Chainlink Co-Founder Describes CCIP as an Internet of Contracts

Chainlink co-founder Sergey Nazarov has described the Cross Chain Interoperability Protocol (CCIP) as a low-level infrastructure that facilitates the Internet of Contracts. Nazarov explained how the novel protocol works in a short video recorded during Korea Blockchain Week.

The Internet runs on TCP/IP.

The Internet of Contracts will run on #CCIP.@SergeyNazarov at Korea Blockchain Week (@kbwofficial) 📺👇https://t.co/mgNWQqodOo pic.twitter.com/6cF5BTWlga

— Chainlink (@chainlink) November 10, 2023

The Chainlink co-founder likened the CCIP to the famous TCP/IP, an information transfer protocol that creates the internet. According to him, the internet runs on TCP/IP, a protocol connecting the entire internet technologies into one network.

Nazarov explained that the scenario is similar to what obtains with chains, where there are silos of ecosystems, and the CCIP seeks to connect the separate chains in ecosystems into one network. He further explained that the setup enabled by the CCIP provides users a similar experience to what they get while using the internet.

The blockchain expert compared the CCIP setup with using one application, running on one technology, and one set of cloud technology without necessarily knowing what the cloud providers do or who they are. Under this arrangement, a particular application using one set of technologies can connect to another on a completely separate set of technology because both applications can communicate.

Nazarov referred to the blockchain version of this kind of arrangement as the Internet of Contracts, where regardless of which blockchain users begin with, they can equally and easily use everything on alternative blockchains. Like it is with the internet, the Chainlink co-founder explained that the process would happen without users thinking about it.

According to Nazarov, this advancement in blockchain technology would simplify its usage and allow individuals and corporations to apply the technology without complications. He emphasized that the CCIP would run in the background, and users would not be concerned with the details of how the protocol operates.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source