chainlink-mix cipher trace chainlink chainlink roadmap 2021 Verifying Identity in Decentralized Ecosystems with Sergey Nazarov from Chainlink Ep 1
hi everyone im matthew gould from unstoppable domains and today im joined by sergey co-founder of chain link who we are collaborating with on our new twitter verification smart contract announcement so uh sergey thanks for joining us great to be here thank you for having me matthew uh its a pleasure for uh all the listeners at unsolvable who may not know who you are or about chain link can you give us a just a quick overview of what chain link is sure chain link uses decentralized computation to create definitive truth so blockchains create definitive truth about transactions and contract state and they memorialize that definitive truth in a blockchain kind of data structure what chainlink does is it verifies things about the real world like price data weather data in this case verification of social media data and it puts that definitive proof into smart contracts like the ones that youve built and that enables proof that somebody is somebody or that a weather event happened or that a price changed somewhere and by providing this very high level of proof about the real world we can now expand what blockchains and smart contracts are able to be written about which is you know part of what were doing here which is very exciting yeah no uh we actually had a lot of fun implementing uh the the twitter verification with chain link and uh for those who dont know uh as of today you could now link a twitter handle back to your uh unsolvable blockchain domain name using the chain link network and at a high level what were doing is allowing a user to verify their profile on a social network back to a blockchain domain uh using the chain link network as the validation so that users can trust that information submitted um is accurate and so this is one of those non-financial use cases that you just mentioned you know like weather data or randomness and we really think this just extends the set of things that people could do uh with with blockchains uh and and real-world data connecting the two together so um just a as a follow-on to that uh you know you mentioned a few other use cases that youd seen there um but this is actually kind of like a lead-in to decentralized uh id and and so you know how is decentralized id good how you know how is this going to help people so i think improvements in decentralized id systems are going to result in a number of important things for how blockchains are used and what they have access to one of the most immediate ones i think will be aml and kyc and the ability for people from the traditional and institutional world to prove who they are within blockchain ecosystems and thatll allow them to interact with blockchain kind of decentralized financial products insurance products games like all the things that are being made within the blockchain that might require a persons ied in order to meet certain regulatory demands and and what the exciting thing there is is that theres a very large universe of kind of use cases that want to be connected into front ends that can prove who somebody is and the ability to prove that is actually very very powerful the the other thing that i think is exciting is that once you can prove who somebody is you can start incentivizing them in certain ways so i think theres some interesting ideas around loyalty programs and any number of other things were like you know uh we know exactly who you are and we know from your phones gps that you were at a starbucks and maybe you get some kind of starbucks token loyalty token or something and so i think theres actually two dynamics one dynamic is people using blockchain products more and the second dynamic is the incentives of blockchains being able to flow to direct behavior of people offline and that offline direction of their behavior is actually something blockchains and tokens and this ecosystem is is is historically very good at and something that i think people will actually want to see yeah well uh i feel like were just taking baby steps were at the very beginning of this thing and for us at ensemble domains like you can immediately see the huge improvement in ux uh just typing a crypto address and then being able to validate a persons twitter id and as were looking forward in the next year you know adding more and more social networks it also um assists with search for maybe finding other people in your network um that you may need to send to uh so yeah its its i think its very powerful even just now and then what youre talking about later once you have a lot more data connected back to these online identifiers uh you can layer incentive models on top of that um and then connect in peoples social networks to get you know more insight on on what may be helpful for that person so uh that brings me to the next one its like how do you see uh chain link enable security for commerce on the internet you know on this new version of the internet the the way that i see it is that a lot of the internet right now is based on centralized entities that have a lot of control and the relationship that a user has with the value in that system is based on a brand so its based on an entity and its logo basically saying i will act correctly towards you the user and i think a lot of those assumptions are going to start breaking down more and more over time and in certain categories start breaking down quite rapidly so some of that stuff you see with social media some of that stuff you see with the solvency of financial products and some of that stuff you see with interfaces that allow people to interact with financial products but everywhere that people are basically relying on a brand to act correctly towards their interest as a user you will see more and more divergence between the monopoly rent seeking brand and the users interests what i feel that blockchains and smart contracts generally do is they can realign those interests very closely by building a system thats provably fair to users and thats something that users are going to be demanding more and more of the way that chain link fits into that is it enables those systems to be built around more useful things so basically it enables people to build those systems around things like crop insurance where we provide weather data and now people could have had you know that could have never had crop insurance have crop insurance through a blockchain because their local system cant enable crop insurance but a blockchain smart contract can enable crop insurance and the smart contract needs to know weather data it needs definitive truth and needs proof about weather events and once that definitive truth and proof is delivered at that point you have a a kind of new categories of contracts opening up its similar with decentralized identity when once you have enough data thats appended to a decentralized identity to prove its accuracy it passes a certain thresholds of you threshold of usefulness and people can suddenly start you know giving out universal basic income or providing incentives or allowing the person to interact with certain financial products on chain under very favorable terms because they know that as a unique distinct person so i think whats going to happen is the dynamics that users want to have with applications are much more aligned when that application is built using smart contracts and blockchains and i think decentralized identity and oracles are both going to drive the usefulness of those applications and eventually actually going to be adopted by bigger bigger web 2 companies to reimagine their own applications for their existing user base and thats how i think a lot of a lot of this will evolve yeah i like how you phrase that um or talking about the brand value and i think that uh what this does being able to pin this back to um you know your domain name or sort of identifier on chain is it makes the brand value more portable so so i can see the twitter network on another social platform like when im on reddit i can actually see the persons twitter id or in our case inside of a crypto wallet i can see their twitter handle to feel better about the payment and you can see this extending to other crypto applications um and then the other note you had at the end there about web 2 companies doing this we could i mean it sounds radical but i actually dont think it is in the future you could have social networks like twitter and reddit you know participating in these oracle networks directly so that theyre you so they can allow their users to have validated data about themselves on chain which then makes it more valuable for them all over the internet as theyre interacting with different things so i think were just at the beginning of this um and you know im you know i like working on it i like work i like working with people like yourself whove been working on this thing for you know half a decade and i feel like weve got at least another decade or two on this so excited to see where this going um how do you think you know where do you think were going over the next 10 years like how do you think crypto become more adopted by traditional internet users uh in the next 10 years and how is chain link going to help us get those people on so i think theres a location theres a fast case the slow case is our crypto community the blockchain community is so large now and theres so much value in private keys within the blockchain community that you see people launching startups and becoming highly successful securing hundreds of millions sometimes billions of dollars in value in in the span of a year or two right and so now our own ecosystem has grown to the size where people in our ecosystem can become highly successful make sustainable well-financed companies that make better and better product offerings whether those are financial products insurance various decentralized identity schemes various incentives for people to do things offline and i think theres a slow case where our community slowly continues to grow and and reaches a certain tipping point in in in a slower in a slower pattern i i think there is a fast case where when centralized entities abuse their brand and abuse the control that they have over certain types of data certain types of networks of people or certain promises about solvency to their users that once those promises become abused people or or dont even become abused once like the solvency of some entity goes into question because the market fails in a certain way you you basically i think well see a very fast adoption of blockchain based systems and smart contract guarantees within certain verticals and i think that just depends on how quickly either the global financial system as a failure or people want to imagine how social media networks work or people want to reimagine how ownership works because theres some kind of centralized abuse there that isnt apparent when everythings going well but becomes hyper apparent and hyper and people become hyper sensitive to it when something does go wrong and the difference is that over the past 10 years blockchains havent been fully baked in a way that you could solve that problem as a web 2 company or as a government or as whoever but now because they are becoming baked enough and they become well made enough to solve those problems i think that if an uh in a category of insurance becomes insolvent because of the global financial system people will just start looking towards smart contract-based insurance more because it gives them the guarantees they couldnt get in a brand based you know i promise itll be okay system theyll get math-based guarantees from smart contracts likewise for for all of these other systems so i i think you have a slow case where people adopt based on the value we we create in our ecosystem and a fast case and in all of those scenarios both oracles and decentralized identity systems fit in very very prominently because oracles provide data about whats going on and decentralized identity systems allow people to participate in a lot of these systems yeah and well im a big believer in the vast case i do think abuse is going to be one of the drivers but i i will also point out maybe a more optimistic view of the fast case too which is there are actually there are some good web 2 companies um who are interested in coming over you know to the dark side and using these technologies and and giving more value to the end users and then you get this game theoretic like you know if if theres a if theres twitter and then theres facebook and one of them you know moves towards a more decentralized uh input first and im hoping that the competition will help drive it so that we get to that fast a fast exit and then people will start using even more of this technology um and i cant wait im very impatient person so im im always a hopeful believer in the in the fast case for that reason yeah for me every year is this year you ask me any year is this the year smart contracts are going to take off since 2014 ive been like yeah of course this is the this is the year yeah but yeah you cant have any other mentality well sergey thanks a lot for the time today um i dont wanna i dont wanna hold us up too much more than this if for those out there if you want to learn more about how to verify your twitter account to your domain name using chain link check out our website theres also a medium post theres various tutorials out there so you guys can get that set up we are on the cutting edge here for the use cases and its great to see this type of stuff roll out and its also super fun to play around with so sergey i guess on the out if people are looking to learn more about chain link just let us know where they should go and thanks again yeah of course thank you for having me chain.link is a good place to go and our twitter twitter.com chainlink has a lot of updates about you know new releases new improvements to the system new use cases new data thats thats on chain link for people to build around a lot of exciting stuff getting built into chain link at the moment all right thank you so much great thank you How can people from the traditional and offline world verify their identity in blockchain ecosystems?Sergey Nazarov, CEO of Chainlink, explains how the collaboration between Unstoppable Domains and Chainlink is making it possible for users to verify their social media profiles back to a blockchain domain. This new feature comes with a whole host of benefits, such as allowing users to send cryptocurrency more reliably and giving institutions and traditional organizations the tools to interact more effectively and securely with the blockchain universe. It marks a major stepping stone in bringing the two worlds together. The system uses decentralized computation to create definitive truth that allows users to verify things about the real world, from price data to weather data. This makes it possible to accurately confirm events and information and expands what smart contracts can be written about. FOLLOW SERGEY NAZAROV: Twitter: LinkedIn: Chainlink: TIMESTAMPS: 0:00 - Intro 0:25 - What is Chainlink? 2:08 - Why is Decentralized ID good? 4:40 - Chainlink for web3 commerce 8:30 - Crypto adoption over 10 years // GET STARTED WITH BLOCKCHAIN DOMAINS // ----------------------------------------------------------------------------------------- Find your blockchain domain name: Buy your domain using credit card, PayPal, crypto, or the crypto.com app: Set up MetaMask: Connect your wallet: Claim your domain: Add your crypto addresses: Check out our feature guide for a step by step walkthrough: // DO COOL STUFF WITH YOUR BLOCKCHAIN DOMAIN // ---------------------------------------------------------------------------------------------------- Send money: Build your decentralized website: Set up your NFT gallery: // LISTEN AND SUBSCRIBE TO THE PODCAST // --------------------------------------------------------------------------------------- Apple Podcasts: Spotify: // CONNECT WITH US ON SOCIAL // ------------------------------------------------------------------- Twitter: Instagram: Facebook: Telegram: Blockchain Domains UnstoppableDomains Web3 TheUnstoppablePodcast,
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