Chainlink (LINK) presented its new oracle technology: Chainlink Functions. The latter must make it possible to link real-world data to the blockchain simply through APIs, like what is found on Web2.
Chainlink Functions: the latest breakthrough in oracle
Importing real-world data into a blockchain can be a challenge. Indeed, the latter are at the origin of closed systems, and this is why oracles began to develop. so as to serve as an intermediary with the outside. It is in the continuity of these innovations that Chainlink (LINK) unveiled its latest product: Chainlink Functions.
The promise of Chainlink Functions is simple: connect Web2 APIs to the Web3 universe. Indeed, there are technical locks to this, locks that this technology intends to remove:
“Until now, Web3 developers couldn’t connect their smart contracts to Web2 APIs […]. Conversely, the 30 million Web2 developers could not leverage their existing Web2 infrastructure when considering building a Web3 application. »
Furthermore, Chainlink announces that Meta, Google Cloud and Amazon Web Services (AWS) teams collaborated in order to present use cases on the possibilities offered by this new service.
👉 To go further – Learn more about how oracles work in the blockchain
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Real-world data imported into the blockchain
Thanks to Chainlink Functions, the import of real-world data on a blockchain must therefore be facilitated. This brings together a wide range of possibilities, such as the execution of a smart contract, based on the results of a vote hosted off-chain, and connected through APIs.
Another use case could be a smart contract connected to enterprise softwarewhich would allow for example the placing of orders traced on a blockchain, directly according to the state of stocks in a warehouse.
On the other hand, the company argues that coupled with Chainlink Automation services, Chainlink Functions technology facilitates dynamic non-fungible token (NFT) updates. following off-chain eventssuch as the weather or a sports score.
For now, this new feature is in the experimental phase on the Ethereum (ETH) and Polygon (MATIC) testnets : Sepolia and Mumbai.
As such oracle solutions develop, it will help break down barriers, allowing an acceleration of the democratization of our ecosystem. Indeed, a powerful oracle connects the best of both worlds : the enormous amount of data of Web2 as well as the transparency and immutability of the blockchain.
👉 Also in the news – MetaMask and Unity: soon Web3 features in gaming?
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Source: Chainlink
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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