Chainlink Announces Cross-Chain Interoperability Protocol (CCIP)

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Chainlink introduced the Cross-Chain Interoperability Protocol (CCIP), a new global standard for decentralized inter-blockchain messaging, data, and token movements. CCIP will be available through Chainlink, the world’s most widely adopted decentralized oracle network. CCIP provides developers with an open source standard for easily building secure cross-chain applications that can interoperate across multiple blockchain networks through a single interface. Similar to TCP/IP’s standardization of communication across the early internet, CCIP is able to standardize the interoperability and token movements across hundreds of public and private blockchains.

Additionally, Chainlink announced a Programmable Token Bridge, a decentralized service that leverages CCIP and is a decentralized, compute-enabled token transfer service that enables developers to transfer tokens across blockchain networks in a highly secure way, as well as initiate programmable actions on the destination chain. CCIP will establish a universal connection between hundreds of blockchain networks both private and public, unlocking isolated smart contracts and empowering cross-chain applications across blockchain ecosystems.

“We’re excited to be creating a global standard for how blockchains transmit data, tokens, and commands between one another. The Cross-Chain Interoperability Protocol (CCIP) unlocks the full potential of the blockchain industry, allowing the combination of previously disconnected smart contracts. The ability to build cross-chain applications is a large step forward in what smart contract developers can provide to their users,” said Sergey Nazarov, Co-Founder of Chainlink. “Before CCIP, each blockchain had its own ecosystem of isolated applications and services that have not been able to communicate with one another. With CCIP, smart contracts will be able to utilize services across multiple chains, send tokens and messages seamlessly with previously unavailable security guarantees, and easily connect smart contracts across multiple chains. Our goal with CCIP is to create a global open-source standard for how interblockchain messaging, token transfers, and advanced interoperation between blockchains will happen across our nearly 100 blockchain partners, which secure 90%+ of all value currently on a blockchain.”

The first committed user of CCIP will be Celsius, the industry-leading cryptocurrency yield-earning platform with nearly a million users and over $16 billion worth of total value locked. A pioneer in crypto earning and lending, Celsius will use CCIP to enable exciting new features that would both bring additional transparency and allow Celsius to better integrate into the DeFi world.

“We see the usage of CCIP through Chainlink services like messaging and programmable bridging as the perfect way to future-proof and scale Celsius for a more comprehensive multi chain DeFi integration.” said Celsius Co-founder Alex Mashinsky. “From our perspective, CCIP will allow our community to capture more value across multiple blockchains, while at the same time giving new and exciting DeFi protocols access to billions of dollars worth of liquidity. We’ve long relied on Chainlink Price Feeds for their unmatched security guarantees, and we look forward to becoming even more cross-chain enabled through CCIP.”

The introduction of the CCIP is designed to rapidly expand what developers can build by enabling the use of smart contracts from all over the blockchain industry. CCIP enables completely novel cross-chain applications that can utilize multiple smart contracts at the same time, as well as take advantage of the unique properties of specific chains or the assets on those chains. This opens up a whole new crop of cross-chain applications and protocols that can leverage the scalable computation of one blockchain, the liquidity of another, and the security of a third for governance, creating a single application that harnesses the expansive capabilities of a cross-chain meta-layer. The Cross-Chain Interoperability Protocol (CCIP) represents a new global standard to power all blockchain interoperability, token transfer, and advanced cross-chain applications. Just like TCP/IP standardized communication across the early internet, CCIP provides a global open source standard for how all blockchains interoperate with one another, enabling a new world of cross-chain smart contracts.

Image licensed by: Pixabay.com

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