Celo Foundation, an open-source, decentralized mobile-first platform establishing an exclusive digital economy, has started a new partnership. Chainlink informed the community that Celo has integrated Chainlink (a decentralized computing forum that powers the verifiable web) as its official cross-chain infrastructure. Chainlink disclosed the news of this development on its official X account.
Celo’s Integration of Chainlink Focuses on Enhancing User and Developer Experience
Apart from that, the Celo Foundation published a blog post on Medium to provide insights into this endeavor. It expressed its enthusiasm concerning the integration. The company added that Chainlink CCIP operates as an L2 on Ethereum that offers cost-effective and rapid payments worldwide. The industry-standard interoperability of Chainlink reportedly helps Celo a lot.
In this respect, Chainlink provides matchless levels of reliability and security across the chains. In addition to this, it also enables several cross-chain coin transfer mechanisms. They take into account lock/mint, lock/unlock, and burn/mint apparatuses, supporting several applications and use cases. After the approval from the community of Celo, the platform formerly took part in the Chainlink SCALE project.
With this, it obtained efficient technical support as well as improved access to the services of Chainlink. CCIP gives effective cross-chain infrastructure, enabling more than $10.5T in transfer value. It also maintains the peak scale of reliability and security. CCIP successfully gets the 5th and the top level in terms of cross-chain security. The Risk Management Network, an autonomous and separate network, plays a crucial role in the security of CCIP.
The Integration Will Potentially Increase the Growth and Adoption of Celo Foundation
The respective network consistently oversees and validates the operations across the chains for invalid activity. This in-depth defense approach pays significant attention to backing an interoperable and secure ecosystem. Up till now, the exploitation of more than $2.8B has taken place because of the unreliable and unsecured cross-chain infrastructure. Hence, the above-mentioned mechanism targets to prevent such events.
Chainlink Labs’ head of Blockchain Partnerships “Thodoris Karakostas” commented on this development. The executive noted that the CCIP’s secure interoperability solution facilitates the users and developers on Celo. It reportedly let them leverage the multi-chain sector and expand Celo’s adoption. Celo Foundation’s Executive Director “Eric Nakagawa” said that the Celo ecosystem can see long-term adoption and growth with the cross-chain infrastructure.
