• Fri. Dec 8th, 2023

ChainLink CEO says Smart Hybrid Contracts Will Revolutionize The DeFi Space

Apr 18, 2021

During an interview held at the BlockDown 2021 event, CEO of Chainlink, Sergey Nazarov, highlighted some of the important aspects regarding how the decentralized finance sector of the crypto space will be the only hope for the crypto space, after predicting a massive market crash in the future.

Chainlink recently posted a document that contains every single detail about its upcoming new version, formally called, Chainlink 2.0. Sergey Nazarov presented his reasoning on how this new upgrade will make the world even more hungry for DeFi technology. The main point of all this revolved around Smart Hybrid contracts. A smart contract allows oracles to handle requirements that are unable to be verified on the blockchain. It is sort of a connection between the real and digital world.

Contracts like these will prove to be a successful move, as they provide incentives to customers, which are not applicable in normal cases. For example, construction workers will be incentivized if the proper conditions and requirements mentioned in the contract are not met. The use of oracles will help in certain conditions and requirements, including clear weather and proper machinery to be easily fused with the contract. Chainlink plays a vital role in several outstanding projects such as Sushiswap, Nexo finance, and others, providing them with the insurances they need to run without any worries.

CEO Sergey Nazarov stated that Chainlink 2.0 would be unlike any other upgrade, bringing updated and improved vital features to the DeFi world. Nazarov said that DeFi technology, smart contracts, and access to multifunctional blockchains would forever change the way how standard contracts and financial systems work today.

Chainlink supporting users and customers

Adding to that, Nazarov said that Chainlink’s main goal is to provide complete transparency between users and financial institutions to avoid any major conflicts. In the eyes of Nazarov, the current policies and regulations are getting in the way of economic advancement that DeFi technology can potentially bring, saying that dangerous levels of inflation will result in a major market crash.

These claims coming from the highly experienced individual are not to be taken lightly and must be studied further in detail, but it is yet to be seen if these claims will prove anything.

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