Eric Schmidt, former CEO of Google from 2001 to 2011, the phase when the company became the behemoth it is now, who has been an advisor to the smart contract network Chainlink, founded in 2017 by Sergey Nazarov and Steve Ellis, for about 9 months, had very positive words about the company last week.
In simple terms, Chainlink is about improving the interconnectivity of smart contracts by ensuring that smart contracts have secure access to trusted data feeds, APIs, payments and other resources. It solves one of the main problems with smart contracts, which was that they could not have data from external sources about the real world that was useful for the functionality of a given smart contract. External data providers are then rewarded for their service with the native LINK token.
Chainlink offers blockchain developers an easy-to-use framework for writing hybrid smart contracts that connect to external resources by combining on-chain and off-chain computation.
Chainlink has grown tremendously in the past year, thanks to the boom of DeFi, which immediately embraced Chainlink’s technology. And it is in the wake of this great success that the company decided to engage the strategic advice of not only former Google CEO Schmidt, but also other big names in the world of crypto technology, such as former Coinbase CTO Balaji Srinivasan and Cornell computer science professor Ari Juels.
LINK, the native token of the network
In 2022 in the wake of the great market crash, the native LINK token fell by more than 50%.
But Schmidt seems not to worry too much about that, saying the project has huge potential ahead of it:
“Chainlink is a secret ingredient to unlocking the potential of smart contract platforms and revolutionizing business and society. I am excited to be helping the Chainlink Labs team build a world powered by truth.”
In a chat held last Wednesday during the SmartCon conference in New York City, Schmidt shared his thoughts and analysis on the current state of cryptocurrencies and Web3 with Chainlink Labs co-founder Sergey Nazarov.
Schmidt also expressed some of his concerns about the current state of Web3 and cryptocurrencies, but reiterated that he remains quite optimistic about the future prospects of the crypto space:
“I’m historically a skeptic.”
The former Google executive told Nazarov that the new Ethereum Merge update that occurred earlier this month is:
“a sign that your industry is working together.”
In his speech, he then had words of praise for Chainlink’s network which is considered very advanced, more scalable and more innovative than other competitors in the market.
Chainlink’s Oracle network includes independent node operators such as Deutsche Telekom’s T-Systems, Swisscom and Associated Press, which recently made its economic, business, sports and election data available on-chain.