The Founders of Synthetix and Chainlink on DeFi, Derivatives and 25 New Decentralized Price Feeds
CoinDesk Podcast Network
CoinDesk
4.8 • 689 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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