Chainlink CEO Sergey Nazarov says there’s one big thing holding back corporate adoption of blockchain technology: reliable oracle services that connect blockchain systems to real-world events, and vice versa.
In his mind, making blockchain-based contracts pegged to real-world events – in a reliable and secure manner – is the next “leap forward” that will launch the industry to new heights.
At CoinDesk’s Invest: Asia conference, Nazarov sat down with reporter Christine Kim to talk about the company’s plans for user adoption in the Asia-Pacific region and beyond.
With new partnerships, price data feeds and privacy enhancements in the pipeline, Nazarov detailed what’s on the horizon for the now two-year-old protocol. He also addressed recent allegations of “pump-and-dump” trade activity with Chainlink’s LINK token by blockchain analytics company AnChain.ai.
Priced at a mere $0.10 during its initial crowdfunding in September 2017, the LINK token, which is used to pay node operators of the Chainlink platform, has risen over 1,000 percent, now trading at $1.70, according to CoinMarketCap.
The protocol’s market capitalization even flirted with a $1.4 billion valuation in July shortly after it was listed on cryptocurrency exchange Coinbase Pro. However, since then, the token has declined significantly in value with a current market capitalization of roughly $600 million.
About the volatility in token price, Nazarov was adamant that its activity had nothing to do with the ongoing work of his team, saying:
Matt Ocko, managing partner at venture capital firm Data Collective, couldn’t agree more. Data Collective seeded and remains a major investor in the startup that originated much of the Chainlink protocol. To Ocko, the LINK token, in spite of its volatility, possesses “operational value” for its holders.
“To Chainlink’s credit, they didn’t set out like some of their peers. Some folks built things on tokens that were purely speculative. Chainlink did the exact opposite,” Ocko said, adding:
Watch the full interview with Chainlink CEO Sergey Nazarov below.
Chainlink CEO Sergey Nazarov image via CoinDesk archives
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.