Chainlink founder Sergey Nazarov confirmed that the blockchain protocol is working on developing a new global standard for interoperability between blockchain networks.
Chainlink, the largest provider of oracles blockchain The crypto industry’s largest blockchain network is working on developing the Cross-Chain Interoperability Protocol (CCIP), its founder Sergey Nazarov said. The goal of the protocol is to create a new global standard for ensuring cross-chain interoperability, connecting blockchain networks to each other in a reliable and secure manner.
This protocol, which has extensive experience in connecting blockchains with real-world data through its oracles, is expanding its “universe of possibilities” into a protocol that will hold value in the billions, Nazarov said. According to the release, the Cross-Chain Interoperability Protocol (CCIP) will facilitate messaging and communication between different blockchain networks, in addition to data transfer and decentralized token movement, providing developers with an open-source standard to easily create secure cross-chain applications, which can interoperate with each other across multiple blockchain networks using a single interface.
Nazarov said that through CCIP, Chainlink will be able to unlock the full potential of blockchain technology.
It may interest you: Chainlink 2.0, the new version of the oracle blockchain to revolutionize smart contracts
Building a multi-chain world
The development and evolution of blockchain technology, since its birth in 2009 together with Bitcoin, is pushing developers to explore new horizons, to advance in the construction of a more decentralized, interconnected and multi-chain world. For Chainlink, being able to unite all the potential and benefits offered by each of the blockchains that exist in the ecosystem today, will drive the creation of new cross-chain smart contracts, which will lead to a massive wave of development not unlike decentralized finance (DeFi) and tokens NFT.
Through CCIP, Chainlink wants to standardize interoperability and token movements across hundreds of public and private blockchains, Nazarov explained.
Programmable Token Bridge
In addition to the new protocol, Chainlink is also working on building a new decentralized service, called the Chainlink Programmable Token Bridge, which will allow developers and users to transfer tokens across any blockchain network in a highly secure, scalable, and cost-effective way.
Chainlink's mission is to scale and decentralize technology to facilitate the creation of new, more secure and efficient applications, taking advantage of the advantages of each blockchain network; in addition to reducing costs and processing and finalization times for transactions and increasing the use and application cases and the real value proposition of this innovation.
Celsius and CCIP
Chainlink announced that Celsius Network, the London-based cryptocurrency lending and yield generation platform, will be the first customer to commit to using and implementing the new blockchain interoperability protocol. Celsius will use the protocol to “enable exciting new features that will bring greater transparency and allow Celsius to better integrate into the DeFi world.”
The company has nearly 1 million active users and manages around $16.000 billion in funds, Chainlink said.
Finally, Nazarov reported that the new protocol and interoperability bridge will be available in the coming months, but already has “billions of dollars committed” from several of its clients and users.
Continue reading: Chainlink Oracles Coming to Polkadot and Kusama Parachains with Substrate
