The new collaboration between Chainlink and SWIFT
Chainlink is working with SWIFT to help it make token transfers and accelerate Blockchain adoption so that the technology can become an integral part of the financial system.
Chainlink and the partnership with SWIFT: blockchain in the financial system
Chainlink and SWIFT have been in sync since 2017, but recently became a full partnership announced with a view to create a cross-chain interoperability protocol (CCIP) in an initial Proof-of-Concept (PoC).
Essentially, the protocol’s CCIP will be used by the interbank network to communicate and transfer tokens across Blockchain environments. It is no coincidence that SWIFT is an interbank messaging system that connects banks and enables payments across national borders.
This support from Chainlink for SWIFT will boost blockchain adoption. In fact, through this particular partnership, there are more opportunities for blockchain technology become an integral part of the financial system.
Specifically, CCIP will allow smart contracts to communicate between multiple blockchains, so that developers can also build their applications more easily.
This will mean new opportunities for FAST instead of just sending messages, it can now settle too, not directly, but through the blockchain. Something that usually only banks do.
Chainlink and SWIFT: the perfect combination to bring Blockchain to the banking system as well
Director of Strategy Jonathan Ehrenfeld Solé from SWIFT allegedly revealed it Chainlink was one of the first startups they bet on.
Not only that, when we talk about the existing partnership, Sole stated the following at a conference:
“We connect 11,000 banks, [Chainlink] connects to 15 blockchains. Then you have these two infrastructures that are secure, that are reliable, that are scalable, that can actually work so that you can buy an asset wherever you want, and you can trade in whatever country you want.”
Chainlink Labs was founded in 2014 under the name SmartContract.com, and its white paper was published by Steve Ellis, Ari Juels and Sergey Nazarov in September 2017.
Generally, Chainlink does not have its own blockchainbut operates on Ethereum Virtual Machine (EVM) based chains which can run smart contracts such as Ethereum, Binance Smart Chain, Polygon, Avalanche Mainnet and Fantom. Not only that, Chainlink also supports non-EVM chains like Solana.
Through the protocol, its mission is to help create innovative smart contracts and peer-to-peer dApps that can be used by different types of businesses around the world, as well as improve the way people access blockchain technology.
LINK: the Ethereum-based token that powers the network
Chainlink also has its own crypto, LINKwhich is an Ethereum-based token that powers Chainlink’s decentralized network of oracles.
At the time of writing, LINK ranks 22nd in crypto by market capitalizationwith a total market capitalization of more than 4 billion dollars.
LINK’s price is currently $8.25, up 18% in the past seven days. Still some distance away from ATH – All Time High (or all-time high) which reached $50 in May 2021.
In fact, following the general “long crypto winter” trend, LINK also experienced its price dump in January 2022, dropping from $25 to $15, never coming back above $20 until today.
Mostly, LINK is used to pay node operators (administered by people) to retrieve data from off-chain data streams and then deliver it on-chain to the smart contract. Not only that, LINK is also required to pay for all Chainlink services.
Investment launch for December 2022
Among the protocol’s latest innovations are Chainlink Stakinga key crypto-security mechanism where stakers commit LINK tokens to smart contracts in exchange for certain guarantees for the provision of oracle services.
Chainlink Staking v0.1 is launching this year.
Use the Early Access Eligibility App below to see if you qualify for the early access phase of v0.1 and the opportunity to earn rewards to help secure #Chainlink Network.
— Chainlink (@chainlink) 11 October 2022
“Chainlink Staking v0.1 is launching this year. Use the Early Access Eligibility app below to see if you qualify for the early access phase of v0.1 and the opportunity to earn rewards to help secure the #Chainlink Network.”
The addition of effort in the Chainlink ecosystem enables Decentralized Oracle Networks (DON) scale to serve a wider range of higher-value applications and use cases in the traditional Web3 and Web2 domains.
The first beta version of Chainlink Staking (v0.1) is scheduled to launch on the Ethereum mainnet in December 2022.
Statements from Eric Schmidt, former CEO of Google
Recently, Eric Schmidtformer CEO of Google and advisor to Chainlink, made statements about the dedicated smart contract network, it calls the best technology for scalability compared to all its competitors in the market.
Schmidt was CEO of Google during the same period when the company became the great thing it is now, namely from 2001 to 2011.
While at Chainlink, Schmidt has been an advisor to the network for about 9 months, a valuable time to gain his exposure and make positive comments about it.
