Chainlink Debuts New Project ‘Functions,’ Details
- Chainlink (LINK) has debuted a new project called “Functions” which is currently in its beta phase and additional changes will be made depending on feedback.
- With the help of Functions, millions of Web3 developers will be able to build Web3 applications by leveraging their existing Web2 infrastructure.
- AWS, Meta, and Google Cloud have partnered on example use cases to showcase how developers can use Functions to connect Web2 APIs.
- The beta version of Chainlink Functions is now live on the Ethereum Sepolia and Polygon Mumbai testnets.
Popular blockchain oracle and data provider, Chainlink (LINK), has debuted a new project called “Functions,” which has been described as “a serverless developer platform that empowers anyone to easily connect a smart contract to any Web2 API and run custom computations” with the help of the blockchain’s secure and reliable network.
It is crucial to note that the announcement of a new project did not have a significant impact on the price of the native token of the blockchain, LINK, which is up 1.07% in the last 24 hours. According to the data from PricePredictions, the price of 1 LINK at the time of writing stands at $7.43.
Chainlink noted in its announcement that until now, it was not possible for Web3 developers to connect to existing Web2 APIs to access social media signals, AI computation, messaging services, etc. But now, with the help of Functions, millions of Web3 developers will be able to build Web3 applications by leveraging their existing Web2 infrastructure.
Moreover, some of the leading cloud and Web2 platforms, such as AWS, Meta, and Google Cloud, have partnered on example use cases “to showcase how developers can use Chainlink Functions to easily connect Web2 APIs and cloud services in their smart contracts.” The announcement confirmed that many platforms, like Block Scholes, ChainML, Dopex, Nusic, Thirdweb, etc., have already begun the testing of the new project, ranging from AI integrations to DAO governance.
“With Chainlink Functions, Web3 developers can quickly and securely build connections from smart contracts to off-chain resources on a self-serve basis without having to run their own infrastructure,” read the announcement.
It is also crucial to note that the beta version of Chainlink Functions is now live on the Ethereum Sepolia and Polygon Mumbai testnets, and users can sign up to get access to it.
Web3 developers can easily and rapidly build connections via Functions by defining which external data sources they want to access (for example, weather or sports); how those data points should be transformed (e.g., the median value); and where the output should be delivered (e.g., an Ethereum smart contract).
“Chainlink Functions is a truly self-serve platform, meaning developers can fulfill their external data and compute needs without having to interface with Chainlink Labs or Chainlink node operators,” noted the blockchain platform in the announcement.
Functions will allow developers to integrate Web3 protocols with existing technologies and networks and also connect to password-protected IoT device data or an enterprise system. For example, it will be possible to fetch data from smart watches and pollution sensors. It will be “easier than ever for Web3 developers to get their smart contracts connected off-chain in minutes,” said Chainlink.
As reported earlier by BitcoinWisdom, Chainlink Labs debuted a new project called SCALE that allows blockchains and layer-2 networks to boost smart contract innovation. Additionally, SCALE is a component of the Chainlink Economics 2.0 program, which aims to increase network value capture and promote secure crypto-economic growth.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
