BREAKDOWN: How DeFi Could Disrupt Traditional Finance, Feat. Sergey Nazarov
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 29 July 2020
⏱️ 82 minutes
🔗️ Recording | iTunes | RSS
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Summary
Today on the Brief:
- Big tech goes to Washington
- The debate on the next COVID-19 relief act heats up
- More on institutional investors’ move into gold
This episode is sponsored by Bitstamp and Crypto.com.
“Imagine a world without counterparty risk.”
That was Chainlink co-founder Sergey Nazarov’s answer when asked to describe the true disruption of decentralized finance to a traditional finance audience.
On this episode of The Breakdown, Sergey and NLW discuss:
- Brand-based contracts vs. math-based contracts
- The history of smart contracts
- What it means to build an “abstraction layer” for “universally connected smart contracts”
- Key moments in the history of smart contract infrastructure
- Where smart contracts and DeFi are in terms of analogies to the early internet
- Why Sergey believes traditional finance will inevitably shift to a math-based contract model
Find our guest online:
Website: Chainlink
Twitter: @SergeyNazarov
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
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| 0:00.0 | in scenarios where either middlemen are overly inefficient and or when brand-based contracts |
| 0:07.4 | suddenly start failing left and right, I think that math-based contracts are going to become |
| 0:13.1 | very, very attractive because they're going to be the manner in which you have an actual |
| 0:17.7 | guarantee of ownership. You have an actual guarantee of a financial product paying you out its interest. You have an actual guarantee of ownership. You have an actual guarantee of a financial product |
| 0:21.7 | paying you out its interest. You have an actual guarantee of a contractual obligation with a |
| 0:28.2 | counterparty being followed through on, not because you trust the counterparty, but because math and |
| 0:33.9 | physics will enforce the contract according to the way that it was written. |
| 0:39.8 | Welcome back to the breakdown, an everyday analysis breaking down the most important stories |
| 0:44.8 | in Bitcoin, Crypto, and Beyond. This episode is sponsored by BitStamp and Crypto.com. |
| 0:53.2 | The breakdown is produced and distributed by CoinDesk. |
| 0:57.5 | And now, here's your host, NLW. What's going on, guys? It is Wednesday, July 29th, and today we have a |
| 1:08.1 | very special conversation with ChainLink's Sergei Nazarov. |
| 1:12.5 | Sergei and I go deep on not just what's going on right now with D5, |
| 1:16.6 | but the theory and history behind it, and I think you'll really enjoy it. |
| 1:20.7 | But first, let's go to The Brief. |
| 1:24.0 | First up on the brief today, big tech goes to Washington. Amazon's Jeff Bezos, Apple's Tim Cook, |
| 1:30.8 | Facebook's Mark Zuckerberg, and Google's Sundar, Pichai will testify remotely today in front of Congress. |
| 1:37.8 | Now, while they've been there before, or at least most of them, all of them except Bezos, have been there before, |
| 1:42.5 | this is the first time that they'll be testifying together. The theme of the questioning is antitrust concerns, but really the |
| 1:49.9 | subtext is the growing power struggle between platforms and the government. I do believe |
| 1:55.8 | that there are real issues here. These companies represent products that do have an influence on our lives and on our |
| 2:03.3 | society like nothing in the past. There are questions of competition, of natural monopolies, |
... |
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