Chainlink creator Sergey Nazarov says LINK could possibly be the longer term common fuel token for the digital asset ecosystem.
In a brand new interview, Nazarov explores the cost abstraction layer (PAL) of Chainlink’s tech stack, which goals to attenuate the complexity of paying for its companies whereas permitting oracle networks to receives a commission in LINK.
In keeping with Nazarov, the abstraction layer will make it simple for builders to make funds in no matter medium of alternate they need whereas changing the funds into LINK, bringing extra utility to the LINK token.
“Fee abstraction is the best way that the Chainlink community goes to simplify the flexibility of builders to pay the types of worth that they’ve probably the most entry to. So the types of worth associated to their very own token. They’ll ultimately have the ability to pay in their very own token. The flexibility to pay within the native token of the chain that they’re on, which they might have, the flexibility to pay in stablecoins, and ultimately, additionally, the flexibility to pay in bank cards or no matter – no matter class of cost they’re comfy with.
And this leads to mainly making LINK the common fuel token as a result of you’ll be able to settle for any cost into the system after which that may be become LINK after which despatched over to the node operators that they then hold and stake and use for varied safety functions.”
The Chainlink co-founder reiterates how the cost abstraction layer can improve the variety of builders throughout the ecosystem, and assist drive Chainlink adoption.
“So I believe it’s actually the cost abstraction strategy that may be a excellent solution to scale back friction, to extend the quantity of builders who can use the system simply, subsequently growing the worth that may be introduced into the system, and switch the LINK token into this common fuel token that makes it so much simpler for everybody to undertake Chainlink.”
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