Chainlink (LINK) made a significant announcement at SmartCon 2024 today, October 30, unveiling a major upgrade to its platform. The blockchain company introduced a new modular and composable architecture in its official statement, aimed at enhancing flexibility and user-friendliness for developers and businesses.
During the SmartCon 2024 Main Stage event, Chainlink revealed that the platform update is designed to scale across numerous blockchains, meet the increasing demand from financial institutions, and enable developers to build on Chainlink more efficiently and effectively.
The company explained in its official release that the update to the Chainlink Runtime Environment (CRE) is intended to expand its usage to multiple blockchains, while also addressing the growing demand from financial institutions and Web3.
The core of this initiative involves a comprehensive re-architecting of the Chainlink Platform. Drawing inspiration from microservices architecture, the Chainlink node software, responsible for managing decentralized oracle networks (DONs), will be divided into distinct, modular capabilities. Each capability will be secured by independent DONs. Developers will have the flexibility to seamlessly combine these capabilities in various ways to create executable workflows, which will run through the newly developed Chainlink Runtime Environment (CRE). This system encompasses DON-based capabilities, DON-to-DON communications, capability orchestration, and code execution, all operating under the appropriate consensus model.
Chainlink emphasized that the platform architecture will include specialized DONs, each dedicated to a specific capability. This approach will empower developers to integrate these capabilities and form workflows that will be executed by the CRE DON.
The result of this upgrade is that developers will be able to build at a faster pace, establish seamless connections across all chains linked to the Chainlink platform, and create more powerful applications. These applications will include purpose-built financial solutions that interact with capital markets infrastructure, incorporate customized compliance policies, and handle sensitive information in a privacy-preserving manner.
As of the time of publication, Chainlink’s price stands at $12.05, reflecting a 5.0% increase in the last 24 hours.
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