How smart contracts will change the world | Sergey Nazarov and Lex Fridman

Lex Fridman Podcast full episode: • Sergey Nazarov: Chainl...
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GUEST BIO:
Sergey Nazarov is the CEO of Chainlink, a decentralized oracle network that provides data to smart contracts.
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[@stephenechols1741]

Lex is interviewing so many blockchain luminaries because they are some of the smartest people alive right now, changing the world before our very eyes.

[@Blackfilmguild]

Crop insurance is amazing. I am using it now through smart contracts in Africa. If it rains under a certain amount, then I pay out to the farmers, if it does rain a certain amount for the year I collect the insurance payment every month. Chainlink is changing the world!

[@mattbartlett0]

Prove it

[@kassiuskj3641]

Interesting. Thanks!

[@TheToxicgamer1000]

Yea how can I do this

[@jagatdave]

So basically...black smith guild heard this interview and wrote comment...or they paid this guy to speak ....haha...will check out

[@johnpederson8748]

Agreed, I too provide crop insurance through Ethereum smart contracts in Africa, the Americas, and Asia.

[@dopechannoodles9791]

Hopefully some day smart contracts can help us as a species evolve beyond the need for governments and banks and actually be the free people we’re meant to be.

[@chrisc7265]

decentralized tech undermines government, but it gives that power straight to press and universities (at least, that is the trend of the past few decades). Democracy never results in freedom for the individual, it always results in oligarchy. I don't think there's a technology that can change that.

[@chrisc7265]

​@eblman to be clear I'm not talking Joe Scmoe undergrad when I say universities --- I mean the power of elite institutions like Harvard or Yale to create culture/propaganda, configure mainstream ideas to serve oligarchic power, and bar those who don't pay fealty to said ideas from gaining power. I don't see online classes undermining that --- if online classes gain any sort of real accrediting system that people actually care about, they will find themselves in the same power traps. Not dissing online classes, they are great, but these sorts of democratic forces never result in the "power for the little guy" that they claim on the label. They always solidify into oligarchy. The latest tech is new to America but the democratic trend certainly is not --- and it always serves the same power structures.

[@chrisc7265]

@@sidh196 you're probably right about me personally, but those who eventually do make changes to the global order will be those who see the American empire for what it actually is ------ *not* those who believe they're actually making a dent in the existing power structure with decentralized tech (which, in every meaningful instance, has served traditional oligarchic institutions) btw I like tech, I'm just not under the illusion it's going to bring in utopia like OP

[@MrDoctorproctor]

Respect. I was just thinking. I hope it rains eventually otherwise it will have to be a very smart contract.

[@lukasmolcic5143]

the government exists because of the need to have a monopoly on violence in order to enforce the rule of law for a given territory, smart contracts won't affect that

[@Sumclinger94]

Some big ideas here. Thanks for the content, Lex!

[@AlexanderMoen]

I'd never considered the political promise aspect smart contracts could bring. That's exciting.

[@zdmc23]

It would need to be leveraged sparingly and with much caution. Consider a scenario where a politician promises to spend N% of discretionary budget on paying public artists to create vibrancy in the parks and on the street corners for the year ahead. Folks like the idea and the politician is elected. Upon taking office, an unexpected global pandemic hits and the government encourages everyone to stay inside. We also need to make an unexpected investment in personal protective equipment, etc... however, we're stuck using a significant portion of our budget on something that no one will get to enjoy, and the artists won't be safe doing. Locking yourself into future contracts can go very wrong, especially as a society. This is only a trivial example

[@bubbleboy821]

@@zdmc23 you could get around that with consensus. If both parties agree to terminate the contract, then that solves it. Also, that's just kind of the way contracts work. Sometimes you have to hold up your end of the bargain when you don't want to

[@Tazmanian_Ninja]

It is a fabulous and eye-opening example. Thank you! Super interesting perspective on the potential pitfalls of smart contracts, which will need to be taken into account. I think AVA Labs (Emin & co) have done some solid thinking on those matters. AVAX’ smart contracts do indeed take such precautionary if/then stuff very seriously.

[@kevinkilpatrick7510]

9:55 🤯amazing ideas and projections here great stuff!

[@k54dhKJFGiht]

Another "mind blown" moment. Thanks Lex and Sergey! I hadn't properly visualized the scope of how this could be used!

[@dna1238]

Yeah , watching those Stanford , Harvard and MIT lectures is mindblowing !

[@alphacapo1]

Wow! Very good explanation of what “Smart Contracts” are and how they will hold people accountable. Very nice

[@ethanstump]

from what i see, the volatility of tokens is so great, that so many people use tokens like stock shares, rather than bank notes.

[@heatization]

Crop insurance is what Etherisc (DIP) is building together with Chainlink! And not only crop insurance but other insurance products as well

[@unknowninfinium4353]

Total noob here, could you explain how this works and how it will impact other insurances?

[@heatization]

@@unknowninfinium4353 kzbin.info/www/bejne/o3i9nmyaq7Ome9k This should cover your questions

[@chadbringhurst8070]

Beautiful words...

[@RafaelCintron]

Very nice video! Please share more blockchain and smart contract related interviews

[@theovonskeletor3709]

This makes too much sense

[@jakesonderby]

well done

[@crazyprayingmantis5596]

Very very interesting

[@GBlunted]

Lex is high AF 🥳 lol!

[@Kaslor1000]

Damn, this will change the world completely.

[@rashiddiamonds]

Would you please let me know if I can a question to you ? Regards to building a application please ?

[@jamesfoxca]

Do you think trusted code may be challenging to achieve especially in complicated or complex situations? It’s my understanding agile project management methodologies propagated because people were tired of trusting code that ultimately failed to meet their needs.

[@Inertia888]

I wonder if something like GPT-3, and more advanced versions of AI could help us write the basic structure of a contract, after using some sort of polling system to gather data and preferences from the public. Feed the AI those polling results and then after the AI spits out a basic framework, humans could go over it and refine its nuances, then making the smart contract out of that. ??

[@Winston.noisemakers]

Would be interesting to hear Lex’s perspective on Sentivate and how they are building a hybrid universal web which has the potential to change internet!

[@whatsupbudbud]

Some of the stuff is interesting but what caught my attention was universal SSO with UDSP protocol. I absolutely don't want this as I myself will decide which services I use need to be aware of which other services. We already have a *ton* of issues with the advertising ID's being used across apps in smartphones and cookies in browsers without our consent, so no thanks.

[@thisisloop]

same shirt btw, love you sergey

[@sanansa4567]

can this replace surety bonds as well?

[@bighands69]

No but could be a tool that is used in such bonds. Surety bonds are a legal construct.

[@PhillipHilton]

From a utilitarian perspective the law exists to perform two functions in the economy: 1. Enforce ownership. 2. Enforce contracts. The issue with turning legal agreements and contracts into automatically executing code is one of logic and exception. In the event of a logical error that defeats the spirit/purpose of the agreement there is no arbitration or 'judis prudence' you move immediately to execution. Oracle failure, compromise or error is another issue. The 'independent third party oracle' triggers an agreed outcome at the wrong time or fails to trigger an outcome when it should. In the crop insurance example APIs may be upgraded or services decommissioned altogether contracting parties may die or entities dissolved. How are these conditions then arbitrated or ammended in the case of disagreement? Who maintains them? What happens when the contracting parties die or are dissolved?

[@280SE]

Man this dude knows what’s happening!

[@haikat4]

Sergey's partner, Ari Juels, is the guy who wrote the academic papers on most of these concepts in the 90s and early 00s. This team has a vision far beyond most other projects.

[@toleratinguncertainty4959]

Really exciting and cool ideas to think about. However, one glaring omission is HOW this would be implemented. Politicians and the people in power do not want to give that up. Why would they make laws that enforce these smart contracts to be held accountable?

[@andrew_blank]

Sergey is awesome

[@1MinuteFlipDoc]

the governments/politicians/lawyers will 'opt out' and not participate, and they will incentivize institutions to keep processes as they are (no change). a LOT of things/change is possible in this world, but there is generally a group of stakeholders benefiting from keeping things the same.

[@Tazmanian_Ninja]

Consider for a few minutes why China are, in practice, so embracing of blockchains and digital money. They looooooooove the thought of the transparency and control it can give them. I’m not a Bitcoin maxi, so don’t believe that we’ll all have Bitcoin as “mother goddess world-coin” (to use typical Michael Saylor verbiage). But smart contract blockchains will be a huge part of out future, me finks:)

[@1MinuteFlipDoc]

@@Tazmanian_Ninja china - a perfect example of the 'establishment' using the technology for THEIR purposes, and defeating the original hope/promise of the digital money.

[@aamrollahi]

This is the most visionary guy I have seen in this space

[@powhana6019]

Where is the insurance fraud protection in smart contracts?

[@kevyt3095]

From 0 to 1 in a very drastic way...

[@janusroland]

Seems like smart contracts and blockchain technology are able to strengthen democracy in many different kinds of systems.

[@Angel-if1mo]

Link!!!

[@natecaban3798]

Looking to be a Smart Contract Developer someday 🙏 this can be implemented in so many ways

[@TheRepain]

profound!

[@RonHeartt]

🔥🔥🔥

[@mahirhaque1801]

The biggest promise imo of smart Contracts: keeping our politicians accountable.

[@tobychenderson]

You're making the assumption the oracle distributed system is telling the truth. Remember, RIRO. There will always be attackers on an open network.

[@owenwilliams1324]

How does the farmer protect himself against currency risk? I find these discussion always center around the assumption that the dollar price of ETH will only go up. What happens if the farmer is buying seeds, food and rent in his local currency, he buys a smart contract, and it pays him out in ETH that is a significantly lower value in his local currency.

[@scroogemcduck1462]

It will use DAI or USDC, stable currencies pegged to the USD. It could also use RAI, a stable currency that has its own peg, or it could just pay out an amount of ETH corresponding with some predefined value in the local fiat currency.

[@dystoniaify]

I would pay anything for a good hearted person like Lex to interview Alison McDowell, to address the fears of many who are against this.

[@pavspol]

It’s not fears, it’s research.

[@rayfinkle9369]

lol Politicians would never bind themselves to these contracts that hold them accountable and make their actions transparent. It would be ideal, but no way ever.

[@dopechannoodles9791]

Politicians that refuse to participate in smart contracts (or violate smart contracts) don’t have to remain politicians. They will be weeded out with time.

[@bighands69]

Politicians? You mean the whole of society. We act as if politicians are some sort of different alien race when they are straight out of our culture and mirror what people want or are not willing to put the effort into. I suppose that is what years of media propaganda does to a society it turns them into apathetic creatures.

[@SemGabelko]

@@bighands69 Finally some intelligent comment on youtube, not quite often to see these days. Everyone is like "ooooo look at this technology it will change everything". No it won't. Not as long humans won't change, and humans won't change.

[@BaussHauggOutlawz]

@@SemGabelko that's the spirit 💪🤝

[@Mopark25]

@@SemGabelko And yet the world changes everyday...

[@floretionguru2977]

There is a huge difference between bureaucracy and corruption. Sure, they're correlated in the sense that more bureaucracy leads to more bureaucratic corruption, but you could just as easily say more free markets lead to more free market corruption. The goal should not be to reduce bureaucracy for its own sake- Europe, e.g. has all sorts of regulations in place to protect consumers which could be labeled "very bureaucratic". Instead, bureaucracy should be reduced in places where, after analysis, it is deemed irrelevant to consumer safety / well-being.

[@MKulik96]

That's why You should buy DIP Etherisc, you just can't find anything better below 100milion marketcap, we are still veery early. Decentralized insurance is the future

[@kevinkilpatrick7510]

8:15 🤯

[@LockeLeon]

I reminds to me to some sort of global social homeostasis and I feel like humanity because of being totally connected will become some kind of organism as a whole for the first time

[@softb]

@@alterego157 send me a thought

[@softb]

@@rohlay00 iewjffhuewfhuifhe4wyfw47fr

[@limanowski1234]

The essence of politics is not to be held accountable for promises. We all know this by now. It would be interesting to see how the politicians would ever agree to this.

[@chris_jorge]

the wont. it's fantasy to think they will.

[@jese8972]

A dying power never accepts that fate. Politicians dont have to agree.

[@thepapervigilante2208]

Check out Agrello (DLT) smart contract platform

[@letmesummarize1176]

Where can I find that 50$ android phone with those advanced features?

[@mk-13579]

It'd be awesome if we saw an interview with a member of the polygon team.

[@rynoaust442]

Brilliant ! I think smart contracts can definitely help curb corruption in South Africa

[@webduno]

You should read about the partnerships that Cardano is making in Africa

[@chris_jorge]

certainly. but wouldn't you need to bribe the government into implementing smart contracts? lol

[@webduno]

@@chris_jorge No necessarily, the idea is to take the control from the goverment, and give it to the people. Code is law. Nevertheless the are some partnerships with some goverments already in several countries

[@30secondtherapy]

Can’t wait for people to see Charles Hoskinson on Lex.

[@MrCananball]

Wow Lex, jeez!

[@Snake-Plissken]

This is the way!!!

[@markjames2338]

I’m not sure politicians will like this at all. Life is all about power for those kind of people.

[@ianjackson88]

Charles Hoskinson and Cardano have been banging this drum for years. Banking the unbanked in Africa.

[@aidanbrodieo]

Except there’s no working smart contracts on Cardano yet bro.. lol

[@ianjackson88]

@@aidanbrodieo Yet. Not something to be rushed Bro.

[@aidanbrodieo]

@@ianjackson88 In reality Cardano is a lot of fluff, with a bunch of hype and pumped bags but nothing to show for, the PR their doing is great though haha

[@ianjackson88]

@@aidanbrodieo the biggest blockchain deal ever struck globally is nothing to show for yeah?? No PR needed for Cardano, great hearing muppets like yourself try and bring it down

[@aidanbrodieo]

@@ianjackson88 Buddy, you must have just gotten into crypto

[@chadsr3455]

I thought the title said smart contacts like contact lenses and I was like o snap we gonna be cyborgs ?

[@herenow7661]

Same tf

[@user-mw7ll9lb5v]

Well neauralink so kinda

[@user-mw7ll9lb5v]

@Football Gamer for real

[@sanansa4567]

same here

[@cryptocypher7733]

This is like the birth of the internet. People will say it won't stick, but it'll be the future! So bullish on crypto!!

[@gganio]

Selling decentralized insurance to the Dahalos ???? That would be quite a stunt!

[@legalcoffee5315]

yes! a smart constitution!

[@MrDoctorproctor]

Just need “agreement of how the world should work.” then.

[@chris_jorge]

LMFAO. this is exactly what puts the breaks on this whole thing.

[@freedomfight1933]

It seems to me you guys are missing the enforcement part of the contract. If two people put money into a smart contract (basically an escrow acct) and then the "oracle" decides on an outcome and releases it accordingly great, that's easy. But no code is going to force a politician to put that future oil money into such a thing later. And it can't be done up front. Without that it's just the same as saying you're going to do it now. I can't believe two intelligent people are discussing it and don't even mention that.

[@cuongbui9708]

Politicians beholden to smart contracts. Wow.

[@leonard2833]

11:07 I didn't know robots could orgasm.

[@ChocoLater1]

Cardano

[@adelinaquijano1083]

I have no contact my friend my team search out how to pay my loan then he said don't pay no worries about that and thanks for her

[@BenMJay]

What’s the difference between a contract and a “smart” contract? The adjective.

[@airjoshua247]

BAO FINANCE?

[@pchristopher99]

Politicians will fight smart contracts to the death...a totally transparent political system ? What politician wants that ??? Not a one...good luck !!!

[@hague444]

Cant wait to see charles hoskinson on this podcast!!

[@patricksoon85]

I don't get how smart contracts work. Like for NFTs: You can't legally transfer copyright unless you hold it to begin with. If you don't, the item *shouldn't* hold value. Case in point: the recent sale of disaster girl NFT. She's not even the copyright holder since it's her Dad who took the photo. That someone is in a photograph doesn't give them any rights to the copyright in it. Another case in point: fanart involving major IP (e.g., wonder woman, spiderman, etc.). You shouldn't be able to sell copyright in the art unless you hold the rights to the underlying IP. These smart contracts seem more like automated mechanisms without any actual checks and balances. Calling them "smart contracts" seems hugely inaccurate.

[@pistachio775]

you're confusing NFTs with smart contracts, they're not the same. I'm not convinced about NFTs either but all they really do is show is a chain of ownership so that you can see that something actually originated from the artist (or photographer or whoever), they don't really add anything in terms of copyright and IP

[@haikat4]

Sergey says in this interview that NFTs are "not even the tip of the iceberg." It is just a concept using the technology that people are playing around with, it's not necessarily the purpose of Chainlink or Smart contracts.

[@mouzurX]

Why do you need dlt for crop insurance ? The revolution is satellite imagery and then a rule based on rain per m2. A centralized company could provide this insurance w fixed rules. The only problem is the farmer doesn't have a bank account so they cant turn their cash into digital money to pay insurance company. Exactly how does dlt circumvent the banking issue? I need a way to turn cash into crypto. Only if everyone in my entire region uses crypto can i step away from cash as a whole and trade with crypto.

[@info9lives850]

Yeah the cryptoHeads never seem to answer these questions, its mostly blind optimism these guys go by

[@tomdijsselbloem8852]

It would be very interesting to me, if we could have a decentralized system of governance that could oppose a non democratic regime. I 'm only not sure how this would work out in the real world.

[@brunonardi]

This system is still predicated on trust, for instance, you still have to trust whoever is providing this data about the weather in order to enforce the crop insurance smart contracts. Whenever the digital sphere touches the real world, you will always rely on a human being doing a certain action on the real world. that's why the mining incentive and proof of work keeps the actors in the real world honest, and the network secure. This is why Bitcoin works and is decentralized and trust-minimized, while the other "projects" have massive flaws that are being completely ignored in this discussion.

[@victoriakuntermann7751]

Hello URGENT What is the brand of this microphone?? Where can I contact the interviewer ?

[@Tazmanian_Ninja]

They’re using Shure SM7B mics.

[@intergalactic_passenger]

Cardano family

[@blizz2018]

Rolly on my wrist, chainlink on my wallet high. Swervin trough the bits, aint no limit in the sky.

[@pentesterpif]

February 22nd of 2022

[@zachsicurelli]

Ada or Ether

[@PelicanPixels]

Cardano!

[@scroogemcduck1462]

Cardano doesn't even have smart contracts, they only invest in marketing.

[@calebamore]

This is great, but eventually people will find a way to mess with the data that executes the smart contracts. It may still be better, I'm just saying, not foolproof

[@scroogemcduck1462]

Smart contracts are live and running now, containing millions and sometimes billions of dollars, run by code that can be inspected by anyone. If your code is written correctly without any bugs or oversights, it can't be "messed with". It happens that smart contracts to have bugs or get exploited or drained by the founders, but this very rarely happen to big projects that had their code audited and go through test phases, as any diligent team would do. Usually the contracts with issues weren't properly tested or are extremely complicated and have weird exotic features that probably should have been abstracted away from the token or contract layer.

[@calebamore]

@@scroogemcduck1462 Can you explain how it can't be messed with?

[@scroogemcduck1462]

@@calebamore When an application (smart contract) asks for a data input, it does so by contracting a specific function on a specific smart contract located as a specified address. This request for data input and where to obtain it is already coded into the application. This means you can't "feed" the application with data from any other non-verified sources, and you can't somehow intercept or hack the data to change it. This is by the nature of how smart contracts and blockchain work. in ChainLink's case, if every single data provider to ChainLink decided to collude and all provide the same wrong information to ChainLink which then was passed on to the recipient application, then the it be possible to game. But this is extremely unlikely to happen of course as every single one of those companies would lose their reputation and lots of money, but not impossible.

[@chris_jorge]

Lex is right to be skeptical. unfortunately, the bureaucrats and middlemen will fight tooth and nail to prevent adoption if there's nothing it in for them or if the change will negatively affect them. NFTs are taking off because art dealers are making a profit through fees. I certainly want to believe contracts will change the world. but altruism alone isnt going to drive wide adoption. [also, the third world crop insurance example can be done now. the smart contract isn't the missing piece. it's much more complex than that.] I don't think it's simply a matter of time till US government bills turn into smart contracts. there's is no incentive for politicians to change their ways. if politicians wanted to increase accountability they could do so NOW. they'd could start by writing shorter and more concise bills and not introduce them 10 minutes before they force a vote on them. lol. it's where Sergey says "anything we can agree on ..." that's the inherent problem. unfortunately, humans are not intelligent enough for smart contracts to work to their full potential.

[@mazharulhasan]

I think smart contract will run the world by the help of its transparency , its immutability.

[@jeffmccool5690]

Won't governments just use this data as proof for taxation? You can imagine tyrannical tax rates

[@carlylecarlyle7602]

Always asking important questions. "How will the political class get their share? "

[@VinodMoorkoth]

The analogy of crop insurance seems a bit exaggerated. Lex should have questioned it further. Insurance companies remain essential, even with the presence of smart contracts. Suggesting that blockchain, crypto, or smart contracts can bypass a flawed or inefficient government is not a logical assertion.

[@joshjosh575]

You don’t understand how smart contracts work. They are automated set to executes when threshold are reached, all without some clown middle man getting a cut for nothing. Realtor agents, dmv, Governor useless people will be replaced by AI through use of block chain tech on block chains serving as the new unbiased middlemen. Stay poor brokie.

[@pedromoya9127]

great idea!, decentralized systems and bureaucracy remove!

[@Jasonmanmosa]

Ideal*

[@haikat4]

@@gagecreekmore1202 Sure, just like an automated factory still needs a foreman.

[@calebtot]

Thanks to Algorand, I now own 5 tokens representing 1/432nd of a house in Tennessee. I will be paid out daily dividends from rent and value appreciation for as long as I hold the tokens.

[@user-or7ji5hv8y]

Was COVID ‘boom and bust’ due to information asymmetry?

[@timedowntube]

Boom. Blockchain products in democracy and national fiscal management is what I have been thinking about. Thanks for saying that in public Sergey. Direct democracy through smart contracts is THE revolution of accountability in government and bureaucracy. Watch them hate on it....... An NFT that has contract powers that IS my identity and I use to vote on everything. An NFT that IS the governemnet office that confers fiscal powers that is still controlled democratically by all of us. Profound social implications.

[@slax4884]

Very naively optimistic to think politicians will allow for enforcing smart contract accountability They need the fudge in the system Also code would be subject to social pressure of random talking heads of whenever the code is codified. Easier to add rules not remove. Code that's fixed can't be removed easily and no social pressure will work on it after the rules are set

[@zuratavas1401]

Ну, я, блть, стараюсь соблюдать принципы сообщества, Лёша!

[@tomkozlowski5205]

Lex is a "Joe Rogan for intellectual people's".

[@cookiecrisp182]

IOTA 🦋

[@HapaOhio]

Artists finally getting compensation; farmers not worrying about future yields; retailers not getting gouged by middlemen; eliminating bureaucratic roadblocks; holding politicians accountable. what's not to like about smart contracts?

[@addyplatebody]

Look at Satoshi man

[@chesstictacs3107]

ETC 🚀

[@kumulsfan8090]

This is why ethereum will flip bitcoin, because of smart contracts, because of tornado cash, and pulsechain which is about to release

[@sanansa4567]

Lex didn't grow up in the Soviet Union. LOL.

[@Ms123kill]

The idea is amazing but I don’t think he realizes how emerging countries work. Also, emerging countries are not the one which are taking most out of internet, at least in monetary terms. Bruh just making up bro-facts.

[@webduno]

Read about some of the Cardano partnerships in Africa

[@32kirby32]

He’s talking in information terms not just monetary

[@alanstei5680]

Can we have a smart contract for Real estate?

[@HelloThere-xs8ss]

Why? That would be a NFT.

[@bignugginn]

to what extent? E-notaries will be a thing for sure so we can track title ownership

[@johnnysinger3353]

@@bignugginn to avoid paying bank 30k closing fee.

[@karensams994]

There are startups working on this. People can already buy houses online without a realtor online in major cities.