Key Takeaways

  • Former Google CEO Eric Schmidt has joined Chainlink as a Strategic Advisor.
  • Schmidt said that he was excited to help Chainlink unlock the power of smart contracts.
  • Chainlink has taken a back seat in the cryptocurrency market in recent months. LINK is currently 61% short of all-time high.

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Schmidt described Chainlink as “a secret ingredient to unlocking the power of smart contract platforms.” 

Google Alumnus Joins Chainlink Labs 

Chainlink Labs has recruited former Google CEO Eric Schmidt as a Strategic Advisor. 

The crypto project behind the decentralized oracle Chainlink announced the update Tuesday. In a press release, Chainlink Labs noted that Schmidt would help the team “build a world powered by truth.” 

Chainlink is an oracle project that provides real-world data for smart contracts. Since launching in 2017, it’s become a crucial part of the DeFi ecosystem, powering many of the leading projects built on Ethereum and other blockchains. Its independent node operators include the likes of Deutsche Telekom’s T-Systems, Swisscom, the Associated Press, and the network currently secures over $80 billion worth of digital assets.

Chainlink co-founder Sergey Nazarov said that Schmidt’s experience at the helm of one of Big Tech’s most successful companies would make him a strong addition to the project’s team. “Blockchain networks and Chainlink oracles are at a crucial inflection point in terms of growth and adoption,” he said. “Eric’s experience and insights around building global software platforms for next-generation innovation will be invaluable as we help developers and institutions usher in a new age of economic fairness and transparency.” 

Schmidt added that blockchain technology had “tremendous potential,” but said that its independence from the outside world was also “its biggest challenge.” He said: 

“Chainlink is a secret ingredient to unlocking the potential of smart contract platforms and revolutionizing business and society. I am excited to be helping the Chainlink Labs team build a world powered by truth.”

Schmidt served as Google’s CEO from 2001 to 2011, overseeing the firm’s rise from a Silicon Valley startup into one of the world’s most important companies. Under his leadership, Google went public at a $23 billion valuation and launched ubiquitous products like Gmail and Chrome. 

To date, Schmidt has not been particularly prominent in the crypto and DeFi space, but the Chainlink appointment should change that. Chainlink, too, has had a relatively slow year despite its growing presence in the DeFi ecosystem. Its native token, LINK, has traded sideways since a market-wide May crash, even as assets like BTC and ETH rally to record highs. At the current trading price of $20.54, it’s up 73% year-to-date, but still around 61% short of its all-time high price. 

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. 

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