LogFAQs > #974952797

The Ethereum Community Conference is currently ongoing this week in Paris and the biggest announcement is Chainlink's bridging protocol has been announced and is available for testnet usage for all developers today; Cross Chain Interoperability Protocol or CCIP.

A bridge connects blockchains together to allow them to communicate to one another. But for general solutions right now, they only allow transferring of tokens. Chainlink's CCIP will allow you to send commands and other arbitrary information in addition to token transferring. The end goal is in CCIP merging ALL blockchains together using the Chainlink network as an interface so you don't need to pay attention to what blockchain you're on if you're a user. If you're a developer, you can pick and choose what blockchains to use for your application and have your application run on all blockchains seamlessly as opposed to today where an application deployed on one chain is isolated from the same application deployed on another.

Developing secure bridges is massive challenge in this space. Last year, there was some 2 billion dollars worth of bridge hacks and then there was a hack for at least $126M just a couple weeks ago for another bridge hack.

This past Monday, Chainlink just announced their release date for CCIP with the goal of becoming the internet of blockchains similar to the TCP/IP protocol for the internet standard we have now.

https://www.youtube.com/watch?v=yTOfANfvwUg

What makes this solution different from the other bridging solutions existing in the space (Hyperlane, Connext to name a couple), is that Chainlink built up a track record of highly secure services with their data feeds
so big name crypto protocols like Synthetix and Aave and Ethereum Name Service are waiting on Chainlink for their solution and aren't going to risk integrating those unproven bridging solutions. More importantly (and nefariously), Chainlink has been in cahoots with SWIFT and is working on a pilot project with multiple banks like Citi and BNY Mellon to bridge each of those banks private blockchains together.

https://www.swift.com/news-events/news/swift-explores-blockchain-interoperability-remove-friction-tokenised-asset-settlement

The biggest deal of CCIP is that Chainlink is stealing everyone else's gas money. If your invested coin's value depends on buy pressure from people purchase the coin to pay for gas (how ETH took off in 2020 for the DeFi explosion of shitcoin casinos, people bought ETH to pay for transactions to farm), CCIP abstracts that away. You would pay for the service with Link tokens instead of paying with the coin of the blockchain you're using. You can pay using another asset, but you'll get hit with a 10% premium upcharge and the network will convert it to Link tokens anyway.

This release is magnitudes bigger than ETH 2.0's release and it's a shame a lot of people aren't talking about it. So I might as well let you boys here know about it.