A few days ago, Chainlink had launched an inter-chain interoperability protocol to facilitate money transfers between blockchains. After the update, the CEO of the cryptocurrency project made critical statements that initiated a rally.
“Tokens Will Be Talked About Worldwide!”
However, the founder and CEO of Chainlink has much broader goals than connecting public blockchains. Sergey Nazarov predicts that banks and financial institutions will release their own blockchains and eventually allow them to connect to public blockchains like Ethereum in a regulatory environment. The expert also argues that if this hypothesis is correct, it can bring significant value to the cryptocurrency. Sergey Nazarov stated the following in his statements:
First of all, you have this public blockchain defined by DeFi and the internet of contracts. You have this bank chain world, which I think will primarily be defined by real-world tokens.
In an interview at EthCC, Sergey Nazarov used the expression that the next step will be to merge these two worlds. The expert also said the following in his comments:
When this happens, there will be an event beyond the efficiencies and gains for each group. Then you will see that the entire blockchain industry is growing very, very fast with trillions of dollars.
The recently launched protocol serves as a technical infrastructure designed to transfer tokens from one chain to another. It leverages the Chainlink network, which has a history of providing reliable data from real-world sources to blockchains, such as pricing information.
CCIP Developments!
In the context of CCIP, the network facilitates the secure routing of token movements and enables information exchange between blockchains. Although the network is currently operational on the mainnet, it is in the early access stage and being tested in collaboration with cryptocurrency projects like Synthetix and Aave.
The infrastructure has also been tested in the traditional banking system before its recent launch. Global interbank messaging network Swift and over a dozen financial institutions are exploring CCIP to issue token transfer instructions between public and private chains through the existing Swift messaging infrastructure. In his statements, Nazarov finally said:
I’ve been selling blockchain products to these banks for about six or seven years. And the historical model is that when there is a downturn in cryptocurrency prices, banks lose interest. But this time, for the first time after going through four cycles, it didn’t happen. And I think the reason it didn’t happen is that their customers want blockchain things.
