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CONSENSUS CONVERSATIONS: The Gateway to On-Chain Finance

CoinDesk Podcast Network

CoinDesk

Business News, Daily News, News, Tech News

4.7698 Ratings

🗓️ 27 July 2023

⏱️ 25 minutes

🧾️ Download transcript

Summary

A Consensus 2023 panel with Sergey Nazarov. End-users are moving towards a trust-minimized world where decentralized consensus, the tokenization of real-world assets, open-source code, and cryptographic guarantees provide them with greater control and customization of their assets. Explore how builders and institutions can collaborate to meet this rising demand and create a society based on cryptographic truth.  Rory Piant moderates the panel featuring Sergey Nazarov, co-founder of Chainlink. This episode is executive produced by Jared Schwartz and edited by Ryan Huntington, with additional production assistance from Eleanor Pahl. Cover image by Kevin Ross and the theme song is "Get Down" by Elision. 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

Hi everyone, good to see you here.

0:04.0

Thank you for coming to the presentation.

0:21.6

Appreciate your interest in what we're working on.

0:24.6

I'm going to kind of just jump into it.

0:27.6

I think it's going to be useful for us to think about and understand what the fundamental value is of what we're doing.

0:35.6

In my eyes, one way to look at it is that the conflict of interest

0:40.5

problem has been something that the global financial system has had as a part of it for a very

0:48.1

long time. So as you know, the financial system, whether it's the domestic one or the

0:52.3

globally connected one, powers, the

0:54.9

global economy, the local economy, businesses, capitalism, and all of these things.

1:00.0

So at the end of the day, the way the financial system works really determines a lot of the

1:05.0

quality of life we have and what happens in our lives and in the larger world.

1:10.0

This conflict of interest problem is one that has existed for hundreds of years.

1:13.6

Many more years than even people like Adam Smith were talking about it in wealth of nations

1:18.6

and then more modern economists like Milton Friedman.

1:21.6

But really, I think this problem is at the core of why things fail

1:26.6

and why there's cyclical boom and bust cycles that

1:30.3

basically take society for a ride and leave us paying for it. The two forms that this really

1:38.8

takes in the modern world is data and market manipulation and over leveraging.

1:45.0

And once again, my strong belief is that if we can make the financial system work properly,

1:50.0

then we can have a much better world both domestically and on a global level.

1:55.0

So the first version of this problem is this data manipulation, market manipulation problem,

...

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