This article was first published on Chainlink
With DeFi continuing to lock in more value and NFTs capturing the public imagination, the global economic system is starting to reach a turning point where everyday people can finally participate in secure digital agreements in industries as wide ranging as finance, insurance, gaming, and art. Smart contracts—digital contracts underpinned by cryptographic guarantees—are proving the superiority of math-based agreements over paper promises and reinventing the trust models that have historically existed between individuals and institutions.
At the opening ceremony of the Spring 2021 Chainlink Virtual Hackathon, Chainlink Co-founder Sergey Nazarov called on developers as the architects of these new models of trust, encouraging them to take scale of this unique moment in the history of blockchain technology and to explore how decentralized oracle networks can augment the capabilities of smart contracts to enable feature-rich, truly usable dApps. The following is an excerpt from Sergey’s presentation, where he focuses on a pivotal idea: by harnessing the Chainlink Network’s suite of off-chain computations, blockchain developers can broadly expand the functionality of smart contracts and build real-world decentralized applications that set new standards for trust, transparency, efficiency, and fairness for users worldwide.
The decentralized services that you will now have access to open up an entirely new world of what you can build. That world didn't exist two years ago—it didn't even exist a year ago the way it exists now. As Chainlink releases more and more various services, data, and capabilities like on-chain randomness, the more these decentralized services come to life. Developers can combine these services in unique and transformative ways, increasing trust and bringing smart contracts to new corners of the world where they weren't previously useful.
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