Company
Date Published
Author
Chainlink
Word count
1288
Language
English
Hacker News points
None

Summary

Since its inception with Bitcoin in 2009, the blockchain industry has evolved significantly, notably with Ethereum's expansion of blockchain capabilities beyond transaction verification to enable decentralized computing platforms, sparking innovations such as DeFi and NFTs. This growth has led to the creation of hundreds of blockchains, each addressing aspects of the blockchain scalability trilemma, resulting in a multi-chain ecosystem where applications are designed to operate on multiple blockchains to reach a broader user base. Multi-chain applications, while extending user access across different blockchains, face challenges like technical burdens and fragmented liquidity. The concept contrasts with cross-chain applications that allow seamless communication between blockchains, offering a more integrated approach. Chainlink's Cross-Chain Interoperability Protocol (CCIP) emerges as a leading solution in overcoming cross-chain connectivity issues, providing secure and efficient mechanisms for building cross-chain applications and pointing towards a new era in blockchain technology where user and developer experience can transcend the Web2 and Web3 divide.