Yesterday, Chainlink announced the beta launch of its new serverless web3 development platform, Chainlink Functions, which allows developers to build decentralized applications that can integrate any web2 API such as Amazon Web Services (AWS), Meta, and Google Cloud, without the need to build or manage additional infrastructure. In a blog post, Chainlink Labs Chief Product Officer Kemal El Moujahid outlined multiple use cases, including advanced utilities for IoT devices and dynamic NFTs.
Soon after the announcement, Chainlink co-founder Sergey Nazarov appeared on Nasdaq TradeTalks with Jill Malandrino to further examine the constellation of use cases that could stem from Functions and redefine web3.
“One of the exciting things for me about being in an industry where everything isn’t built and all the problems aren’t solved and every use case isn’t discovered yet is that it’s kind of unpredictable what’s the next big hit,” he said.
“And we can’t really predict that because there’s so many ways it could go. What we can do, and what we’ve done with Chainlink Functions, is give developers and the people building all those exciting use cases a much much wider universe of systems that they can combine into those more advanced use cases.”
Functions leverages the security and reliability of Chainlink’s decentralized oracle networks, which have securely enabled over $7 trillion in transaction value throughout decentralized finance (DeFi), to seamlessly integrate web2 APIs and web3 smart contracts into feature-rich hybrid applications.
“What Chainlink Functions does is it expands the scope; it widens the aperture through which various services and systems can make their way to web3 applications,” Nazarov said.
“Because you can really access any web2 API, any web2 infrastructure, in a secure and reliable way to make your web3 application interact with social networks’ existing infrastructure, AI systems, and any number of other systems. I’m personally very excited to see how people can configure all of this wide array of infrastructure and tools into the Ubers and the Netflixes of the web3 industry.”
Watch Sergey Nazarov’s full conversation with Jill Malandrino on Nasdaq TradeTalks.