Former Google CEO Eric Schmidt has joined Chainlink Labs, the company behind blockchain oracle solution provider Chainlink, as a strategic advisor. Schmidt will join a team that includes former Coinbase CTO Balaji Srinivasan and Cornell computer science professor Ari Juels to help Chainlink Labs achieve its multi-chain interoperability goals. From 2001 until 2011, Schmidt was Google’s CEO, guiding the company’s transformation from a Silicon Valley start-up to one of the world’s largest online corporations.
In June 2017, Chainlink Labs announced the Chainlink network, which uses a decentralized oracle network to give real-world data to Ethereum and other blockchain networks’ smart contracts.
An oracle is essentially a software component that connects the immense resources of the ordinary off-chain internet with secure blockchains. Oracles like Chainlink enable safe communication between blockchains and any off-chain system, including data providers, payment systems, e-signature systems, cloud-based apps, smart devices, and other blockchains.
The Chainlink network features its own utility currency, LINK, which pays the ecosystem’s node operators. With an ever-increasing trading volume and market value, LINK has established a solid reputation in the cryptocurrency industry. Chainlink now has a market capitalization of more than $10.45 billion (approximately Rs. 78,925 crores) and is ranked 20th among the top cryptocurrencies by market capitalization.
“The launch of blockchains and smart contracts has demonstrated tremendous potential for the development of new business models,” Schmidt said in a press release. “However, it has become clear that one of blockchain’s greatest advantages — a lack of connection to the outside world — is also its greatest challenge.”
“Chainlink is a key component in realising the full potential of smart contract platforms and transforming business and society. I’m pleased to be a part of the Chainlink Labs team as they work to create a future that is driven by truth “Added he.
The announcement comes after Chainlink unveiled the Cross-Chain Interoperability Protocol (CCIP), a global, open standard enabling developers to create safe services and apps that can transmit messages, move tokens, and perform operations across various networks.