Chainlink cofounder wants web3 to provide cryptographic guarantees to the world

News Summary

  • “Without those APIs, you can’t build an advanced application,” he added.For Nazarov, the Web 2.0 world that most people use is “not guaranteed in any meaningful way.”What does that mean?
  • And for good reason: The platform has enabled over $7 trillion in transaction volume across DeFi, gaming, NFTs and other major industries.When it was launched in 2017, the total value locked (TVL) in the entirety of DeFi was “well below $100 million,” Nazarov said.
  • Well, at any point, an entity like Silicon Valley Bank can “change the rules and then you have a difficult situation,” he explained.Up until SVB’s collapse, many people thought banks were predetermined, Nazarov said.
  • “They felt that banks would always behave in a predictable, repeating way they understood.
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