Eric Schmidt, a former CEO at Google from 2001 to 2011, said that Chainlink (LINK) has superior technology and an advantage over its rivals.
With so many crypto and blockchain companies in the world right now, sometimes it is hard to keep track who is doing well and who isn’t. Seems like the decentralized blockchain oracle network built on Ethereum, Chainlink has received a lot of attention, especially from former Google CEO Eric Schmidt.
Chainlink A One-of-a-kind Company In The Space
In an interview at SmartCon 2022, Eric Schmidt said that Chainlink possess all the necessary qualities to become a successful company, just like Google. He believes that Chainlink has a better technology than many of its competitors and poised to scale bigger and quicker.
“The winners – and I think this is absolutely true of Chainlink – they have better technology and it scales better. I’m now speaking as a computer scientist. You’ve got to get the architecture right so you can go from 10 users to 10 million users, and most of the systems… and this is not a comment about Chainlink, it’s about others, seem to fall over reasonably quickly. That’s my observation. They’re just not built to scale yet, and it’s just harder.”
Schmidt continued that Chainlink will be a crucial technology in the space in the future.
“You can’t do it in six months. It takes real computer science, real planning [and] real platforms. I think Chainlink, because of the way you’re going to provide compute services – and I’ll just use the generic word ‘trust services’ – will become a key component of that, but you’ll only be one. There’ll be a number of other players who will be important as well.”
Decentralized blockchain, Chainlink network aims to provide tamper-proof data that can be easily transferred from off-chain sources to on-chain smart contracts. Its developers assert that by linking the contract directly to real-world data, events, payments, and other inputs, it may be used to verify that a smart contract’s specifications are followed in a way that is independent from any of the contract’s stakeholders.
Chainlink Has Ability To Scale Bigger & Faster
Talking togeher with Chainlink developer Sergey Nazarov, Schmidt claims that the early 2000s IT giants were able to dominate their specialty before anybody else, effectively gaining an advantage over their competitors.
“At the end of the day, the companies that won in Web2 were better technology. They put more capital to work, and they moved faster, and they scaled faster. And these are network businesses, so once you get a little bit ahead it’s very hard to catch up to the person ahead of you.”
He sees that Chainlink is early in terms of their technology as compared to other competitors, which gave them a leg-up in the space.
“In [Chainlink’s] case because you were early and very smart obviously, you got in there first, so you see it from the standpoint of the the person who’s ahead. So I think that in Web3 you’re going to see the same dynamic of new things entering.”
Sergey Nazarov and Steve Ellis developed Chainlink in 2017. That same year, they collaborated with Cornell University professor Ari Juels to write a white paper presenting the Chainlink protocol and network. Chainlink serves as a “bridge” between off-chain environments and blockchains. In 2019, the network that supports smart contracts was formally activated.
By February 2022, Chainlink had secured more than $60 billion deposits into smart contracts and was being used by 1,100 projects. Recently, Chainlink partnered with SWIFT on a PoC which allows instruct token transfers.