Episode
#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
3:06:14
Published: Sat May 01 2021
Description
Sergey Nazarov is the Co-Founder of Chainlink, a decentralized oracle network that provides data to smart contracts. Please support this podcast by checking out our sponsors: - Wine Access: https://wineaccess.com/lex to get 20% off first order - Athletic Greens: https://athleticgreens.com/lex and use code LEX to get 1 month of fish oil - Magic Spoon: https://magicspoon.com/lex and use code LEX to get $5 off - Indeed: https://indeed.com/lex to get $75 credit - BetterHelp: https://betterhelp.com/lex to get 10% off EPISODE LINKS: Sergey's Twitter: https://twitter.com/SergeyNazarov Chainlink Website: https://chain.link/ PODCAST INFO: Podcast website: https://lexfridman.com/podcast Apple Podcasts: https://apple.co/2lwqZIr Spotify: https://spoti.fi/2nEwCF8 RSS: https://lexfridman.com/feed/podcast/ YouTube Full Episodes: https://youtube.com/lexfridman YouTube Clips: https://youtube.com/lexclips SUPPORT & CONNECT: - Check out the sponsors above, it's the best way to support this podcast - Support on Patreon: https://www.patreon.com/lexfridman - Twitter: https://twitter.com/lexfridman - Instagram: https://www.instagram.com/lexfridman - LinkedIn: https://www.linkedin.com/in/lexfridman - Facebook: https://www.facebook.com/lexfridman - Medium: https://medium.com/@lexfridman OUTLINE: Here's the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time. (00:00) - Introduction (07:56) - Hedgy (08:22) - Digital vs physical world (16:16) - Definitive truth (20:31) - Decentralized finance (29:00) - Smart contracts (35:16) - Hybrid smart contracts and oracle networks (52:02) - Applications of smart contracts (1:10:08) - AI and smart contracts (1:17:40) - What agreements can be turned into smart contracts? (1:28:43) - Privacy (1:39:01) - Trust (1:54:36) - Bitcoin (2:02:50) - Satoshi Nakamoto (2:10:10) - Ethereum (2:15:59) - Chainlink design decisions (2:28:27) - Dogecoin (2:32:44) - Book recommendations (2:44:54) - Advice for young people (2:56:58) - Meaning of life
Chapters
Smart contracts can be used to automate the menial parts of life, allowing for more meaningful interactions with others.
00:00 - 04:50 (04:50)
Summary
Smart contracts can be used to automate the menial parts of life, allowing for more meaningful interactions with others. Additionally, Athletic Greens offer both nutritional and psychological benefits with their products, including a one-month free supply of wild-caught Omega-3 fish oil.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
The debate on whether digital or real-world immortality is preferable depends on the fidelity of the digital world.
04:50 - 09:57 (05:06)
Summary
The debate on whether digital or real-world immortality is preferable depends on the fidelity of the digital world. This question stems from philosophical papers from 20-30 years ago and raises questions about the potential limitations of both AI and humans.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
The podcasters explore the ethical debate of allowing people to be manipulated and harmed within a simulated reality, especially on a large scale.
09:57 - 16:21 (06:23)
Summary
The podcasters explore the ethical debate of allowing people to be manipulated and harmed within a simulated reality, especially on a large scale. They suggest that these philosophical thought experiments are meant to make people appreciate the value of actual reality.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
The ability to achieve definitive truth in a shared agreement is crucial for decentralized finance to progress, as it allows for a transparent understanding of financial products and their underlying collateral.
16:21 - 28:58 (12:37)
Summary
The ability to achieve definitive truth in a shared agreement is crucial for decentralized finance to progress, as it allows for a transparent understanding of financial products and their underlying collateral. The DeFi format enables technical individuals to gain deep insights into the specifics of lending, yield generation, and risk protection to better inform their financial decisions.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
Smart contracts will be replacing centralized entities that store and control people's value in social media and banking systems.
28:59 - 38:01 (09:01)
Summary
Smart contracts will be replacing centralized entities that store and control people's value in social media and banking systems. The network effect of social media sites will crumble as people combine their data into applications that they control.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
Hybrid smart contracts combine the benefits of on-chain and off-chain processing to create automated agreements that can validate external information sources.
38:01 - 46:17 (08:16)
Summary
Hybrid smart contracts combine the benefits of on-chain and off-chain processing to create automated agreements that can validate external information sources. They enable a more sophisticated level of automation and speed up transactions while preserving the trust advantage that blockchain provides.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
Decentralized Oracle networks create a meta layer between the unreliable world and the reliable world of blockchains, allowing for the development of fraud-proof applications such as DeFi, global trade, and ad networks.
46:17 - 55:39 (09:21)
Summary
Decentralized Oracle networks create a meta layer between the unreliable world and the reliable world of blockchains, allowing for the development of fraud-proof applications such as DeFi, global trade, and ad networks. They generate different services, including data, payment systems, messaging systems, and computing services, which require an interface on-chain.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
Smart contracts can increase reliability, transparency, and control in a supply chain network, leading to a transformative effect on how products and services are used down the line.
55:39 - 1:06:55 (11:16)
Summary
Smart contracts can increase reliability, transparency, and control in a supply chain network, leading to a transformative effect on how products and services are used down the line. By enabling trustworthy collaboration between all parties involved, including farmers, financial institutions, and insurance companies, smart contracts can guarantee contractual outcomes regardless of local legal systems.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
The use of hybrid smart contracts, private keys, and blockchains to codify agreements between human-AI networks could create firm boundaries and limit control, solving the trust issue for users in AI integration.
1:06:55 - 1:14:46 (07:50)
Summary
The use of hybrid smart contracts, private keys, and blockchains to codify agreements between human-AI networks could create firm boundaries and limit control, solving the trust issue for users in AI integration.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
The rebuilding of contracts in the format of data-driven smart contracts will make them clearer, more easily understandable, and preferred over natural language contracts.
1:14:46 - 1:26:59 (12:12)
Summary
The rebuilding of contracts in the format of data-driven smart contracts will make them clearer, more easily understandable, and preferred over natural language contracts. The highly deterministic and guaranteed nature of smart contracts proves more preferable to an AI compared to natural language contracts which involve the unpredictability of the human element.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
The use of contracts over data, with decentralized oracles and an impatial computational agent, could improve data privacy while still allowing for the exchange of value between parties.
1:26:59 - 1:39:47 (12:48)
Summary
The use of contracts over data, with decentralized oracles and an impatial computational agent, could improve data privacy while still allowing for the exchange of value between parties. By placing private data on the decentralized Oracle network, trust issues can be settled in an autonomous and reliable way.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
Hybrid smart contracts combine the benefits of blockchain-based smart contracts with external data sources like the Oracle network to achieve consensus and provide proof of settled transactions, increasing the reputation and use cases of both the contract and the network.
1:39:47 - 1:47:54 (08:06)
Summary
Hybrid smart contracts combine the benefits of blockchain-based smart contracts with external data sources like the Oracle network to achieve consensus and provide proof of settled transactions, increasing the reputation and use cases of both the contract and the network.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
This episode explores whether traditional banks will incorporate smart contracts, or if new competitors like Square Cash App will bring about a revolution in banking.
1:47:54 - 1:55:55 (08:00)
Summary
This episode explores whether traditional banks will incorporate smart contracts, or if new competitors like Square Cash App will bring about a revolution in banking. It also discusses the challenges of implementing change and innovation within established companies.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
The concept of Bitcoin goes beyond its current market value and serves as an alternative to traditional fiat currencies, especially for those concerned about governmental financial systems.
1:55:55 - 2:03:03 (07:07)
Summary
The concept of Bitcoin goes beyond its current market value and serves as an alternative to traditional fiat currencies, especially for those concerned about governmental financial systems. Its worth is not solely determined by individual opinions or fluctuating market trends.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
Bitcoin's achievements within the industry, particularly as the dominant cryptocurrency, have set the standard for the conception of the industry.
2:03:03 - 2:10:06 (07:03)
Summary
Bitcoin's achievements within the industry, particularly as the dominant cryptocurrency, have set the standard for the conception of the industry. There has been a focus on securing, storing, and transacting with Bitcoin, and debates surrounding who created it do not affect its functionality, value, or security.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
The smart contract capability created by Ethereum has impacted the global financial industry, global trade industry, and global data marketplace.
2:10:06 - 2:22:21 (12:14)
Summary
The smart contract capability created by Ethereum has impacted the global financial industry, global trade industry, and global data marketplace. Ethereum deserves credit for making relatively secure and advanced on-chain code accessible and easy to script.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
The implementation of hybrid smart contracts on Ethereum and other blockchains will redefine the finance, trade, and insurance industries by incorporating both a blockchain and an Oracle network.
2:22:21 - 2:28:21 (05:59)
Summary
The implementation of hybrid smart contracts on Ethereum and other blockchains will redefine the finance, trade, and insurance industries by incorporating both a blockchain and an Oracle network. As more developers are able to build hybrid smart contracts, the number of decentralized Oracle networks used in a single contract is also increasing.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
The success of someone in the technology industry relies on their ability to create a long-lasting, public good.
2:28:21 - 2:38:39 (10:18)
Summary
The success of someone in the technology industry relies on their ability to create a long-lasting, public good. Additionally, examining the assessment and analysis of ideas, as demonstrated in Plato's dialogues, is crucial. The speaker also notes the significance of cryptocurrency beyond just its technology, highlighting the example of Dogecoin.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
The integration of technology will become crucial to the functioning of societies globally, and it will be integrated into important systems such as global payment systems and the Federal Reserve.
2:38:39 - 2:50:38 (11:58)
Summary
The integration of technology will become crucial to the functioning of societies globally, and it will be integrated into important systems such as global payment systems and the Federal Reserve. There is no one piece of advice that applies to everyone, but young people should pursue what interests them and try to achieve something meaningful.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
The speaker reflects on how hobbies and educational experiences may seem like a waste of time but suggests enjoying them fully and embracing a broad education.
2:50:38 - 2:56:57 (06:19)
Summary
The speaker reflects on how hobbies and educational experiences may seem like a waste of time but suggests enjoying them fully and embracing a broad education.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
In order to live in society, one must ask themselves what their contribution to society is.
2:56:57 - 3:04:45 (07:47)
Summary
In order to live in society, one must ask themselves what their contribution to society is. Life is short and resources are plentiful, so it is a luxury to pursue something that makes society better.
Episode#181 – Sergey Nazarov: Chainlink, Smart Contracts, and Oracle Networks
PodcastLex Fridman Podcast
In this episode, Lex Fridman talks to Sergey Nazarov about the potential impact of smart contracts and how they have the potential to transform the world for the better.
3:04:46 - 3:06:12 (01:25)
Summary
In this episode, Lex Fridman talks to Sergey Nazarov about the potential impact of smart contracts and how they have the potential to transform the world for the better.