Hong Kong SmartCon will be held on 10/30~10/31. This article is a selection of topics from the on-site reporter of Motion Zone, and the event is presented by Chainlink founder Sergey Nazarov explaining the oracle application in TradFi Cross-Chain Interaction. There is also a wonderful full review of the interaction at the scene. (Background: Welcoming the tokenization opportunity of 867 trillion magnesium for traditional institutions! Chainlink's Hong Kong 'SmartCon' marks the first battle in TradFi) SmartCon, hosted by decentralized oracle Chainlink, took place grandly at the Kerry Hotel in Hong Kong from 10/30 to 10/31, attracting many heavyweight international TradFi giants. It can be said that this is the first large-scale dialogue conference between web3 and TradFi industries, and our special envoy was on the scene on 10/30, bringing readers a first-hand report. This article will introduce the on-site presentation by Sergey Nazarov, co-founder of Chainlink, entitled 'Presentation by Sergey Nazarov of Chainlink'. Opening: Sergey Nazarov: Hello, it's great to see you all again this year, and I'm thrilled that we are gathered here together to contemplate how Decentralized Finance, Web3, TradFi, and Capital Market merge into the future of Smart Contract Internet. It's great to see everyone dressed so nicely, and the shirts look great. We're all here, and we're very excited. Setting a unified standard for Smart Contracts. Our fundamental goal here is to establish a standard and build a single Smart Contract Internet for that standard. This standard needs to operate in the worlds of Web3 Decentralized Finance and TradFi Capital Market, because when these two worlds become a single global Smart Contract Internet, they will collide and create huge financial and economic prosperity. So, our fundamental goal is to become this standard, and now, these two worlds are developing in two different ways: the world of Web3 Decentralized Finance and the world of TradFi Capital Market. We have made great progress, winning and becoming the standard for Web3 Decentralized Finance, driving most of it, and now we are making a lot of progress to become the standard for TradFi Capital Market. Our ultimate goal is for all these applications to work together, to achieve consensus on price, on how to trade value, on how applications operate, and to prove the security of each other and the counterparty on the chain-linked standard set. That is our fundamental goal. This is what success looks like: creating a global standard, powering the Smart Contract Internet, and creating economic prosperity, which will merge these two worlds into this large global market. We have made great progress in Capital Market and TradFi, besides the Web3 community, we have implemented production for large asset management companies. We have collaborated with major financial market infrastructure several times, and we are at different stages of implementation with some of the largest banks, financial market infrastructure, and asset management companies. Therefore, just as we, as a community, have successfully established Chainlink as the global standard for the Web3 Decentralized Finance community, this year we have made huge progress in establishing this standard for the TradFi Capital Market community. We achieve this by directly providing trap services, personal services, data services, reserve proofs, identities, Cross-Chain Interaction, and computing services in Smart Contracts. But what we have learned from providing all these services is that Chainlink provides the largest service universe for all data, connections, and data, and achieves in a way on a single platform that other systems in today's blockchain industry cannot do. What we actually understand is that there needs to be a way to weave all these services, all different Blockchains and smart contracts, all different payment systems into a unified application. The standard history of financial applications. If you look at the history of financial applications, you will basically see that every economic prosperity in the financial system is generated by simplifying how new technologies are used. In the 70s, when the first database appeared, you had the first successful runtime, COBOL, which simplified interaction with the database, simplified interaction with the first computing system, and successfully established the first electronic transaction, the first bank transaction in the 70s. This was accomplished by establishing a runtime technology, a low-level computing technology, which coordinated various systems into a single application by writing a piece of code, and this is the reason for the huge economic prosperity in the financial industry. This is the COBOL era, and then new technologies emerged, new database technologies, the internet and internet protocols, various languages, and financial systems and financial applications had to constantly evolve to interact with the new complexity of new databases, new languages, and the internet. The Java Runtime Environment (JRE) simplified this in the 90s, and by simplifying this in the 90s, it gave birth to web applications and online banking, just as COBOL gave birth to ATMs and face-to-face banking transactions. If you have ever used an ATM, or have ever entered a bank and talked to a teller, at some point, you were a user of COBOL code; if you have ever used online banking or used internet-based payment systems, at some point, you interacted with the Java Runtime Environment. This is the simple truth that defines how the world operates for 20 to 30 years. This is actually our opportunity because all the value in the world is moving from hundreds of different chains and thousands of different oracle networks to this new blockchain format. This opportunity actually arises every 20 to 30 years, and it is about unifying all these independent systems into one application, and allowing developers and builders of these financial applications to complete it not in a few years or months, but in a few days and finally a few hours. Even if we provide all the best services, all the best data services, all the best identity services, all the best connection services, it is not enough. This will be very good, and this is the reason why Defi has grown from less than 100 million to over 2 trillion (TVL), it has created its own small economic prosperity in the world of Web3, so we know that it works. Establishing the next generation financial environment. The next challenge is how to achieve greater prosperity by allowing developers to quickly build very advanced applications, this is the history of runtimes, and how they affect the history of financial systems, and this is why we announced that we are building the Chainlink Runtime Environment (CRE). CRE seeks to play a role in the large financial prosperity before COBOL and JRE in the 70s and 90s, just as COBOL coordinated the first batch of databases into the first batch of core banking transactions, and JRE will...
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
SmartCon2024》Full text of Sergey Nazarov's speech: TradFi is efficiently entering Web3
Hong Kong SmartCon will be held on 10/30~10/31. This article is a selection of topics from the on-site reporter of Motion Zone, and the event is presented by Chainlink founder Sergey Nazarov explaining the oracle application in TradFi Cross-Chain Interaction. There is also a wonderful full review of the interaction at the scene. (Background: Welcoming the tokenization opportunity of 867 trillion magnesium for traditional institutions! Chainlink's Hong Kong 'SmartCon' marks the first battle in TradFi) SmartCon, hosted by decentralized oracle Chainlink, took place grandly at the Kerry Hotel in Hong Kong from 10/30 to 10/31, attracting many heavyweight international TradFi giants. It can be said that this is the first large-scale dialogue conference between web3 and TradFi industries, and our special envoy was on the scene on 10/30, bringing readers a first-hand report. This article will introduce the on-site presentation by Sergey Nazarov, co-founder of Chainlink, entitled 'Presentation by Sergey Nazarov of Chainlink'. Opening: Sergey Nazarov: Hello, it's great to see you all again this year, and I'm thrilled that we are gathered here together to contemplate how Decentralized Finance, Web3, TradFi, and Capital Market merge into the future of Smart Contract Internet. It's great to see everyone dressed so nicely, and the shirts look great. We're all here, and we're very excited. Setting a unified standard for Smart Contracts. Our fundamental goal here is to establish a standard and build a single Smart Contract Internet for that standard. This standard needs to operate in the worlds of Web3 Decentralized Finance and TradFi Capital Market, because when these two worlds become a single global Smart Contract Internet, they will collide and create huge financial and economic prosperity. So, our fundamental goal is to become this standard, and now, these two worlds are developing in two different ways: the world of Web3 Decentralized Finance and the world of TradFi Capital Market. We have made great progress, winning and becoming the standard for Web3 Decentralized Finance, driving most of it, and now we are making a lot of progress to become the standard for TradFi Capital Market. Our ultimate goal is for all these applications to work together, to achieve consensus on price, on how to trade value, on how applications operate, and to prove the security of each other and the counterparty on the chain-linked standard set. That is our fundamental goal. This is what success looks like: creating a global standard, powering the Smart Contract Internet, and creating economic prosperity, which will merge these two worlds into this large global market. We have made great progress in Capital Market and TradFi, besides the Web3 community, we have implemented production for large asset management companies. We have collaborated with major financial market infrastructure several times, and we are at different stages of implementation with some of the largest banks, financial market infrastructure, and asset management companies. Therefore, just as we, as a community, have successfully established Chainlink as the global standard for the Web3 Decentralized Finance community, this year we have made huge progress in establishing this standard for the TradFi Capital Market community. We achieve this by directly providing trap services, personal services, data services, reserve proofs, identities, Cross-Chain Interaction, and computing services in Smart Contracts. But what we have learned from providing all these services is that Chainlink provides the largest service universe for all data, connections, and data, and achieves in a way on a single platform that other systems in today's blockchain industry cannot do. What we actually understand is that there needs to be a way to weave all these services, all different Blockchains and smart contracts, all different payment systems into a unified application. The standard history of financial applications. If you look at the history of financial applications, you will basically see that every economic prosperity in the financial system is generated by simplifying how new technologies are used. In the 70s, when the first database appeared, you had the first successful runtime, COBOL, which simplified interaction with the database, simplified interaction with the first computing system, and successfully established the first electronic transaction, the first bank transaction in the 70s. This was accomplished by establishing a runtime technology, a low-level computing technology, which coordinated various systems into a single application by writing a piece of code, and this is the reason for the huge economic prosperity in the financial industry. This is the COBOL era, and then new technologies emerged, new database technologies, the internet and internet protocols, various languages, and financial systems and financial applications had to constantly evolve to interact with the new complexity of new databases, new languages, and the internet. The Java Runtime Environment (JRE) simplified this in the 90s, and by simplifying this in the 90s, it gave birth to web applications and online banking, just as COBOL gave birth to ATMs and face-to-face banking transactions. If you have ever used an ATM, or have ever entered a bank and talked to a teller, at some point, you were a user of COBOL code; if you have ever used online banking or used internet-based payment systems, at some point, you interacted with the Java Runtime Environment. This is the simple truth that defines how the world operates for 20 to 30 years. This is actually our opportunity because all the value in the world is moving from hundreds of different chains and thousands of different oracle networks to this new blockchain format. This opportunity actually arises every 20 to 30 years, and it is about unifying all these independent systems into one application, and allowing developers and builders of these financial applications to complete it not in a few years or months, but in a few days and finally a few hours. Even if we provide all the best services, all the best data services, all the best identity services, all the best connection services, it is not enough. This will be very good, and this is the reason why Defi has grown from less than 100 million to over 2 trillion (TVL), it has created its own small economic prosperity in the world of Web3, so we know that it works. Establishing the next generation financial environment. The next challenge is how to achieve greater prosperity by allowing developers to quickly build very advanced applications, this is the history of runtimes, and how they affect the history of financial systems, and this is why we announced that we are building the Chainlink Runtime Environment (CRE). CRE seeks to play a role in the large financial prosperity before COBOL and JRE in the 70s and 90s, just as COBOL coordinated the first batch of databases into the first batch of core banking transactions, and JRE will...