Following the publication of Chainlink’s Q2 2023 Product Update, which outlines recent key developments and deployments across Chainlink’s data, compute, and cross-chain capabilities, Chainlink Labs Chief Product Officer Kemal El Moujahid jumped on Discord to answer product questions from the Chainlink community.
When asked how the Chainlink Network – which has enabled over $8 trillion in transaction value throughout the smart contract economy – became the web3 industry standard, El Moujahid described a twofold approach focused on maintaining unparalleled security and building a comprehensive developer platform.
“In terms of security, we don’t take shortcuts,” he said.
“Chainlink has been carefully and deliberately built to be a bulletproof network and is run by the leading blockchain DevOps teams, data providers, and global enterprises with multiple failover systems – all being monitored 24/7 by a world-class data team.”
He emphasized Chainlink’s rigorous method for publishing only accurate, attack-resistant, decentralized data points on-chain and underscored Chainlink’s “defense in depth” approach to security, which ensures Chainlink services remain steadfast even during times of extreme market volatility or network congestion.
“Chainlink’s decentralized architecture guarantees that data is always delivered reliably and accurately and that automated transactions are executed on time,” he said.
“Chainlink is not just a point solution,” El Moujahid explained. “It’s a complete web3 services platform that provides data feeds, proof of reserve, randomness, automation, cross-chain communication, and more.”
He said Chainlink’s focus on continuously engineering solutions to developers’ most pressing problems – such connecting web3 apps to web2 data – has led to an expanding array of critical web3 components that all work together using the same time-tested security model.
“When you use Chainlink, you set yourself up to be successful,” he said.
Once a project integrates one Chainlink service, there are fewer trust assumptions required to integrate another. “If you’re using data feeds and you have a cross-chain need, then you’re going to want to use CCIP, because it doesn’t introduce a new trust assumption,” he explained.
This phenomenon, outlined in Chainlink’s Q2 Product Update as “The Chainlink Effect,” means that as more developers integrate multiple Chainlink services to innovate new use cases, they collectively amplify the success of the Chainlink Network.
“This has happened time and time again,” El Moujahid said. “This is why we’re so focused on making our developers successful.”
Listen to the complete Q&A.