Chainlink's Oracle Network can now leverage modular capabilities to create custom workflows and execute them through a new "Runtime Environment".
Chainlink launches "Runtime Environment" to scale to thousands of Blockchains
At the SmartCon 2024 conference, the oracle giant Chainlink recently introduced a major upgrade to its platform, bringing a modular, highly configurable architecture to make it easier for developers and businesses to use.
At #Smartcon 2024 in Hong Kong, @SergeyNazarov announced the introduction of Chainlink Runtime Environment (CRE) 🔥
— Zach Rynes | CLG (@ChainLinkGod) October 30, 2024
This new architecture will scale the Chainlink Platform to thousands of chains and provide devs the tools to create their own custom oracle solutions
With this… pic.twitter.com/X7a4nj8rNJ
Some key highlights of the Chainlink Runtime Environment (CRE) upgrade mentioned in Chainlink's blog include:
- Adds capital markets-specific options: This can include custom data sources, risk models, or unique financial workflows. This could make Chainlink more appealing to traditional finance firms looking to expand into Blockchain technology.
- Introduces a reusable modular setup: Allows developers to pick and use the tools they need, such as reading data from Blockchains or calling APIs, and combine them to create custom workflows for their applications. Each tool is like a building block to be assembled into a larger process, making it easy to develop specialized features without needing Chainlink's proprietary code in the main application.
- Aims to scale the platform and enable cross-chain interoperability: Through the use of standardized components and familiar programming languages, the protocol can be easily customized without developers needing to worry about the chain they are working on.
The CRE upgrade is currently being provided as an early access, with the goal of scaling the usage to "thousands of different Blockchains" to meet the growing demand from financial institutions and the Web3 community.
Introducing Chainlink Runtime Environment (CRE)—a major platform upgrade:
— Chainlink (@chainlink) October 30, 2024
🔌 New modular, composable architecture
⛓️ Scalable across 1000s of chains
🏦 Deep customization for capital markets users
🏗️ Self-serve product development
🧵⬇️https://t.co/BE807PgfB2
Similar to Ethereum's approach, Chainlink is rolling out the platform upgrade in phases to ensure uninterrupted service for existing users. The development team says this is essential as Chainlink supports trillions of dollars in value, ensuring critical functions for large on-chain applications.
Initially, services like Chainlink Cross-Chain Interoperability Protocol (CCIP) will be migrated to the new platform architecture to improve scalability. CCIP is also being integrated into new Blockchains and being utilized by traditional financial institutions like Franklin Templeton, Invesco, JPMorgan, ARK Invest... to connect their existing infrastructure to Blockchain.
News of the latest upgrade has had a positive impact on the LINK token price, increasing by more than 7% in the most recent 24 hours, currently trading around $12.29.
4-hour chart of the LINK/USDT trading pair on the Binance exchange at 09:30 PM on October 30, 2024
Compiled by Coin68
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