3min chapter

Chain Reaction cover image

Chainlink co-founder talks cryptographic guarantees in web3 (w/ Sergey Nazarov)

Chain Reaction

CHAPTER

The Importance of Oracle Networks Powering Smart Contracts

Sergei Kuznetsov: Oracle Networks are really the thing that puts the word smart and smart contracts. He says blockchains create consensus only about three things, private key signatures, token ledgers, and smart contracts as a state machine. When an Oracle network goes live on a certain chain and provides data to it, his company has seen its value skyrockets by more than 100 Xs., he says.

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