chainlink oracle conferenceFireside Chat With Emin Gün Sirer of Ava Labs and Sergey Nazarov of Chainlink SmartCon 2022

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foreign [Applause] thank you um hi again everyone long time no see um so Im thrilled to be here with uh with Iman who Ive known for many years and who is uh the creator of avalanche one of the most widely used chains and one of the fastest growing ones for D5 and other applications I also wanted to congratulate him in on a recent two-year anniversary of avalanche which is an important kind of Milestone and its obviously developed a lot in in the last two years um Ive heard a lot of great things about Avalanche from developers and users and a whole bunch of different folks I think one of the most interesting technical developments is subnets and then theres a few others even Im kind of going to leave it to you to explain subnets to us and give us a sense of how those are developing and any other big Innovations in the Avalanche ecosystem sure gladly so uh its been about two years since Avalanche has come online since our big maintenance event and in that time I think we managed to prove to the world that we have a genuinely new Step Up in terms of consensus protocols we have by far the fastest chain when it comes to time to finality and we have one of the uh the most compelling architectures for people to build upon thats an architecture based not only on a fast L1 but also the ability for people to create their application specific blockchains we call those things subnets so if you have a demanding application and you have a token that you would like to use for staking for fees for rewards Etc then you can actually spin up your own blockchain where that thing executes according to your own virtual machine you can actually introduce new virtual machines into the world and uh and then you can do whatever you like in that Universe its entirely yours your fees are isolated from other activity on chain so uh at the same time unlike an L2 Vision where l2s are very diverse and different from each other in this universe there is actually Unity of uh of assets and unity of architecture so these subnets are all under one common umbrella and its easy to get in from the main chain to the subnets and vice versa the apis are unified so thats the subnet architecture and Im thrilled about the opportunities this has presented for example when we had congestion on our main chain we managed to uh to essentially split out the uh the incredibly successful games which were creating a lot of load and driving D5 prices up to their own subnets and weve proven to the world that this is the architecture that truly scales we dont need fancy new inventions we have something that works and its been proven to work for multiple use cases I think were up to some number of subnets now with many dozens in preparation on testnet so Im really thrilled about where we are with the subnet subnet vision and Im looking forward to more people who might want to launch their own blockchains on top of uh you know underneath this architecture yeah thats thats definitely very interesting so so basically youre seeing more and more essentially app chains coming online and Avalanche and you feel that thats the scalability approach thats the future of our entire industry is that every app will essentially have its own chain every demanding app should have should at some point will or rather there is a typical uh typical sort of progress for apps they if they become successful they end up putting a lot of load on the underlying system or if they share a system with other successful apps they end up facing High fees the way to isolate yourself from those is to create your own blockchain and thats exactly what we provide with subnets got it makes sense yeah I think it makes sense as a scalability approach also I think at the end of the day these applications will have so much load whether its gaming or D5 or any number of other categories that youre just going to see hundreds thousands tens of thousands of app chains um coming into existence to properly power the scalability and those you know those app chains definitely need a scalable way to interact with each other and they need a scalable way to come into existence absolutely so the whole app chain thesis definitely definitely adds up um I I wanted to also get your feedback and kind of maybe partly switch topics to how you see oracles and the role that you feel oracles play in making you know these app chains successful and making applications successful on on Avalanche generally yeah thats a great question its one that we often come back to every time I chat with you and uh let me reiterate what I told you when I first met you and uh as soon as I spoke to Sergey I forget how many years ago it was as soon as I spoke to him at a tiny little research conference and it was way before chain like I think it was a gleam in your eye at that point I realized hey this is going to be a huge huge area the interface between blockchains and the real world which is bridged by oracles is going to be one of the critical uh stumbling blocks if not done well a critical vulnerability if not done well and a huge enabler if done well and so our our cooperation and partnership with chain link has been an immense boost to us in terms of getting Avalanche defy off the ground about two years ago we barely exactly two years ago I think we were maybe a week old or so so uh so we were just a nice and tiny chain now Avalanche Defy is one of the biggest defies at some point I think we were the number three in terms of tvl or number number three in terms of TV alone chain and um and so uh and right now also we have a very very healthy economy a very healthy defy uh ecosystem entirely enabled by oracles and in no small part due to chain link great makes makes sense thank you um you know we recently also jointly announced that Avalanche is participating in the scale program which seeks to get even more uh Oracle networks and various service onto the Avalanche system in a scalable cost-efficient way um you know I think its a great program because it gets even more great Services into the Avalanche ecosystem so people can build even more advanced applications but but also wanted to hear your your views on the scale uh partnership and program and and how you feel it can benefit Avalanche sure Im thrilled about the scale partnership that were uh Weve announced and are about to launch and uh the the core idea behind scale is to increase the number and quality of oracles available to our applications so this is a game of enabling as many other people to do whatever they like and to create as much value as they can so for a platform provider like like me its very very straightforward allow other people to get to wherever they want to go thats what what were in the business of now one of the key things for that is having high quality oracles and having enough Choice among them to be able to allow people to make informed uh you know decisions and to match their security needs to that end as I mentioned our cooperation with uh with chain link has been incredibly successful scale now takes it up to the next level by increasing both quantity and quality Im especially excited about the new diverse oracles that were about to uh to bring online like the vrf ones Etc that bring new cryptographic abilities and and different sources of of information onto the chains one thing I should mention unlike many other chains that try to compete with the dollar unlike many other chains that try to build a computer in the sky we are different at Avalanche we are here to digitize all of the worlds assets and to digitize the worlds assets there needs to be a tight coupling between what happens on chain and the real world world so our Reliance our connection to oracles has always been of utmost importance to us and scale again is the is a key enabler for that some of the things we announced uh like the KKR fund uh coming on to and issuing one of KKR for those who dont know has about its a big asset manager with about 500 billion dollars in assets its one of the biggest thread five players and they just decided to digitize a fund of theirs on a on a blockchain and they chose the Avalanche blockchain in no small part due to the rich and and good uh D5 ecosystem that we have built we would like to bring more and more of these kinds of players into the space to break out of the crypto bubble and to expand into the World At Large So to that end I think this partnership is going to play a crucial role great makes sense yes its absolutely our goal to provide even more great Oracle networks and services to Great development environments Avalanche I think can can definitely continue to grow and have great developers build amazing applications and I think that will attract additional um you know large players like KKR like others as long as theres a robust environment to build good applications with good services and and all that kind of composability eventually adds up to a very good developer environment which at the end of the day is what scale offers its the ability to create a great ecosystem and develop an environment for people to to build the next um the the next stage of of their ecosystems development so really appreciate you working with us on that and excited to help bring Avalanche to new heights with the help of even more oracles and Oracle Networks um you know I in the time that we have left um Id be thrilled to hear your views on you know where the industry is going what do you think the next stages are for the industry for defy and for for for for other categories of um of the blockchain industry sure um I think I mentioned a couple of years ago that it was going to be a a war of chains in terms of uh you know in terms of chains that scale and that that has played itself out mostly by now so now you have the emergence of really fast change like Avalanche and then you have different takes on this uh you have chains that actually trade off latency to try to get slightly more capacity so thats going to be an interesting thing as it plays out after the ethereum merge uh well see how that that pans out but um but I called that one and and I would like some credit for having called it I then called uh the bridge Wars I said about a year and a half ago that the that the coming year was going to be one of the war of bridges um that turned into a war of hackers on Bridges and a lot of bridges got attacked so uh so that was that and thats also played itself out the number one Bridge today is one that we built based on the secure uh secure Enclave technology that we built so whats next for For The World At Large for for blockchain is at large a couple of things I think were beginning to see tradify actually take an interest for real and thats really really exciting to me were beginning to see real new assets come on to chains and thats going to there were some bottlenecks but with the subnet architecture we can address their their compliance needs and we can allow people to to bring in the 700 trillion of value thats off chain onto onto blockchains another thing that Im super excited about for those of you in the audience that might be interested in cool Tech um this is something that we just unveiled its called a fully encrypted exchange fex to complement cexs centralized exchanges and decentralized exchanges a fully encrypted Exchange is kind of like a DEX but not really like a decks in that it provides privacy and so orders need not be public as they are with the decks and so you can actually build things where the trades themselves can take place in private information is not leaked even an Insider working at an fx effects is unable to leak information I think this is a new era because even on Wall Street the Wall Street ends up criticizing us quite a lot but when you look at what they do its entirely trust based and the only way that trust is not misplaced is because there are inspectors who come in for post-facto and try to unveil crime and occasionally they find something and often they miss it but with an app with a with a with effects with a with a fully encrypted exchange compliance is built into the platform so that that inspection is not necessary think of it as a secure smart contract operating with privacy thats what it offers Im really really excited about that technology so were going to see innovation of this kind take place and I think I think as of this moment I would say the last six months or so we are ahead in terms of Technology compared to Wall Street and thats a fantastic place to be at even in a bear Market I think that that is one big technical achievement weve done as a space and its going to Bear a lot of fruit because we will build layered Solutions on top of this that are so much that are so far superior that it is theyre going to have their own draw makes sense yeah that does sound exciting um I think Im also seeing a lot of trade Fire coming into the industry and starting to to take it very seriously um I think theyre seeing their institutional clients uh demand tokenization access and eventually also Express an interest in defy I think this is the thing that were both seeing from from different points of view I think thatll require a good blockchain layer and I think itll require a good connectivity layer to make sure that you know those systems can function properly and um you know I think this uh encrypted side of the exchange question is very interesting as well and in addition to the trade fire I think a lot of trade fire will depend on both the ability to give them privacy and the ability to give them um identity so that they can be compliant so if we can provide the oracles that provide identity and there can be different mechanisms to provide privacy to their activities then they can kind of check all their boxes and bring hundreds of trillions of dollars into the blockchain ecosystem which which is something that they are already starting to do basically because their clients are saying to them that this is what they want and at the end of the day these people do what Their clients want they dont really do anything else they just listen to their clients they service their clients they keep their clients and theyre all very happy so I I think I completely agree with you this is all going in in that direction and as long as we can provide identity and privacy through on-chain encryption or through oracle-related encryption we can we can really welcome this large influx of value into the blockchain industry and into D5 so its its been great chatting with you even you know we have uh we have a lot of other stuff to cover in the conference but its been a real pleasure to have you here its always a pleasure to chat with you and I I know the immense amount of contributions youve made to our space which I always appreciate its uh its always a pleasure to see you and I want to thank you for being part of the conference thank you thank you so much for having me and thanks thanks [Applause] Join Chainlink Co-Founder Sergey Nazarov for a fireside chat with Ava Labs Co-Founder and CEO Emin Gün Sirer. They explore subnets, appchains, Avalanche’s role in the Chainlink SCALE program, and much more.Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains. Learn more about Chainlink: Website: Docs: Twitter: Chainlink Chainlink,