The Success Story of Sergey Nazarov: the Founder of Chainlink

• Sergey Nazarov is one of the important names  among the founders of Web3.
• Chainlink, a platform that connects the world to blockchains.

Sergey Nazarov, the son of Russian immigrants was born on February 11, 1986, in Moscow. His parents were engineers and moved to New York in the 1990s. His early life and family background played a crucial part in boosting Nazarov’s interest in the world of blockchain and cryptocurrency. At a very young age, he was introduced to computers and technology by his parents and got familiar with the keyboard at the age of five, and began reading programming manuals in middle school.            

Sergey Nazarov journey to becoming the man behind Chainlink

Focusing on the educational background of Nazarov, he completed his bachelor’s in Philosophy. The Management from New York University and worked as a Teaching Fellow at Stern School of Business. In the year 2014, three major things happened to Sergey Nazarov that completely changed his life. First, he became the CEO and Co-founder of Secure Asset Exchange which is a smart contract application for real-time revenue sharing with varied signature escrows. Secondly, he became the CEO and Co-founder of CryptaMail. The third is bringing the smartcontract.com domain and became the Co-founder of SmartContracts. A firm were connections between external data and smart contracts were developed.  

In the year 2017, he co-founded Chainlink with Steve Ellis and Ari Juels and co-authored the protocol’s white paper. Both of them giving birth to the idea of Chainlink. Chainlink is an industry-standard Web3 services platform establishing a connection between individuals, data, and businesses with the Web3 world of the future. Simply, it is a decentralized network of nodes offering data and facts from off-blockchain sources to on-blockchain smart contracts using oracles.  

The Story Behind the success

The idea achieved instant success, as the initial LINK token was provided with a $32 million Initial Coin Offering (ICO). Also, the idea intended to be centralized for information verification purposes but then decentralized to work with smart contracts to offer secure transactions by using external APIs and data sources.

The concept of a Decentralized system and security instilled confidence among the users as well as the developers in the Decentralized Finance (DeFi) space. In 2021, the Chainlink network exceeded $75 billion in Total Value Secured (TVS). The ecosystem increased by more than a thousand projects. The projects’ spring hackathon resulted in around 140 projects submitted from more than 4,000 individuals. Which is a significant enhancement in the ideas and number of participants. Hybrid Smart Contracts and the launching of services on networks like BNB Chain, Avalanche, Polygon, and Ethereum played a key role in advancing the projects.

In August 2021, Chainlink introduced Cross-chain Interoperability Protocol (CCIP). Keeping in mind that the future of smart contracts and crypto relies on Cross-chain solutions. The idea made even more strides in 2022 and surpassed around $6.9 trillion in TVE.

Chainlink’s assurance of security and decentralization offered trustworthy. Accurate services to the users as well as boosted the reputation of Sergey Nazarov in the crypto marketplace.    

Conclusion

Nazarov interested in the technology from a young age that played a vital role in boosting their interest in Crypto and blockchain. He is the Co-founder of Chainlink which is a service platform that connects individuals, data, and firms with future Web3. The continuous advancement and development of the idea made Chainlink one of the trustworthy services in the Cryptocurrency market.