Chainlink's CCIP Protocol and Automation Services Go Live on Gnosis Network
Summary:
Chainlink's CCIP interoperability protocol and Automation services have been incorporated into the Gnosis network, permitting users to use Chainlink for cloud computing functions and offload intense computing tasks, thereby reducing gas fees significantly. The CCIP protocol also provides Gnosis users capabilities for cross-chain connectivity, such as exchanging messages and interacting across different blockchains. In May, Chainlink partnered with Rapid Addition to create a blockchain adaptor for institutions to interact with tokenized assets. Other collaborations announced include a deal with Hong Kong-based Arta Techfin to tokenize real estate and collectibles, and an integration with the Ethereum layer-2 network, Celo.
The interoperability protocol CCIP and Automation services of Chainlink have been launched onto the network of Gnosis, as announced by the two companies on June 12. Gnosis users now have the feature to utilize Chainlink for cloud computing functions, and transfer intense computing tasks to Chainlink's network, bringing down gas fees by as much as 90%. Notably, the CCIP protocol by Chainlink offers Gnosis users the ability to exchange messages, with mutual interactions and value swap capability across different blockchains. Philippe Schommers, who heads infrastructure at Gnosis, expressed his excitement regarding the launch of Chainlink’s CCIP and Automation services on their network, mentioning it empowers Gnosis developers with considerable connectivity across chains and verifiable calculations allowing them to design powerful applications solving real-world problems. He believes this collaboration lays the groundwork for Gnosis and Chainlink to scale the Web3 ecosystem to mass adoption. Chainlink's CCIP protocol has quickly become the preferred choice for cross-chain communication and compatibility in the industry. This capability of Chainlink to revolutionize the existing financial system is observed and recognized by institutions like the Depository Trust and Clearing Corporation, blockchain companies, and even the SWIFT messaging system. In May, Chainlink entered into a partnership with Rapid Addition aimed at designing a blockchain adaptor for institutions interested in trading with tokenized assets, carbon markets and the renewable energy sector. A simplified representation of Chainlink’s CCIP protocol appearing as a bridge connecting a sender and recipient was provided by Chainlink. The companies expect that the collaboration will utilize the potency of Chainlink’s CCIP protocol and genuine price feeds to offer banks a conventional method of trading with tokenized assets across various blockchains. Also in May, Chainlink inked a contract with Arta Techfin, an asset management firm based in Hong Kong, with an aim to tokenize collectibles and illiquid real estate. At the close of May, Ethereum's layer-2 network, Celo, announced a collaboration with Chainlink to offer users of its network the feature of cross-chain messaging and compatibility. Furthermore, an initial pilot project by Chainlink with banking behemoths Edward Jones, BNY Mellon, U.S. Bank, and JP Morgan, in addition to the Depository Trust and Clearing Corporation, has reinforced its position as a pioneer in real-world asset tokenization and interoperability in the industry.
Published At
6/12/2024 7:00:00 PM
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