Chainlink Launches New Platform Named Chainlink Functions, Will It Affect LINK Coins?

Chainlink slides a new platform. (Photo; Doc. Cointral)

JAKARTA - Chainlink, a blockchain network built on the Ethereum network, is reportedly soon launching a new platform to connect API Web 2.0 and web app 3.0. The platform is called Chainlink Functions.

This new platform will allow developers to quickly build customizable computing in the Web 2.0 API, which is expected to help in Chainlink adoption, whose focus is on smart contract spaces. For your information only, smart contracts are computer programs designed to execute contracts automatically when conducting blockchain-based digital asset transactions.

In addition, the blockchain core team also plans to take advantage of Artificial Intelligence (AI) in its use case. According to Chainlink Labs Chief Product Officer Kemal El Moujahid, the new platform will facilitate activity in API Web 2.0 in a matter of minutes and allow the use of a work environment that combines smart contracts and API Web 2.0.

With a target of 30 million developers worldwide, this new platform will open up great opportunities for the development of applications that combine smart contracts and Web 2.0. Developers can also connect to Amazon Web Services (AWS) and Meta as well as Google Cloud

"What this creates is a great opportunity to build an app that combines the best from smart contracts and Web 2.0," said Chief Product Officer Chainlink Kemal El Moujahid, quoted by Coinape.

For additional information, API Web 2.0 is an interface that allows interaction between users and web app 2.0. Examples from API web 2.0 include Google Maps API, Twitter API, and YouTube API.

The use of this API allows web app 2.0 to access data from other services and integrate the features provided by the service into their app. For example, social networking apps like Facebook take advantage of Twitter API to allow users to upload their tweets to Facebook.

Meanwhile, the web app 3.0 is a follow-up development of a web app 2.0 supported by blockchain technology. Web app 3.0 allows users to interact directly with smart contracts on blockchain networks, such as Ethereum. Examples of web apps 3.0 including DeFi (Decentralized Finance) platforms and the NFT (Non-Fungible Tokens) market.

In DeFi, users can take advantage of smart contracts to access financial services such as lending and liquidity offerings without having to go through third parties. Meanwhile, in the NFT market, users can buy, sell, and trade unique digital assets such as digital arts and rare collections.

API Web 2.0 can play an important role in web app 3.0. Platforms like Chainlink Functions allow developers to build links between API Web 2.0 and web app 3.0, thus allowing users of web app 3.0 to access data and services from Web 2.0 services.

For example, users of the DeFi app can use API from traditional financial services such as PayPal or Stripe through the Chainlink Functions platform. This can help web app 3.0 be more accessible and accepted by wider users.

At the time of writing, the price of LINK coins is trading at the level of IDR 112,371. LINK prices have decreased by 4.7 percent in the last 24 hours according to Coinmarketcap data.