Crypto Altruism Podcast Episode 179 - Chronicle - How Oracles Are Paving the Way to a Truly Decentralized World
In episode 179, we’re excited to welcome Jennifer Senhaji, Head of Growth at Chronicle, to discuss the importance of oracle technology and its role in Web3’s future. We discussed the challenges facing oracles today, how Chronicle is advancing the data infrastructure needed for a truly decentralized world, and some of the incredible social impact use cases that oracles have supported. Jenn will also share insights on the role of zero-knowledge proofs in data privacy, Chronicle’s partnership with MakerDAO securing $20B in value, and her vision for the future of oracles in a fully decentralized world.
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Key Takeaways
Oracles are a critical piece of plumbing behind the Web3 ecosystem, playing an essential role in building the data infrastructure bridging the traditional and onchain worlds.
As an essential piece of Web3 infrastructure, Oracles must be built resiliently. If Oracles were to fail, it would have a massive, cascading effect on the DeFi and Web3 ecosystems, resulting in liquidations, financial loss, and possible collapse of vital DeFi projects.
Given the key role of Oracles, it is important that they are decentralized to help bolster their security. By having a strong network of validators, it helps protect Oracles from malicious actors, thus protecting the broader Web3 ecosystem.
Oracles can help bring a high degree of transparency to financial institutions that have traditionally been opaque. They allow for third party neutral attestations, as opposed to having to rely on the single source of truth of the institution.
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Episode Time Stamps
02:05 - What was your “Ah hah” moment that first got you excited about cryptocurrency/web3?
08:25 - To lay the groundwork for the conversation, can you please give listeners a high-level overview of what an Oracle is, and some of the problems with Oracles as they exist currently.
10:30 - To start things off, can you please give listeners an intro to the mission of Chronicle.
14:30 - On the chronicle website, it mentions how “If we want to foster a truly decentralized future, data infrastructure must change.” Can you tell me more about this?
23:05 - Over the past few years, we have seen Oracles play an important role in social impact projects around the world, such as using weather data from an oracle to pay out crop insurance to smallholder farmers, or financial data to support microcredit initiatives in hard-to-reach communities. What are some of the most inspiring use cases of Oracles that you have seen?
27:35 - Decentralization is foundational to Chronicle, and I understand that all functions of Chronicle Protocol are decentralized. Tell me about the governance behind Chronicle.
31:30 - On your website, it mentions how “Opaque on-chain data infrastructure should be deprecated. We now have the technology, such as ZKPs, to preserve anonymity without sacrificing verifiability.” What makes Zero Knowledge Proofs such a valuable tool for on-chain data infrastructure?
34:40 - Let’s look forward 10 years into the future. In a fully decentralized world, would day-to-day role would oracles play?
39:00 - What’s the best way for listeners to get in touch and learn more about Chronicle?
40:50 - To wrap things up, if you could name one thing that excites you most about the social impact potential of web3, what would it be and why?
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DISCLAIMER
While we may discuss specific web3 projects or cryptocurrencies on this podcast, please do not take any of this as investment advice, and please make sure to do your own research on potential investment opportunities, or any opportunity. We host a variety of guests on this podcast with the sole purpose of highlighting the social impact use cases of this technology. That being said, Crypto Altruism does not endorse any of these projects, and we recognize that, since this is an emerging sector, some may be operating in regulatory grey areas, and as such, we cannot confirm their legality in the jurisdictions in which they operate, especially as it pertains to decentralized finance protocols. So, before getting involved with any project, it’s important that you do your own research and confirm the legality of the project. More available HERE.
