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October 03, 2023, 05:05:28 PM |
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Hello OGs of BitcoinTalk,
After perusing the various videos dropping from Smartcon 2023, I'm interested in what the old school crypto folks think about the new developments in crypto. Specifically, CCIP: The Cross-Chain Interoperability Protocol. So far, we have SWIFT x DTCC x Citi x BNY Mellon x ANZ x HKMA and dozens of other financial institutions having concluded pilot programs utilizing CCIP, and are being quite public about the positive results.
If you haven't heard of Chainlink, the value proposition at a simple level: Decentralized Oracle Networks that bring outside information in a verifiable way on-chain. What this means in practice for DeFi: Price Feeds, Verifiable Random Numbers (VRF), Chainlink Automation, Low-Latency Price Feeds - and now, with CCIP, cross-chain interoperability between all public chains and the smart contracts hosted on those chains, eliminating almost all friction from crypto and abstracts away most of the tedious processes of bridging.
On a TradFi level, this enables banks to use private chains that can also communicate with other banks private chains, and also enables those private chains to communicate with public chains. This enables QUADRILLIONS (DTCC's words, not mine) of volume easy-access to the public chain space. Obviously that won't all go through public chains all the time, but as of right now, each of these ecosystems is in a silo away from each other. There's no way for them to interact (private + public blockchains).
At a higher level, we're looking at a new Internet: The Verifiable Web.
I used the search function and didn't find any threads about LINK so figured I would start one up here. This is the most ground-breaking crypto I've seen in all my 7 years following the space, not sure why it's so under the radar.
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