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How Trust-Minimized Apps And Smart Contracts Become World’s Largest Technology Market

At this year’s Coindesk Consensus 2022 festival, Chainlink co-founder Sergey Nazarov delivered a virtual presentation on Chainlink Economics 2.0 including a roadmap for staking on the Chainlink Network.

Nazarov also outlined a global trajectory toward cryptographically guaranteed systems enabled by trust-minimized applications and smart contracts that utilize Chainlink’s decentralized infrastructure, including more than 1,000 distinct oracle networks that currently secure tens of billions of dollars in decentralized finance (DeFi).

He predicted that trust-minimized applications and smart contracts will forge cryptographically guaranteed relationships beyond DeFi – to everything from commodities, equities, real estate, derivatives, advertising, ticket sales, gaming, insurance, etc. – ultimately constituting the world’s largest technology market worth hundreds of trillions of dollars.

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“When I say a cryptographically guaranteed society, I mean a global market for everything,” Nazarov explained. “Everything where you have a digital relationship.” 

While today’s world runs on faith in centralized institutions and brand promises that can be reneged on, Nazarov said the demand for end-to-end encrypted messaging over the past decade inevitably paves the way for cryptographically guaranteed relationships as society’s new minimum standard for interactions between people, platforms, and institutions.

“That’s why the trust-minimized application market and the smart contract market is essentially the largest technology market in the world,” he concluded. “Because it is a reformatting of all digital relationships into a cryptographically guaranteed form – the better form, the form that all of us want but only some of us understand.”

Watch Sergey Nazarov’s full presentation at Consensus 2022.

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