/biz/ - Business & Finance

>“The exciting thing is that it's happening in all these three significant ways. On the one hand you have these oracle networks starting to take on a life of their own and starting to become a sustainable resource for the larger crypto ecosystem; you’re seeing use cases other than DeFi—gaming and insurance—start to move towards production. You're seeing some of the enterprise architectures that we've come up with start to also, slowly, move towards production, On the enterprise side, you're going to continue to see us working with large enterprises in different ways. The architecture we came up with, with Google in using BigQuery and making hybrid cloud watching applications—people are building using that architecture and some of the things that are getting built are planned for production release”

>There are now almost 30 data networks (incl BTC, ETH, LINK, BAT), and Chainlink plans to publish the full list very soon. The rapidly expanding number of node operators has pushed Chainlink to become the 2nd largest eth gas consumer after Tether.

>“As we're building these networks, we've arrived at economics that makes sense—it costs less for a user to use one of our oracle networks, with seven to 21 nodes, than it does for them to broadcast from one node. With upwards of 10 users, a network becomes sustainable by those who use it. We're making a public good that people need, and, as enough people use the public good, it becomes its own economically sustainable public resource.”

>Total collateral locked in DeFi is $800 million, with a billion predicted in coming years. Nazarov sees DeFi as “the right market to really focus on” & believes that DeFi apps related to gold and derivatives could be potential boom areas—if they are made usable enough.

>"Gaming and insurance are 2 markets where we also have an influx of users, Insurance is slowest—a very complex industry with a lot of moving parts and a lot of regulation,” he hinted at an announcement in that area soon.