Chainlink Labs takes Former Google CEO Eric Schmidt On-board

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TL;DR Breakdown

  • Chainlink Labs announces the hiring of ex-Google CEO, Eric Schmidt, as a new strategic advisor.
  • With vast experience in the tech industry, Schmidt looks to achieve interoperability with Chainlink Labs.
  • The decentralized oracle network looks to grow and expand under a new advisor.

Chainlink Labs is considered among the top crypto projects in the industry. The network aims to connect data from the outside world to a blockchain. However, Chainlink Labs looks to expand its horizon, and it has most recently announced new hiring in this regard. The crypto protocol announced the former CEO of Google, Eric Schmidt as the company’s new strategic advisor.

Eric Schmidt is a dignified name in the digital world as he enjoys the credibility of his vast experience in the field. He served Google for well over a decade. At first, he worked in the capacity of a CEO from 2001 to 2011, and for the next four years till 2015, Schmidt was the Executive Chairman of the search engine giant company.

Not only this, but he was also the Executive Chairman of Google’s parent company, Alphabet Inc., from 2015 to 2017. Later, from 2018 to 2020, Schmidt served Alphabet as its technical advisor. He was a major force to reckon in his days as Google’s CEO, as he launched new and popular services, like Google Maps, Gmail, and Chrome. He also acquired YouTube and Android in the meantime.

The role of Eric Schmidt in Chainlink Labs

Working in the capacity of a strategic advisor, Eric Schmidt is expected to analyze and monitor the performance of the Chainlink network. He can oversee the procedure of research going on in the network and help the network realize its strengths and weaknesses. Schmidt can also help the organization point out any operational loopholes or room for improvement to further enhance the network.

The newly hired Eric Schmidt is also expected to help Chainlink labs achieve its multi-chain interoperability goals. Chainlink Labs is the developer behind the blockchain oracle solution provider, Chainlink. In the world of decentralized finance, these oracles provide information about the price of an asset. But they can also be used to manage real-world data and information through smart contracts built on blockchains.

Source: Chainlink Twitter

According to a press release of the co-founder of Chainlink, Sergey Nazarov, ‘Blockchain networks and Chainlink oracles are at a crucial inflection point in terms of growth and adoption.’ Nazarov further added that ‘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.’

What is Chainlink Labs and how does it operate?

Chainlink Labs is a San Francisco-based organization that launched Chainlink back in June 2017. It works through a decentralized oracle network and helps in the management of data so it can be seen on other networks through the use of smart contracts.

The network also has its utility token, LINK, which rewards the node operators of the whole ecosystem. LINK has earned a credible reputation in the cryptocurrency market with constantly increasing trading volume and market cap.

Chainlink Labs has a lot of potential for growth, and it has also accumulated several big partnerships in recent times. These partnerships can help Schmidt plan and strategize the future of the network. Big names, like the Associated Press and Google Cloud, are currently working with the Chainlink network, mainly in the data sorting and management sector.

Upon hiring, Schmidt expressed his gratitude in a statement. He said that ‘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.’

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