The post Chainlink co-founder notes importance of oracle networks following NYSE glitch appeared on BitcoinEthereumNews.com.

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.” Read more Source: https://cointelegraph.com/news/chainlink-co-founder-importance-oracle-networks-nyse-glitch

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Filed under: News - @ June 4, 2024 4:26 pm