Chainlink co-founder notes importance of oracle networks following NYSE glitch
Sergey Nazarov explained how Chainlink could remedy centralized points of failure inherent in centralized information processing systems.
Following a glitch responsible for dropping the listed price of several securities listed on the New York Stock Exchange by up to 99.9%, Chainlink (LINK) co-founder and CEO Sergey Nazarov chimed in and reminded the public that legacy financial systems are prone to critical vulnerabilities as a result of their highly centralized architecture.
In a statement to Cointelegraph, Nazarov explained how Chainlink’s oracle network could provide a solution to the vulnerabilities inherent in centralized systems:
“Decentralized oracle networks, which were invented by Chainlink, can mitigate these risks by providing accurate, tamper-proof data. These networks aggregate data from various sources and use consensus mechanisms to validate information, ensuring data integrity and preventing erroneous trades and price manipulations.”
Go to Source
Author: Vince Quill
