During a recent town hall on Twitter Spaces, Chainlink co-founder Sergey Nazarov distilled the dynamics driving Chainlink Economics 2.0, chiefly Chainlink becoming the industry-standard decentralized oracle network amid the growing consensus that oracles are a public good.
Last week, Nazarov elaborated on the concept of open-source software (OSS) and infrastructure like Chainlink’s decentralized oracle networks as public goods during Episode 41 of the Green Pill podcast hosted by Kevin Owocki, former founder of Gitcoin.
“I think the most impressive thing that a technology or invention can do is become a global standard, which means that it becomes a public good,” Nazarov said. When it comes to creating a global standard, he explained, “open-source software tends to win.”
Gitcoin is a double-sided marketplace that matches employers with skilled developers while creating incentive structures, such as quadratic funding (QF), that prioritize digital public goods projects creating the most value for the entire web3 ecosystem.
The Gitcoin Grants program aims to accelerate web3 development by maintaining what Owocki has deemed “the largest QF mechanism on the planet.” In support of QF-backed decentralized infrastructure, Chainlink has pledged matching funds in successive Gitcoin Grants rounds, including recently announced Round 15’s $2.8M main matching pool.
In conversation with Owocki, Nazarov said he believes blockchains have initiated a global transition toward trust-minimized applications that cryptographically guarantee degrees of transparency and reliability.
“I think all applications will eventually become trust-minimized,” he said. “And that is such a big, impactful shift that I think the systems that make it happen will have to be public goods.”
Propose a project for Gitcoin Grants Round 15 here.
Watch Kevin Owocki’s complete interview with Sergey Nazarov on the Green Pill podcast.