Chainlink creator Sergey Nazarov says LINK could be the future universal gas token for the digital asset ecosystem.
In a new interview, Nazarov explores the payment abstraction layer (PAL) of Chainlink’s tech stack, which aims to minimize the complexity of paying for its services while allowing oracle networks to get paid in LINK.
According to Nazarov, the abstraction layer will make it easy for developers to make payments in whatever medium of exchange they want while converting the payments into LINK, bringing more utility to the LINK token.
“Payment abstraction is the way that the Chainlink network is going to simplify the ability of developers to pay the forms of value that they have the most access to. So the forms of value related to their own token. They’ll eventually be able to pay in their own token. The ability to pay in the native token of the chain that they’re on, which they may have, the ability to pay in stablecoins, and eventually, also, the ability to pay in credit cards or whatever – whatever category of payment they’re comfortable with.
And this results in basically making LINK the universal gas token because you can accept any payment into the system and then that can be turned into LINK and then sent over to the node operators that they then keep and stake and use for various security purposes.”
The Chainlink co-founder reiterates how the payment abstraction layer can increase the number of developers within the ecosystem, and help drive Chainlink adoption.
“So I think it’s really the payment abstraction approach that is a very good way to reduce friction, to increase the amount of developers who can use the system easily, therefore increasing the value that can be brought into the system, and turn the LINK token into this universal gas token that makes it a lot easier for everyone to adopt Chainlink.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Ormalternative/David Sandron
