence. Chainlink's role in this area is to provide the necessary proof and identity verification, enabling the tokenization and trading of RWA on the blockchain.
Furthermore, Nazarov discussed the application of AI technology in the Chainlink oracle network. He explained that AI is adept at converting unstructured data into structured data that can be used by machines. Chainlink can run multiple AI models and compare their results to reach a consensus. This AI consensus mechanism is similar to Chainlink's approach to processing price data, providing reliable data inputs for smart contracts.
Nazarov also shared his thoughts on the future development of blockchain technology. He believes that the evolution of blockchain technology is not just about technological iterations, but a profound transformation involving finance, economics, and even social structures. He foresees that with the development of blockchain technology, we will see a more open, transparent, and decentralized world.
"We are building not just technology, but an entirely new economic model. Chainlink's mission is to become the bridge between traditional finance (TradFi) and decentralized finance (DeFi), enabling seamless integration and driving the development of the global economy," Nazarov said.
