Chainlink Functions allows developers to connect decentralized apps to any API with just a few lines of code, secured by Chainlink’s decentralized oracle networks (DONs)
Chainlink, the industry-standard Web3 services platform, announced the launch of Chainlink Functions, a powerful new Web3 serverless developer platform. With Chainlink Functions, developers can connect their decentralized applications (dApps) or smart contracts to any Web2 API and run custom computations on it in minutes using Chainlink’s highly secure and reliable network. This can be done with just a few lines of code and without the need to manage any additional infrastructure. With integrations for Amazon Web Services (AWS), Meta, AP, and more, Chainlink Functions is a powerful self-service toolkit for developers who are seeking to build the next wave of advanced dApps.
As demand continues to grow for connecting blockchain technology to real-world data, Software-as-a-Service (SaaS) APIs, and traditional systems, developers often find themselves limited by how quickly they can build and scale new dApps. A lack of robust tooling has led to limited numbers of active developers in Web3, while the need to operate custom infrastructure and connect each dApp to disconnected data sources has limited the exploration of use cases in Web3 applications. Today however, those challenges become a thing of the past. With Chainlink Functions, a more familiar cloud developer experience is finally being brought into Web3.
Latest Fintech News: Republic Bank Partners with Nest Egg to Bring Investment Planning and Management to the Bank’s Clients
“Web3 has the power to transform our world in countless ways. But for that promise to materialize, we need to make it easier for the 30M developers out there to bridge Web3 with the Web2 tools and infrastructure they’re already using,” says Kemal El Moujahid, Chief Product Officer of Chainlink Labs. “With the launch of Chainlink Functions, we are removing a major roadblock in the adoption of Web3, and making it easier than ever for developers to combine smart contracts with the powerful APIs and Web2 data sources they need to build amazing applications. As we help usher in a new era of app development, we are excited to see what developers can build.”
Similar to existing cloud-based serverless developer services like AWS Lambda, Chainlink Functions provides a seamless environment and robust toolkit that enables developers to build, test, simulate, and run custom logic for their Web3 applications. The blockchain-enabled platform also supports off-chain programming languages like Javascript, ensuring familiarity for developers who may be new to Web3. All of this is available as an easy-to-use, self-service solution that developers can try today in the private beta.
Among the many tools available in Chainlink Functions, integrations with some of the world’s largest Web2 service providers empower developers to build fast and reach consumers at an accelerated pace. For example, an integration with AWS Data Exchange and AWS Lambda provides developers with access to the vast datasets available in AWS Data Exchange and AWS Marketplace. This unlocks all new use cases for dApps and helps increase Web3 innovation and adoption, similar to Chainlink’s previous integration with AWS to provide Chainlink node-as-a-service.
“Chainlink Functions allows developers to easily call APIs from dozens of providers using one library and one set of credentials. We’re delighted to see how developers use off-chain, third-party data from AWS Data Exchange to enrich their applications,” said Noah Schwartz, General Manager of AWS Data Exchange and AWS Marketplace Foundational APIs.
Latest Fintech News: Kasheesh Announces Key Financial Partnerships to Strengthen Consumer Purchasing Power and Secure Online Purchases
In addition, a Chainlink Functions integration with Meta helps seamlessly connect Meta’s APIs to blockchains and to developers building on-chain.
“We are excited about the potential of Chainlink Functions connecting Meta’s APIs to major blockchains, making it easier for the Web3 developer community to build with Meta and unlock new innovative use cases”, says Ankur Prasad, Senior Director at Meta.
Some of the benefits of building with Chainlink Functions include:
- Extensive connectivity:Â Connect your smart contract to any data, device, or system, ranging from public and password-protected APIs to Internet of Things (IoT) devices and enterprise systems.
- Customizable computation:Â Aggregate and transform your data using highly scalable and customizable serverless runtime environments.
- Trust-minimized security: Build upon Chainlink’s secure and reliable decentralized oracle infrastructure that already helps enable $7 trillion in DeFi transactions.
- Self-service in minutes:Â Get started in minutes with Functions’ serverless developer solution, which features a CLI, starter kits, and a debugging environment.
- Serverless runtime environment:Â Run JavaScript code in a serverless manner so you can focus less on infrastructure and more on your core application.
Many developers already working in Web3 see exciting potential that can be unlocked with Chainlink Functions.
“Dynamic NFTs require secure access to on-chain data. Chainlink Functions makes getting data on-chain seamless, by allowing developers to connect NFTs to any API in minutes,” said Ethan Bazarganfard, Co-Founder of Playground, the creator of the NBA’s NFT collection. “We believe that this new tool will unlock countless new possibilities for dynamic NFTs and inspire developers to create exciting new use cases for this transformative technology.”
“Given that smart contracts are deterministic, there is no easy way for developers to access public or private APIs from the Internet in a trust-minimized and reliable way. Chainlink Functions solves this problem by utilizing the same network of highly secure nodes that power Chainlink Price Feeds to enable Web3 developers to pull any API with just a few lines of code,” said Ciara Nightingale, DevRel Engineer at thirdweb. “We are excited to enable developers using thirdweb to utilize this breakthrough technology when building their decentralized applications.”
The Beta Version of Chainlink Functions is now live on the Ethereum Sepolia and Polygon Mumbai testnets. Chainlink Functions will continue to expand in functionality over time and be deployed across more chains in the future based on user demand and feedback. When deployed on mainnet, Chainlink Functions will use a subscription model where users pre-fund a contract, akin to how subscriptions are used for Chainlink Automation and Chainlink VRF.
Latest Fintech News: Qualtrics Launches Retail Banking Accelerator to Help Banks Get Customer Insights Faster
[To share your insights with us, please write to sghosh@martechseries.com]
