Decentralized oracle network Chainlink has announced the launch of a new developer platform, christened Chainlink Functions. The platform aims to connect Web 3.0 applications with traditional cloud software.
Chainlink Functions will include support for integrations with Amazon Web Services (AWS) and Meta.
A New Developer Platform
Decentralized platform Chainlink has announced the launch of a new developer platform to help connect decentralized applications (dApps) with traditional web applications. The new platform, called Chainlink Functions, will include integrations with Meta and Amazon Web Services (AWS) and is currently available in beta on the Polygon Mumbai and Ethereum Sepolia testnets. Additionally, builders can also run customizable computations on Web 2.0 API within minutes, according to the Chief Product Officer at Chainlink Labs, Kemal El Moujahid.
“Our goal is to enable developers to combine the best of web3 smart contracts with the power of Web 2.0 APIs. What this creates is a massive opportunity to build apps that combine the best of smart contracts and Web 2.0.”
New Platform To Complement Oracle Service
According to Chainlink, the new developer platform will complement Chainlink’s already existing Oracle service. The new platform will enable blockchain developers to connect their decentralized applications (dApps) or smart contracts with any application programming interface within the traditional tech space without requiring or managing additional cloud infrastructure.
“With the launch of Chainlink Functions, we are removing a major roadblock in the adoption of web3 and making it easier than ever for developers to combine smart contracts with the powerful APIs and web2 data sources they need to build amazing applications.”
Bridging Two Ecosystems
Chainlink is primarily known for its Ethereum-focused protocol that provides an oracle network to power smart contracts. Essentially, Chainlink allows the connecting of on-chain data with external systems, allowing smart contracts to execute actions and transactions based on real-world inputs and outputs. Chainlink has so far facilitated over $7 trillion in value. While the platform has developers numbering well into the hundreds of thousands, it also acknowledges that there are millions of developers in the world. Chainlink hopes that it can become a bridge, connecting both parties and facilitating mass adoption. Moujahid states,
“Web3 is not going to be a binary thing. I’ve seen this in AI. The path to mass adoption was making it easy to embed AI into your apps. It’s the same with web3. You don’t have to build your entire app on-chain. It’s going to be a spectrum: part smart contract, part Web 2.0 APIs.”
There has been a growing demand for the integration of blockchain technology with more traditional models such as SaaS (Software-as-a-Service) or APIs. However, there are limited ways to facilitate this integration.
“Web3 developers are limited by what smart contracts can do because they can’t access Web 2.0 APIs. Web 2.0 developers are interested in building new services with web3 properties, but they don’t want to have to rebuild their tools and infrastructure.”
Integration With AWS And Meta
Chainlink’s new platform also facilitates integrations with Amazon Web Services (AWS), Meta, and a host of others. Web 3.0 developers using the new platform can seamlessly integrate with AWS Data Exchange and AWS Lambda, allowing them to access datasets directly through their marketplace. This, in turn, expands their dApp use cases. Similarly, developers using Meta can connect social media activity and small e-commerce-driven businesses with smart contracts through Chainlink Functions. They can then automatically trigger actions on-chain based on user off-chain activities.
“Smart contracts let developers build services that are decentralized and secure. Services that, unlike centralized platforms, are provably fair to their users because they can’t be shut down or unilaterally change the rules of the game. Services that can secure and move billions of dollars of value. But these services can’t have real-world impact if they can’t connect to Web2 data or services.”
Furthermore, Moujahid added that the serverless nature of the platform means developers don’t have to worry about overheads involving the management and security of the infrastructure running their code. He stated,
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.