Building a World Powered by Truth

Transcript

our vision at chainlink labs and what we hope chainlink will do is build a world powered by truth so we've we've done some work internally to to solidify in the simplest terms possible what it is that we're doing what we're hoping to achieve with the chain link open source uh project and community and network and this is what we're hoping to achieve we're hoping to build a world powered by truth specifically cryptographic truth but really uh to build a world powered by truth as you can tell this is rooted in our fundamental belief that truth is better than false you know paper-based trust right so if you have the truth you can build systems around it if you have to just trust some paper promise some

institutions some whatever that is strictly worse that is inferior so truth is greater than trust that's what we mean when we when when we have this statement this is at the core of our fundamental belief system and how we're seeking to achieve this is to build decentralized systems that link everything to truth creating a fair unbiased world so that's fundamentally what sheenlink labs does that's what the chain link network will hopefully achieve is become a set of decentralized systems that link everything to truth creating a fair unbiased world and that is going to be a world that's much better to live in for everybody for developed markets because there aren't just a small number of people that can just take money from

society and everybody else and in emerging markets because they'll finally have access to agreements and contracts and capabilities that they never had access to before so this um i think is a very worthwhile uh goal that we have this is how we're approaching it and i just thought in the first few minutes the presentation would be useful for everybody to get on the same page of why this is important how we're seeking to achieve this and and what it is that our fundamental beliefs are in terms of you know what we're working on and um ideally i think also in in in this industry how is this achieved so this is achieved through creating more and more advanced hybrid smart

contracts right so something that people i think need to understand is that the more advanced smart contracts become the more industries the more use cases the deeper into existing industries technology from our industry goes the more smart contracts can do the more blockchains are involved in the financial kind of world the more blockchains and smart contracts can do the greater share of gaming is powered by them the more smart contracts and blockchains can do the more of the insurance world is powered by them this is what we're doing we are seeking to extend and augment and improve and enable and help build an entirely new more advanced class of smart contracts

that extend what blockchains and smart contract platforms like ethereum and others are used for across many industries and this will massively expand the pie it'll grow the pie it'll grow the market it'll grow what our industry is about and it'll make blockchains and smart contracts the source of cryptographic truth for how the world operates and that's our fundamental goal to transition the world from a paper promises just trust us hopefully it's going to work out model to the cryptographic truth model that in my opinion requires smart contracts to be able to meet the operational demands of the financial industry the insurance industry the gaming industry and all

subsequent industries where it will fundamentally change how they operate now this works on on three fundamental levels you have the blockchain which is kind of the route of cryptographic truth and trust that secures the state secures the truth secures the trust dynamic of the the state changes you have the off chain world of trust minimized off-chain computation in the form of decentralized oracle networks which is what chain-link specializes in and then you have the world of existing systems existing services data providers existing back-ends existing payment systems all the world's existing infrastructure for data payments back-end computation back-end systems control access control

so on and so on now we in our model have divided up the off-chain portion of the world into three distinct categories which i will be going through today the first category is off chain data the second is off chain compute and the third is cross chain compute in terms of what this actually means you you already see all of this happening so you already see multiple off-chain services powering d5 power and gaming powering you know wrapped assets like um you know wbtc you basically already see um the ability to provide price feeds weather data proof of reserves random

number generation to various protocols that all then interoperate with each other um you see their existence appearing because you have these services so i'm very very proud to say that our our many long nights of effort and work by everybody here in the chain link ecosystem has already resulted in a significant change in our industry has already resulted in a significant improvement of what our industry does and has already grown defy well past what it was when we started and is now growing other sectors of the blockchain economy by allowing people like weather insurance insure techs and gaming companies and you know custody providers to join into the the benefits of using

cryptographic truth in blockchains and and d5 is just the initial example of this which is really just getting going but if you look at the model the model is multiple off-chain services being used by on-chain contracts that interoperate with each other to create really advanced applications which then go into these finance industries insurance industries gaming industries global trade industries and begin to redefine those industries and begin to pull more and more value more and more contractual transactional volume into the contracts because the contracts can finally service the requirements of that industry thanks to this combination of off-chain systems together with on-chain advanced code which is enabled by the off-chain systems

so we are already doing this and we're very very proud of that and i think we should be very proud of that our fundamental goal is to create a global standard for enabling cryptographic truths by augmenting blockchains improving what blockchains do enabling blockchains to be more useful enabling smart contracts to do more in the history of global standards i think you see a very um useful pattern in that https you know as an example what is it built on it's built on being an open source standard that had the first best technology that was built on superior security and now it services most web traffic similar story with linux open source standard innovative first mover built on better security

services most web servers with chain link what we are working on diligently and kind of feverishly at this point is making sure that it's the global open source standard we are clearly the innovative first mover that's actually accelerated certain industries like defined to what it is today we are definitely built on built on better security based on the preference that everybody has in using our data and our other services and as you can see we service more smart contracts and are rapidly adding adding to that to that list so our fundamental goal is to create a create a global standard that will change the way that our industry is used improve society improve how the world works and write our name into history in the process just like http is

just like linux that is our fundamental goal that is the the kind of journey that we're on that's what we're you know focused on doing luckily for us we have the resources to do that we have you know over 250 people working on that at england clubs and lots of other people and lots of other teams building that and we have a huge community of users and node operators and other really smart people collaborating to make that happen but that is the fundamental goal of chain link to become the global open source standard for how cryptographic truth is enabled on top of blockchains on top of smart contracts to make blockchains and smart contracts useful for the larger world and there is certainly a lot that they are useful for

if this is interesting to you and you're you're interested in solving these types of problems and you can see that cryptographic truth is the future of how the world will work i encourage you to contact us we work with people all over the world we work with people um in every you know country in the world we want to work with you to make sure that you know your insight your talent your belief your interest in uh generating cryptographic truth and making the world work in this way um is something we we can collaborate with you on we we have you know over 250 people right now at chainlink labs some of the most amazing most impressive people i've ever met in my life and you know we're growing rapidly to to

help enable this together with many other teams in the chain link ecosystem and i encourage you to join those teams or to join us and and to really examine if changing the way the world works by making it run on cryptographic truth is something that you find interesting and if that is an idea that you find interesting and if you have um you know a desire to work on that whether you work in research or engineering or marketing or sales or operations there are teams in our ecosystem that want to work with you that are growing rapidly due to the demand that that you know the chain link system and networks are experiencing and we want to hear from you and we want to work with you in a very collaborative um fast moving

impactful environment