cnbc chainlinkChainlink Fall 2022 Hackathon: Q&A With Sergey Nazarov, Patrick Collins, and Zubin Pratap

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cnbc chainlink oakley chainlink polarized white Chainlink Fall 2022 Hackathon: Q&A With Sergey Nazarov, Patrick Collins, and Zubin Pratap
hello and welcome hackathon participants welcome to a very special segment with the one and only Sergey nazarov we have a list of questions that you all have submitted and were here to do a Q and A so gmgm hope everyone is doing well I want to see some GMS in the chat uh welcome we also have Zubin myself here to ask the questions uh hows everybody doing Sergey how are you doing great thank you for having me here absolutely thank you so much for being here I know everyone whos doing the hackathon is incredibly excited to to hear some of these questions be answered uh to hear from you zoom in how about yourself how are you doing do you really good doing really good super excited to be here with everybody this hackathons had so much energy behind it so its great to be here yeah another fantastic family hackathon and we are so beyond excited for you all to submit your projects remember the due date is November 18th so you have about a week left to submit your projects remember to commit to submit something submit your hackathon projects to the chain link hackathon were so excited to see what you built but with that being said lets jump into some questions Sergey the industry has some questions for you the first question is a banger the first question here is uh let me pull up my banners too what can we learn from what is going on in our industry today how can we build systems to avoid things like the recent FTX failure what can we learn sure absolutely um so I I think that this is a very um focused example of the value of one particular type of Truth um that if it was provided to people a big kind of problem for our industry wouldnt have happened funnily enough this is similar to the type of truth that wasnt provided or the type of information that wasnt provided during the 2008 financial crisis um I think the the thing that is is happening here with with FTX is that its not an exchange hack so its not an issue of security and its not an issue of blockchain architecture its not an issue of anything uh technical its essentially a financial markets issue where the balance sheet management of an entity where people had a lot of value in our industry is essentially not what people expected and the reason uh we know its not what they expected is because they did a bank run and all tried to withdraw simultaneously the when they found out so what what what this is all really about is um the value of of one type of Truth in this case the truth related to a balance sheet so thats thats kind of the lesson here um how can we solve this problem its its actually amazingly simple to solve it we just need to share uh this basic piece of information so if if the balance sheet and and the solvency um information of FTX was shared then then two things would have happened the the first thing that would have happened is that if FTX tried to change their composition the composition of what was backing their depositors value to being more in their own token or more in Bitcoin or more in anything it would have been immediately detected through something like proof of Reserves which is something that chain link offers and people at this hackathon can build with and build around and so on but in in making that obvious that change obvious what what would have happened is two things the the first thing that would have happened is that the depositors would know about it in a matter of seconds or minutes and the depositors would would have done two things they would have been very vocal um with FTX about saying no I dont want the value I deposit with you to be secured by your own ftt token and then FTX could have made a choice it could have said you know what I dont care what you want the positor Im going to make my balance sheet 50 or more ftt tokens and then the users would have all had a decision to make where they could have slowly exited right they could have gotten out of out of the out of the financial product and then everybody would be better off so so basically um this is all about one piece of information not being shared thats what this whole problems about a piece of information not being shared and because our industry is so sensitive to cryptographically guaranteeing things the right way to shoot right way to share that information is uh proof of reserves which is a form of cryptographic truth because it cryptographically proves or would have cryptographically proven what the balance sheet was so right now is is a really good time I think for people to understand exactly what um cryptographic truth does and I think thats going to happen in this very specific use case about this very specific piece of information namely the solvency of a financial institution that is uh is actually what what will result from this so people are now demanding proof of reserves um were talking to many exchanges in the chain link ecosystem about them using proof of reserves many stable coins various other tokens whole bunch of different things um D5 related protocols because I think actually sharing this information is now the new standard just like when private keys were insecure and an exchange went down because of insecure private keys and all the exchanges began competing with each other because they can prove something about their security this is whats going to happen with this information across D5 protocols C5 C5 things and everywhere else so I think thats one of the good things thatll come out of this um what what we can do in our work on chain link is we can help make this infrastructure what consumers can do is they can demand proof of reserves and they can demand cryptographic proof of the solvency of the applications they use and what application developers can use can do is they can build applications that prove things to their users because this proving of things to users is really where the entire world is going so right now we have a problem with the solvency of an entity and its balance sheet so now everyone is wondering about proof of reserves makes sense but what what Im actually saying is is that there theres going to be demand for proof of everything proof of everything proof of your ability to take a gaming asset and control it proof of your private key control of your own assets proof of how a D5 protocol is exposed or not exposed to risk proof that an insurance system will actually pay the people who pay the policy basically um this is a very small very concrete example of where one piece of information if it was provided would have avoided a lot of headaches and saved billions of dollars this piece of information is now going to be provided in a cryptographically guaranteed form through proof of reserves something that chain link has had live for many years with multiple uh stable coins gold coins many D5 protocols and a bunch of others and I think youre going to see a lot of adoption of this type of cryptographic Truth through chain link proof of Reserves and I think that this same uh story will uh unfortunately play out in the traditional markets so I think that crypto has now had this moment when the value of sharing this piece of information has become super clear because its equivalent to the security risk of private Keys being stolen in exchange and so now everyones going to be very sensitive to this piece of information and and and this little one thing that needs to become a piece of truth and cryptographic truth thats made clear to people but in traditional markets this isnt yet clear So In traditional markets um I think were going in a direction where there will be solvency issues and proof of reserves will have value there so the the story here is is like amazingly simple and its going to recur this pattern is going to recur tens maybe hundreds of times across multiple Industries people are going to assume something that assumption is going to be wrong that assumption could have been solved by just having one or two or three simple pieces of information people are going to demand that information and the best way to deliver it is going to be in a cryptographically proven way and so cryptographic truth on that topic is going to become very timely and important and this is going to happen from topic to topic from industry to Industry um again and again and thats going to lead to the importance of our industry becoming quite massive because our industry and chain link oracles and blockchains thats what provides cryptographic truth so so thats what were all involved in in this industry thats what were working on in this hackathon were working on making problems like this completely impossible and and I think its a good thing to realize because were all very aware of the size of a problem like this now because its happening but what we should all be doing is people building infrastructure and building applications is making the next generation of systems that allow uh depositors and users in society to be safe from things like this and and thats what I think were all doing here in our Collective work in our industry um in in the applications and infrastructure we build and and also at this hackathon definitely yeah its its crazy to think that all these the first principle is like kind of the the web3 native kind of know the rest of the world is still kind of catching up and its its really unfortunate when stuff like this happens but yeah love it yeah proof of Reserve prove everything proof of everything if you have collateral if you have if you are a solvent prove it and like the difference between the protocols that are proving it versus the ones that arent if you have two protocols one that says hey well youre using chain link proof of reserves were proving that we have the money versus one that doesnt which one are you gonna pick youre always going to pick the one thats proving it phenomenal yeah phenomenal phenomenal answer there um Zubin yeah fantastic thanks for that so again that was really good backdrop because its actually dovetails beautifully with the next question so given that backdrop and you know we want a world where theres proof of everything and that proof is delivered you know with cryptographic uh proof so we can move to cryptographic trust what do you think makes the channeling hackathon so great compared to you know other web 3 hackathons and given the context of the problem that youve laid out what why is now such a unique time to build these solutions to solve these problems that you talked about sure so Im I Ive been in this industry for for well over well over 10 11 even even more years um I I think that were really at a unique place right now where the amount of demand and the size of an actual Market that once proven um applications a reliable uh smart contracts defy all that stuff is at an all-time high so in in Ive been in this industry back when it was worth tens of millions to then hundreds of millions to now to billions to to over you know a trillion to multiple trillions during the the last rise so so one of the things that makes it unique is that the industrys reached a place where the market is big enough so thats very important for anybody building anything is you need a market to consume what youre making so thats thats one one fantastic thing and thats actually going to keep growing because various um issues with peoples trust and traditional systems will lead people to realize the value of blockchains more and more the the second thing thats pretty unique about now is that youve really never had as many high quality tools to build um highly reliable cryptographically guaranteed apps or dapps or smart contracts or defy or whatever you want to call it and the intersection of the existence of a market and the ease and ability to provide security in an efficient way that intersection is basically happening now thats what a lot of the top people that are involved in this industry from web 2 and have come over are interested in they realize that were kind of now in that inflection point of demand is is is not going to go down demand is here and its going to grow and the ability to build is only getting easier and this is what happened with with web systems right you had a market and the infrastructure to build became robust enough that you could make complex applications like uber which is actually a combination of multiple Services right its some core code its an API about the location of the user its an API about the low about the messaging system to the user and the driver and its an API about payments right theyre like thats the early version of uber so where we are right now is this unique place where developers can actually compose multiple Services multiple web 3 blockchain systems and services into advanced applications and the way this most commonly looks for example in Defy is that you have a chain where you create the core code and then you have a number of Oracle networks that people Connect into that core code to do various things and the Oracle networks can really be used as Services as distinct services so you can use one of them to get Market data you could use one of them to prove identity about the user you could use one of them to provide Randomness and you could use another one to trigger a transaction in some other system somewhere payment system or whatever youd like or even something on another chain so what you what what you really see is a transition from a world where the only thing you could build is what you could code in a smart contract to a world where you can build these Advanced applications kind of this next generation of web3 applications because you can connect the contract code on a chain with all the services represented by an oracle Network and there are hundreds of these different Oracle networks that do all these different Services um in in different ways right and so uh that is really whats unique is that you have a market and you have a unique ability to compose Services by combining Oracle networks with on-chain code to make entirely new applications that werent previously possible and and thats what we hope to see out of these hackathons we kind of hope to see a few things we hope to see these next Generation applications that compose Oracle networks with contract code were interested in seeing different uses of chain link nodes to do various interesting infrastructure things and make useful infrastructure so that people could have even more services and then were also interested in kind of really simple elegant solutions that solve really concrete problems proof of reserves is a great example of this like I just said thats an example of a single piece of information would have had a lot of value heres how you release it in a cryptographically guaranteed way so I I think its a really unique time to build these combinations of services into more advanced applications and its a unique time to use something like chain link Oracle networks and nodes to combine them into useful um new configurations that create entirely new uh infrastructure and services that people can then use to build even more advanced applications so so those are that thats what I think is unique about you know this time and how Oracle networks really change the landscape for what people can build and D5 is really proof of that because D5 is really the combination of on-chain code and Oracle networks and so that is one of the first real Advanced web3 applications um and and there are many more that are now coming I love that second thats really great and I you know its such a timely reminder of the historical evolution of traditional web as well you know your example with Uber there and the and the convergence of Market Size Market opportunity all the tools that enable composability in that traditional world and how that consumption of services drove an entire New Generation like if you look at the period after 2007 there was a reason why there was this Cambrian explosion of opportunity solutions that you know with generation defining so and I think I agree with you were at that inflection point now and its its a fantastic time to use hackathons to to be part of that explosion for the next round in web 3 so great answer thank you for that appreciate it um Patrick over to you and then circuit you also mentioned uh D5 kind of exploding with the use of oracles uh we did a bit of a research um a few months back 75 percent of the top 50 D5 protocols use an oracle Service as critical infrastructure or as a massive Cornerstone of what they do which makes sense Financial agreements and a lot of Agreements are oftentimes fundamentally uninteresting without some connection to the real world some way to affect real real peoples lives and things that we actually do and care about so uh awesome thank you for that all right next question and thank you all for submitting these questions uh these have all been phenomenal um what should Builders be thinking about in todays market and we kind of actually answered a piece of this but yeah a little bit more generally what should Builders be thinking about in todays market right so I think that the the things that are are still going strong from what I can tell are basically defy Defy is kind of here to stay and I would I would continue to take building things there seriously and uh you know even the composition of other D5 things into more advanced um aggregations of various defy systems thats thats also interesting I think uh gaming gaming is going to continue to see a lot of adoption and the scalability properties of chains improving is going to be heavily correlated with gaming continuing to to grow in the blockchain industry um I think nfts are obviously continuing and you see more and more Brands um even traditional Brands creating nfts and creating direct ownership relationships for users with these nfts as like a replacement for loyalty points or something like that and and then also uh Insurance um I am continuing to see more and more people build insurance insurance is a complicated uh usually slow moving industry but I I do have a lot of uh strong feelings on blockchains and oracles as being the future of the derivatives and the insurance markets which are really kind of two sides of the same coin um theyre about resolving um risk and risk related outcomes right so both insurance and derivatives are are I think going to be big on on a longer longer time frame in the near term I think defy gaming and nfts are are very um are very good directions to go in and um the interesting thing is that you can actually make advanced applications that have some aspect of of all these things so you can make a D5 application but as an nft component to it and that has a gaming component to it you can you can you can actually make these more advanced applications now which is really um really exciting because you you can now start to make applications that are superior to web 2 in certain in certain ways because youre combining certain incentives with certain gaming Dynamics and then certain Financial systems and so on so I I think I think a lot of this stuff actually actually interacts and then derivatives and insurance um are just hugely fundamental Industries to how the world works and I think they are um gonna Leap Frog into into how this world in into this world thats what uh thats what I see happening awesome thats great yep thank you Sergey because I think um and the industries you mentioned are just they big they matter they underpin a lot of you know modern society and and um theres so much opportunity for people that actually get in The Fray jump in there and make something that changes the way we experience the world so I think thats super exciting and it just you know sort of perfectly leads into the next question around um you know what what advice would you give to hackathon teams that have that vision and that want to take their project to to the main net to you know grow it into fully fledged daps or you know protocols web three adapts and protocols like what advice would you give them how would you steer them I I think the first question um to really answer about a lot of these things is what is your Market and and then and and this has been the the question that Ive always thought uh about in this industry and Ive always tried to get clarity on in my own mind and if it even if in the way that the chain link protocol has developed it has developed in a way that focused on the markets that needed it first right because or Oracle networks are actually a very general purpose decentralized Computing tool and theyre very useful for a lot of things theyre useful for automation data across chain communication uh more and more advanced computation that needs to be trust minimized so a huge amount of different things and and even in in how were looking at uh what the chain link protocol should ideally do and even how were looking at it hopefully from a community level is where is their demand for the decentralized consensus of of an oracle Network and so the first place where there was really significant demand was Market data for D5 the second place where a significant demand was identified for cryptographic truth and these kind of cryptographic guarantees was Randomness for gaming now were identifying it in places like Automation and identity data and cross chain so a lot of this um for everybody building anything whether its infrastructure or a user application stems from the right Market right you you need to have the right Market you need to be in the right Market at the right time thats probably the key factor frankly if youre in the wrong market and youre waiting for it to become the right Market um I hope you have a lot of Runway and I hope you have a lot of patience and thats thats the way to do it thats not thats not a bad way to do it its not a way to do it that everyone can do frankly so many people cant stick with something for two three four five years to see it through and thats fine thats just kind of how they want to approach their their work and their life thats fine but um thats the CH thats thats the choice youre making there or uh you you should be making the choice that this Market is the right market today so those are the thats one key choice is what Market are you in and why and how quickly do you believe itll evolve so understand your market and understanding your user is a key part of understanding your Market thats thats the first thing I would say the second thing thats critical for building a system in web 3 is to provide real security so what you dont want to do is you dont want to build some application take peoples money and then not have real security and and and not secure their money thats what you want to avoid so you need to be in the right Market you need to build a secure application that can properly manage the value and the assets and the things that that youre dealing with for people and then the third thing that I think you need to get right is you need to get right what are the killer features that the user values above others so do they value speed do they value outside security do they value um you know what do they value do they value a certain type of interface experience um so you know you you you really should be in the right Market or you should be willing to stay in the market and wait um you should make sure that you can build a secure system for what youre doing because if youre right and money comes in and its not secure thats not really going to work out and then you need to be very clear on what are the killer app features and very importantly you shouldnt put the killer app features above security right that is going to be a very important decision that maybe some people building secure systems are used to and some people arent so theres going to be this friction of theres a killer feature users want and I want to subsume security and I want to make the killer feature my priority and um if you cant do it securely you should just remember that if it were if the killer feature works out and you take peoples money and you didnt do it securely you could end up losing their money and that that doesnt that doesnt go well so if that theres a reason its that order right um so I I would just get all three of those right you know youre in the right Market such as D5 or blockchain gaming or or maybe something with proof of reserves or or you know something like that you you have real security and youve identified the feature that users really want thats like the killer thing they really want this is the thing that they are willing to switch to you for theyre willing to do this switch for this thing what does that think and it cant be incremental it cant be like a 10 Improvement it has to be a pretty big Improvement for example with chain link systems its basically data quality its the security um and uh you know its becoming more and more also the speed right so its its these kind of core properties that need to happen one way to think about this last one is that you want to be selling uh you want to be making headache medicine not vitamins so the the problem with with vitamins is theyre discretionary and especially in down economies vitamins dont do so well but headache medicine is important because when you have a headache youre going to buy some headache medicine so that thats like the the very generic um way to explain it uh and so you got to find that thing thats a thats like the critical headache thats going to lead people to use your infra or your application and if you do those three things then then I think you can be successful um you know theres a lot of people still interested in web3 we have a great program called the build program that people should reach out to us about we have a lot of resources um for startups uh generally across everything in in the chain link ecosystem and and fundamentally our goal in uh in terms of the ecosystem is is to just build a bigger and bigger ecosystem of defy gaming and various other other apps and dapps that succeed and bring the blockchain industry into the future right so from from our point of view as as as as a community building the chain link protocol we actually want a massive explosion in highly successful applications that Define our industry in a very positive light because thatll create huge demand and thatll create um basically a huge value in in what chain link does in powering all of those applications and and huge security for those applications that which is what weve been focused on so thats thats thats kind of the three tenants that I would keep in mind if you if you actually want to turn an application into a protocol and and the correlator that I said at the end if youre willing to wait and and be in the right Market by by being in the right place and standing in the right place long enough thats also an option you should just be committed to doing that and you should have the resources to do that and thats thats a decision that I think people should make the the problem is when people confuse a market that is going to go off today with a market thats going to go off in two three years and they become frustrated and they become frustrated over time why isnt it happening today and and they dont theyre not prepared to deal with that frustration because they havent made a decision to be in the right place at the right time and and so that you know thats thats the one other big caveat I think people should consider love it thank you so again and I think having that rules-based approach to difficult decisions is not easy to build to you know to build products and companies and protocols and always knowing that security always comes first and then you build all the other stuff around that go for whats really the killer benefit you know what whats in it for the user um and making sure that your timing is good or you have the staying power I think having those rules and stack racking them in their head I know we do that at chain link all the time its you know we take these things very very seriously um and I think its wonderful its a great way to its a rules-based framework for Success um and I think you know its something that everyone will benefit from so love it thank you so much for that uh Patrick understand your user and Market take security very seriously what are the killer features that users value that is the takeaway from that absolutely love it okay last question probably one of the most daunting also exciting questions that we have for you Sergey and the question is what do you see as the most exciting outcome of blockchain adoption in the next five years really General really Broad what do you see I I think I see two possibilities that are spread around two different um kind of Glo Global globalized markets one is in developed markets so in developed uh in developed Financial systems and developed economies there is this consistent problem where there is a lot of value and a lot of wealth and its looking for places to go and it begins engaging in very risky speculative activities and so this is an example of what were experiencing now in this FTX situation and and this um wealth searching for all this um searching for somewhere to go creates these very large boom and bust Cycles right so it creates booms and busts and these booms and busts have um a lot of kind of effects they have an effect on society they have an effect on the average person this is what 2008 was right it was a boom and a bust from from a lot of wealth looking where to go weve now engaged uh as a set of societies um in the the largest money printing event or set of events in probably in our lifetimes and so theres a lot of money looking somewhere to go and um you know theres that theres theres a boom and bus Dynamic there and and those boom and bus Dynamics are really heavily exacerbated by people not knowing what risks theyre taking so like today and this week is like a super timely time for everyone to really wrap their mind around this right because a lot of money needed somewhere to go it went over here where it went wasnt clear about the risks everyone found out about the risks were now experiencing the bus side of the boom and bust right very painful very stressful for for a lot of people right so what can we do in developing develop developed economies develop Financial systems where theres all this money sloshing around looking somewhere to go well guess what we can reduce the risk we can basically make it so that when when people have all this money and they want to put it somewhere they cant they dont put it in places where theres these huge blow-ups so so basically the the the market becomes more efficient because cryptographic truth provides critical Market information so that market participants can be efficient participants right you you you share information thats critical such as solvency of your counterparty very obvious information if you really just sit down and think about it and and you do that on a global scale across all financial markets so that you dont have these crazy risk exposures that then blow up and cause various societal problems like 2008 did and like this situation is creating for this industry this week so that is a very fundamental Improvement that I think we can achieve in the next five years in the developed economies in Emerging Markets where legal systems are not very good and they dont enable a lot of economic activity Im very excited by the idea of a parallel system of contracts thats technologically enforced and that will give people bank accounts Insurance products global trade relationships without intermediaries that basically still have or more of their value itll allow them to engage in commercial relationships the way they have informational relationships with information like Wikipedia and YouTube right so if you think back 20 years and you look at the Emerging Markets you know it was like we dont have landlines in some places maybe we we have cell phones now everyone has a smartphone and and there were places where people were like lets make a library with physical books and now they have access to the same YouTube videos that I watch to get educated on some technical topic or some some topic right so its its pretty amazing what happened with information and information technology right thats what the internet was information technology that was the original term for it and so information technology changed people relationship peoples relationship to information in like an extremely massive way in Emerging Markets now imagine if we had trusted trustworthy cryptographically guaranteed Financial technology and all of a sudden people could manage their economic life in Emerging Markets regardless of their legal system that is a really really big Improvement for a lot of people and I I think what will happen and its happening now is that technology will be polished and and kind of made uh efficient in these more developed markets and then itll very quickly be adopted in emerging markets in a leapfrog and you actually already see this in many places where the currencies arent stable and stable coins are becoming increasingly popular there because stable coins are a superior currency than their local currency that their local legal system and the local monetary system cant manage and so this is a a very exciting uh direction for um you know everything for globalization for Society for for billions of people who who dont need to be exposed to to all kinds of problems like you know that they dont have a bank account they they cant get insurance they cant sell their goods like these problems being solved can basically lift um a very large percentage of the worlds population into entirely new levels of economic activity so so its actually I I think in the next five years we can get there and we can have it all polished and released in ways that it can get adopted look at stable coins in in certain Emerging Markets if you want to see what the early versions of that look like and um and I think both of those goals are super worthwhile you know stable Global Systems and um emerging markets that function as good or better as develop than develop markets because they dont need to rely on a local monetary system they dont need to rely on a local you know legal system they they only need to rely on cryptographic truth and uh and and that that that is a very exciting world that I think we can get much closer to over the next five years and theres a market for that and the technology is far long enough that I think both of those things can really happen in the next five years a lot of information on it back there uh fantastic yeah thank you so much Sergey uh these have been phenomenal answers uh really appreciate you taking the time um so we have we have a few minutes left here um are there any other uh final thoughts comments questions to give the the hackathon participants before they submit their projects November 8th yeah I mean I just want to say that I really appreciate everyone coming to the hackathon and taking their time to build uh to build these projects um I think that the people building things in this industry are really the future of how the world is going to work and I think that uh we are here to enable you as much as we can because um our goal is to is to create a world powered by truth and and that truth has to come through your applications and and and through the interactions that those applications have in all these industries weve discussed so um I think youre youre in the right place in terms of the market to be building in I think as the world becomes a place thats less reliable for people blockchains and dapps and smart contracts and D5 will become only more attractive so I think youre in the right place in that sense and um I think that itll itll still be um a difficult Road for people to understand exactly what all this is about itll take some time but I also think its gonna its gonna be massively worth it because its going to change how entire Industries work from Finance to gaming to Insurance to ad networks to all this stuff so you know Im really grateful to see the numbers of hackathon participants you know just kind of growing and the quality of the Projects growing and everybody coming in from web 2 and realizing that this is the way the world is is going to work in the future and um I think in that sense were all in the right place were all in the right Market because this is the superior way for the world to work and and the question now is kind of what infrastructure do we build what applications do you build and and how do we combine all that to grow the blockchain industry into um the new way the world works right thats thats what were all trying to do here and um you know very grateful for everyone in our industry and to everyone helping us build the chain link protocol and just everyone working on that together with us to uh to bring all this to uh to fruition so so thank you for the hack for coming to the hackathon excited to see everyones submissions and um you know Im just Im just very excited even though theres bumps in the road thats fantastic thats fantastic thank you so much um Sergey for your time for sharing your thoughts and you know for sort of leading us all into this this incredible future were all excited to be a part of it so thank you so much for that thank you very much thanks for the great job you guys are doing on the hackathon I think its getting better every year its its its always amazing progress thank you very much great to see you absolutely thank you sir take care all right so yeah uh Sergey the one of the only uh Zubin every time every time I hear him talk Im like oh my gosh like just oh we have so much to build theres so much to do man every time its its four in the morning here and I want to get started now totally every single time I get so excited so so we have um theres theres four minutes left here um uh before the time is up so theres a couple of comments that I I did want to um jump into because we have like four minutes left um somebody uh somebody said something uh earlier when we were talking about proof of reserves that I thought was really really interesting so so I I put this comment in the chat I said give them two protocols ones that uses chain link proof of reserves to prove their balance sheet and one that doesnt which one will you use right one thats saying hey like your funds are actually safe and heres where they are versus one that goes no no trust us theyre safe why would you ever use the one that says trusted for safe now somebody said something interesting and I wanted to highlight this because this is how a lot of people think so uh sorry not meaning to call you out uh domini Im saying that all right dimini G said the one with higher returns and easier to access so if we two exchanges are exact or two Protocols are exactly the same where the returns are the same and everythings the same youre just always going to pick the one thats proven their collateral but heres where it gets interesting if you say okay well if one doesnt prove but the return is way higher maybe Ill still choose that one and to that I say okay well then we as a community are going to repeat the mistakes were making right now and I think its our job as a community to say hey these are Bad actors these are bad practices weve seen this play out many times many many times and you know everyones going to have a different risk portfolio and a different risk appetite and thats okay people can do that um I mean the other thing thats the other thing thats phenomenal about like chain link proof of reserves is I would imagine that if the only thing um you know left for your protocol to do is additionally proof of reserves I dont think that would really affect your return rate in any case um theres almost no reason to not but uh if we have this mentality were just going to keep repeating the same mistakes and we as an industry arent going to move forward so I did want to call that out because I think that thats important to think about its a great Point Patrick because I think its a its a kind of Russian Roulette in some senses right at some point of time the music is going to stop unless you know what you can trust right even with higher returns um you know theres a problem in finance and philosophy called the problem of induction right like you can you know the the swan of the goose thats getting you know fattened up for Christmas is is 99 days is like great Im getting fed a lot and then one day its not you know um and thats the problem with with anything where you have to just trust and hope that you can time it right to reap those rewards and get out in time thats a big risk you know you dont want to try and time the market you want to know you can rely on the trust and on the cryptographic truth of whats underlying that you know um and thats how you secure yourself in the long term and secure the space for everybody and the best way to increase returns is get mobile participation you know spot on yeah any other questions from the comments that we wanted to we have literally 60 seconds left that we wanted to uh to jump on before we jump off did you see any ones that you were like oh yes we need to answer this I dont I think I think in 60 seconds itll be a itll be yeah fair enough fair enough um yeah well uh yeah Zubin you want it you want to roll out you want to uh what should people be doing what should people be doing zooming after this uh after watching this well first and foremost watch it again uh because you want you want to get the juice and that energy in you and you want to remember everything Sergey says because hes got such a great historical perspective and projects that into the future so beautifully um you know which I really love uh but you know definitely like getting get involved in the hackathon its still not too late you know submissions are November 18 get involved find the people you want to work with theres so many people out there who want to be part of a great team you know one way to invent the future is to make it you know one way to be part of a great team is to make your own find your team get involved start building things do not be afraid of failure that is very much proof of progress okay proof of progress is in the failure so get in there put your head in the ring you never know when The Beatles are gonna come together again it could be you do not be afraid get in there absolutely love it were all learning were all growing this is what the hackathons are for to learn to grow exactly um phenomenal yeah well uh again I know Sergey jumped off but thank you Sergey wherever you are thank you for jumping on answering all those questions um everyone thank you for coming here thank you for for listening to uh to the Q a um and thank you for being a part of the hackathon best of luck you still have time like Zubin said you still have time looking forward to your submissions uh and well see you all in the Discord and with your submissions uh and uh thank you all thank you all for being here lovely to see you guys Tune into a Chainlink Fall 2022 Hackathon livestream featuring Sergey Nazarov, Patrick Collins, and Zubin Pratap. The group will answer pre-submitted questions & share their tips and tricks for finding hackathon success.Chainlink is the industry-standard Web3 services platform and has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains. Learn more about Chainlink: Website: Docs: Twitter: Chainlink ChainlinkFall2022Hackathon,