Chainlink connects web2 and web3 with its smart contract solutions

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By A D

The Web3 services platform Chainlink has launched Chanlink Solutions, a serverless platform for connecting decentralized applications (dApps) and smart contracts to Web2.0 APIs.

Apart from being a smart contract platform, Chainlink Functions also enables developers to quickly conduct customised computations on Web 2.0 APIs. In order to help developers who are new to web3 into the market, the new platform now supports more widely used programming languages like JavaScript. Additionally, it will offer connectors with Meta, AWS, and other services. On the test networks for Ethereum and Polygon, the platform is presently in private beta. In addition to adding new tools and interfaces, Chainlink intends to deploy on the mainnet and extend its capabilities to more blockchains.
Although there is a growing desire for integrating blockchain technology with more conventional business models and technologies, such as SaaS or APIs, there are few ways for dApps to do so. This innovation will make it possible for developers to investigate new use cases and disrupt brand-new industries much more quickly.

Chainlink has made major advancements in the blockchain sector over the years, and a rising number of collaborations and integrations show that it has the ability to improve the functionality of smart contracts. Chainlink was one of the first oracle networks to go live at the time of its launch, and the blockchain world took notice of it almost right away. Since then, Chainlink has been merged with a number of significant blockchain networks, such as Ethereum, Polkadot, and Binance Smart Chain. These integrations have increased the adaptability and value of smart contracts by enabling developers to leverage Chainlink’s oracle network to get data from many sources.

At the time of writing, Chainlink’s native token LINK is priced at $40.37 USD with a 24-hour trading volume of $1,137,267 USD.

Sart contracts expede transactions, reduce bureaucracy, and increase cost-efficiency. photo credits: LeewayHertz

What are smart contracts?

Smart contracts are blockchain programming codes that enable a contract or agreement to be executed in the network. By automating the actions that would normally be performed by the parties to the agreement, it removes the need for both parties to have faith in one another. Smart contracts were initially proposed in 1994 by American computer scientist Nick Szabo, who also invented the virtual currency “Bit Gold” 10 years before the introduction of Bitcoin. Szabo defined smart contracts as computerised transaction protocols that implement a contract’s terms.
Smart contracts have the potential to lead to a significant change in how international trade and business are done by expediting transactions, reducing bureaucracy, and increasing cost-efficiency. Arizona and Nevada, two US states, have approved laws allowing smart contracts this year.

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