Chainlink introduced a major platform upgrade at SmartCon 2024 on Wednesday, featuring a new modular, composable architecture designed to make it more flexible and user-friendly for developers and enterprises.
The Chainlink Runtime Environment (CRE) upgrade, currently available in early access, aims to expand its use to multiple blockchains and meet the growing demand from financial institutions and Web3, the project wrote in a blog post.
Chainlink is a decentralized oracle network that connects smart contracts on blockchains with real-world data, APIs and payment systems. It acts like a secure bridge, allowing blockchain applications to interact with data from outside their network in a trusted way.
"The upgrade of the Chainlink Platform is key to expanding Chainlink to thousands of blockchains and meeting the growing demand from capital markets and Web3," the project stated.
The launch aims to scale the platform interoperably across many blockchains using standardized components and familiar programming languages, making it highly customizable without developers worrying about which chain they’re working on.
The upgrade also adds options tailored for capital markets, which could involve customized data feeds, risk models or unique financial workflows, potentially making Chainlink more attractive to traditional finance sectors looking to expand into blockchain technology, the firm noted.
According to the team, CRE introduces a reusable modular setup so developers can pick and choose the tools they need, such as reading data from a blockchain or calling an API, and combine them to create workflows tailored to their application. Each tool is like a building block that fits into a larger workflow, making it easier to develop specific, custom functions without extra Chainlink code.
The platform would also enable developers to use its tools more independently without needing Chainlink-specific code in their main application, which speeds up the building process.
Like Ethereum's approach, Chainlink is rolling out its platform upgrade in phases designed to ensure an uninterrupted service for existing users. The team said this is essential as Chainlink supports trillions of dollars in value, securing critical functions of major onchain applications.
Initially, services like the Chainlink Cross-Chain Interoperability Protocol will transition to the upgraded platform architecture to improve scalability. It is also being implemented into new chain integrations, like Aptos, and leveraged by financial institutions to connect existing infrastructure to blockchains.
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