Chainlink Reveals Cross-Chain Interoperability Protocol (CCIP) & Several Other Functionalities Aug 7, 2021 Aug 7, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 7, 2021 by Kelly Cromley

Chainlink Reveals Cross-Chain Interoperability Protocol (CCIP) & Several Other Functionalities

Chainlink, an Oracle service provider, has reported the forthcoming introduction of the Cross-Chain Interoperability Protocol (CCIP), which will allow users to effortlessly experience the advantages of separate blockchains. Chainlink revealed the CCIP in a study issued on August 5th. According to the publication, the rising proportion of separate blockchain networks has led to an increase in the multi-chain world.

Chainlink also mentioned the difficulties in building cross-chain apps owing to problems with current cross-chain architecture. “For one thing, there is significant heterogeneity in token bridges and communications protocols, with the majority being application-focused services across two different chains,” the Oracle service provider said.

“Furthermore, many gateways are relatively centralized with poor security assurances, lacks openbess or dependable node operators, and increase end-user prices and unjustifiable execution times. These restrictions and weaknesses have already caused in tens of millions of dollars in wasted money, stifling cross-chain advancement.”

Chainlink said that it intends to use CCIP in order to meet the ecosystem’s growing need. The CCIP is an open-source model for cross-chain communication, according to Chainlink. The Protocol is intended to provide a universal link across various blockchain networks, both public and private.

Furthermore, the oracle service provider said that the CCIP will prohibit standalone tokens and enable cross-chain solutions for on-chain environments in principle. The CCIP also provides smart contract authors with a generic architecture for transferring data and smart contract instructions over blockchain networks. After many years of research and development in safe cross-chain technology, the Protocol is ready to become live.

CCIP will track every trade in tandem with Chainlink’s anti-fraud gateway. Under the Chainlink Labs team, CCIP will be handled by experienced scientists as well as world-class academics and coders. Ari Juels, Chainlink Labs’ chief scientist, and Ben Chan, Chainlink Labs’ vice president of engineering, will lead this effort. Chan created the Wrapped Bitcoin token on Ethereum. To extend its offerings, Chainlink has now introduced “Chainlink Keepers” and anti-fraud blockchain bridges.

Keepers is a type of functionality that controls the manner in which smart contracts operate, according to Chainlink, who announced it during SmartCon, its annual event. The new functionality is already available on Ethereum, and Synthetix, Aave PoolTogetherm Bancor, Alchemix, and Barnbridge have embraced it.

Sergey Nazarov, a Chainlink supporter, stated of the usage of Keeper for computing, “A smart contract can’t have any idea about time.” It does not understand the notion of time. So, if you’d like a smart contract to complete settlement on Tuesday at midnight, you’ll need a Keeper.” Nazarov went on to say that Chainlink Keepers will be selected from the network’s current pool of dependable node operators. Additionally, Chainlink intends to expand the network with more enterprise-level Keepers in the upcoming months.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.