{"id":85127,"date":"2023-09-28T17:18:23","date_gmt":"2023-09-28T14:18:23","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85127"},"modified":"2025-09-12T21:27:55","modified_gmt":"2025-09-12T18:27:55","slug":"chainlink-chief-identifies-three-genuinely-decentralised-networks","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/chainlink-chief-identifies-three-genuinely-decentralised-networks\/","title":{"rendered":"Chainlink chief identifies three genuinely decentralised networks"},"content":{"rendered":"<p>Chainlink co-founder <a href=\"https:\/\/forklog.com\/en\/news\/what-is-chainlink-link\">Chainlink<\/a> Sergey Nazarov expressed concern about the current state of protocol governance. In his view, there are only three \u201csignificantly\u201d decentralised blockchains \u2014 Bitcoin, Ethereum, and, of course, Chainlink itself. He said so in an interview <a href=\"https:\/\/decrypt.co\/199066\/only-bitcoin-ethereum-chainlink-are-meaningfully-decentralized-sergey-nazarov\">Decrypt<\/a>.<\/p>\n<p>For Nazarov, decentralisation is a &#8220;security mechanism&#8221;. However, he clarified that the idea also rests on resilience to censorship and transparency.<\/p>\n<p>As examples of &#8220;theatre of decentralisation&#8221; he cited the collapsed <a href=\"https:\/\/forklog.com\/en\/news\/celsius-files-for-bankruptcy-protection\">Celsius<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">FTX<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/voyager-digital-files-for-chapter-11-bankruptcy\">Voyager<\/a> and the recently hacked <a href=\"https:\/\/forklog.com\/en\/news\/mixin-network-hacked-for-200-million\">Mixin Network<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cTruly decentralised systems remain secure,\u201d the developer added.<\/p>\n<\/blockquote>\n<p>In contrast, he recalled the four-year period of Chainlink without hacks. During this time the network processed transactions worth $8.5 trillion.<\/p>\n<p>Nazarov believes that at some point people began to view decentralisation as a &#8220;fashionable buzzword&#8221;. Meanwhile, many companies started using it &#8220;to attract capital&#8221;.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Not all is well with Ethereum<\/strong><\/h2>\n<p>Although Nazarov highlighted the second-largest cryptocurrency network, it still faces criticism due to Lido Finance&#8217;s sizeable share in staking.<\/p>\n<p>Danny Ryan, a member of the Ethereum Foundation, responded, saying the service undermines the economics of the blockchain.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">??? Danny Ryan of the Ethereum Foundation calls <a href=\"https:\/\/twitter.com\/LidoFinance?ref_src=twsrc%5Etfw\">@LidoFinance<\/a> a &#8220;corporatization, a centralization and a system threat&#8221; of Ethereum. <\/p>\n<p>&#8220;What happens when a regulator realizes that 3 people control the vote? I got 3 doors to knock on, easy.&#8221; ? <a href=\"https:\/\/t.co\/K3eDQl5SAm\">pic.twitter.com\/K3eDQl5SAm<\/a><\/p>\n<p>\u2014 Pledditor (@Pledditor) <a href=\"https:\/\/twitter.com\/Pledditor\/status\/1706606105961341382?ref_src=twsrc%5Etfw\">September 26, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00ab[The Lido team] is pushing a governance token belonging to a venture-capital group to the centre of the protocol,\u201d he explained.<\/p>\n<\/blockquote>\n<p>In his view, most of the tokens for distribution are allocated among investment organisations, which &#8220;re-create their shabby companies in the blockchain&#8221;.<\/p>\n<p>Nazarov sees two paths to resolve the situation. First, end the \u201ccycle of fashionable buzzwords\u201d and focus on building systems that deliver proper security. The other part of the responsibility lies with the people themselves, according to the Chainlink chief.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe need to become more educated consumers,\u201d he emphasised.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\"><strong>Cross-chain hiccups<\/strong><\/h2>\n<p>As Chainlink seeks to enter the space of cross-chain bridges, co-founder Sergey Nazarov <a href=\"https:\/\/blockworks.co\/news\/chainlink-bridges-unsecure\">noted<\/a> that most <a href=\"https:\/\/forklog.com\/en\/news\/what-are-cross-chain-bridges\">cross-chain<\/a>-protocols are \u201cabsolutely unsafe\u201d.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cSystems built in this industry promise much, but they are not able to deliver resilience in any way. Creating true security isn\u2019t easy,\u201d he noted.<\/p>\n<\/blockquote>\n<p>Moreover, cross-chain infrastructure is hard to decentralise, the programmer clarified. This is because bridges themselves are not blockchain-based systems; they are merely a linking bridge between them.<\/p>\n<p>Most such protocols consist of a single server that passes information and assets between two chains, Nazarov explained. At the same time, organisations can create a false impression of security and decentralisation.<\/p>\n<p>As an alternative, the co-founder of the oracle network proposes developing a cross-network platform governed by several separate networks, which will also be able to respond quickly to risks.<\/p>\n<p>Drawing on the example of his own cross-network protocol, Nazarov noted that the technology comprises three distinct networks on each bridge.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThere are two networks that verify and execute each transaction, and a third, called the risk-management network. It does not execute operations, but approves or rejects them based on a pool of parameters,\u201d he explained.<\/p>\n<\/blockquote>\n<p>In August, developers of Coinbase-supported <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-layer%e2%80%912-solution-in-blockchain\">layer-2<\/a> Base <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-outlines-plan-to-decentralize-base-its-layer-2-platform\">presented<\/a> a plan to transition the protocol to a decentralised model, envisaging several technical upgrades and the removal of a single point of failure.<\/p>\n<p>Earlier, similar plans were announced by <a href=\"https:\/\/forklog.com\/en\/news\/polygon-team-unveils-new-governance-model-for-the-protocol\">Polygon<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/dydx-developers-launch-new-testnet-as-they-move-toward-full-decentralisation\">dYdX<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/opinion-starknet-roadmap-lays-the-groundwork-for-a-2024-airdrop\">StarkWare<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/opinion-blockchain-developers-struggle-to-achieve-true-decentralisation\">Gnosis<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chainlink co-founder Sergey Nazarov believes there are three \u201csignificantly\u201d decentralised blockchains\u2014Bitcoin, Ethereum, and, of course, Chainlink itself.<\/p>\n","protected":false},"author":1,"featured_media":85128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1388,130,1150],"class_list":["post-85127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-chainlink-link","tag-decentralization","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=85127"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85127\/revisions"}],"predecessor-version":[{"id":85129,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85127\/revisions\/85129"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/85128"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=85127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=85127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=85127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}