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CoinDesk Podcast Network

The Founders of Synthetix and Chainlink on DeFi, Derivatives and 25 New Decentralized Price Feeds

CoinDesk Podcast Network

CoinDesk

Cryptocurrencies, Cryptocurrency, Dlt, Tokenization, Coindesk, Distributed Ledger, Blockchain, Tech News, Business News, Ethereum, Bitcoin, News, Digitalassets, Daily News, Decentralization, Defi, Crypto, Business

4.8689 Ratings

🗓️ 31 January 2020

⏱️ 53 minutes

🧾️ Download transcript

Summary

On this special interview episode, @nlw talks with Sergey Nazarov and Kain Warwick, the founders of Chainlink and Synthetix respectively about: 


  • The evolution and goals of Synthetix, a novel type of derivatives exchange where users can interact with any asset with a price feed. 
  • The challenge Synthetix faced around spinning up their own oracles around price feeds
  • The history of their collaboration and how Synthetix came to work with Chainlink
  • Chainlink approach to building decentralized oracles for data such as price feeds
  • Chainlink’s announcement yesterday about the new published price reference data for 25 oracle networks
  • The state of the idea of decentralization, and how what was previously a concept is becoming operationalized
  • One thing that gives them pause or scares them about DeFi and crypto and one thing that makes them excited for the future 



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Transcript

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1:03.7

Welcome back to the breakdowndown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW.

1:07.1

The Breakdown is distributed by CoinDesk.

1:16.5

Welcome back to The Breakdown. It's Friday, January 31st, and today we have something special and a little bit different. Chainlink is a decentralized Oracle project. What that means, in short,

1:23.9

is that they take real-world data and make it available for use for smart contracts.

1:28.4

D5, for example, needs basically 24-7 access to real-time market data like prices for those

1:34.4

applications to be able to function.

1:36.7

Yesterday, Chainlink published price reference data for 25 Oracle networks, and the whole

1:42.5

idea here is that ChainLink is taking a decentralized approach

1:46.3

to sourcing price data so that the Defy applications that use these price oracles aren't relying

1:53.0

on a single centralized source. Chainlink applies the same sort of decentralized node-powered logic

1:59.9

that blockchains do to sourcing price data.

2:03.6

And according to Chainlink, these Oracle networks collectively secure more than 100 million

...

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