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How Chainlink Solves The Platform Dilemma For Web3 Developers

Last week at ETHDenver, Chainlink Labs’ Global Head of Product, Industry, and Field Marketing, Chirag Dhull, joined Paul Fullarton, GM of Amazon Managed Blockchain at Amazon Web Services (AWS), and Sid Sanyal, VP of Engineering at Eigen Labs, for a panel discussion about “The Platform Dilemma Facing Every Web3 Developer,” moderated by Bloccelerate founder and CEO, Kate Laurence.

A fundamental question facing web3 developers in today’s multi-chain ecosystem is how to build innovative, highly performant, scalable decentralized applications (dApps) as quickly as possible without sacrificing security. Tackling this task requires industry-standard blockchain infrastructure that eliminates information silos and single points of failure. 

Dhull distilled Chainlink’s security-first approach to building a solution.  

“That is the way that we can all ensure that more and more value flows into DeFi,” he said. Instead of adopting a “build your plane while you fly it” model that breeds interdependencies and vulnerabilities, he advised developers to “have the airplane ready when it leaves the hangar.”

“Then it is secure for the users, and it’s secure for the whole ecosystem, and it’s secure for the trillions of dollars that the TradFi folks are going to bring to web3.”

As the industry-leading decentralized computing platform, Chainlink has delivered over 11.8 billion data points and enabled more than $9.7 trillion in transaction value onchain. Because Chainlink’s comprehensive web3 services leverage the same highly secure and reliable decentralized oracles, developers can integrate multiple Chainlink services without introducing additional trust assumptions. 

“So when you go from Data Feeds to Chainlink Functions to Chainlink CCIP, you’re leveraging those decentralized node operators who have experience in devOps running mission-critical applications 24/7, who are going to ensure your services are resilient, robust, and you’re getting that whole benefit across all these different products and services,” Dhull explained. 

By utilizing Chainlink as a one-stop shop for secure, reliable offchain data and computation, developers are able to streamline their focus on building their core use case.

“You don’t have to build your own oracle,” Dhull said. “You don’t have to reinvent the wheel. You can leverage the industry-standard, security-focused, reliable, resilient oracle network and leave that work on the oracle and focus on the business logic, on your creative idea.”

This approach allows developers to build real-world use cases capable of scaling onchain finance to billions of users. In an increasingly multi-chain space, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) particularly expands web3’s reach by providing a single standard for transferring data and digital assets between hundreds of different blockchains. 

Dhull highlighted the composability Chainlink brings to web3. “I think developers now have the right tool for the right job. You can start from what is the user that you’re looking to serve; what are their core needs from a business perspective; and from that, you can start putting the Lego blocks in place.”

Watch the full panel discussion.

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