July 20 Chainlink decentralized oracle network team will open early access to the Cross-Chain Interoperability Protocol (CCIP) – a cross-chain interaction protocol.
The solution is designed to aggregate dapps on both public and private blockchains.
Initially, CCIP will be available on the Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli, and Polygon Mumbai testnets.
“The protocol will provide a single interface for seamless interaction”the developers explained.
Unlike typical cross-chain bridges that use “wrapped” assets, Chainlink’s CCIP uses smart contract-enabled mechanisms between “verified token pools” on different blockchains.
According to the developers, this approach ensures seamless interaction between different chains.
CCIP includes an active risk management network that provides an additional layer of security by constantly monitoring and validating the behavior of the protocol, as well as independently checking cross-chain transactions for possible errors.
CCIP may include cross-chain dapps. The team provided an example of a cross-network lending application as a use case. Users will be able to pledge on one blockchain and borrow assets on another.
Additional cross-chain options include data storage, liquid staking, and gaming.
“How Web 2.0 needed TCP/IP to connect isolated islands of computer networks, Web3 requires an interoperability standard to communicate isolated blockchains”the developers explained.
Use cases may go beyond dapps and extend to TradFi.
Recall that in September 2022, Chainlink and SWIFT agreed to cooperate. CCIP will allow sending instructions for on-chain transfer of cryptoassets in messages of the interbank system.
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!