> fee for every data point, message, compute, LLM call and transaction for every transaction on every chain public & private
> fee for transactions on your chain - if your chain is used
This is abstraction. And orchestration.
The Chainlink Stack $LINK
"The Chainlink Cross-Chain
Interoperability Protocol (CCIP)
Upon receiving the request from Swift,
which contains both the metadata and
the blockchain message signature, CCIP
is used as an abstraction layer to create
a blockchain transaction and securely
transmit the transaction to the
Forwarder Contract.
The Forwarder Contract address, which
was initially involved in creating the
blockchain message, undertakes multiple
verification and validation processes,
before forwarding the request to the
designated token contract where the token
transfer is initiated. This transfer can either
occur within the same blockchain or use
CCIP to securely reach the destination
blockchain’s wallet.
Throughout the cross-chain transfer
process, each step and any exception
returned by the smart contract while
processing the transaction are monitored
by CCIP as events. CCIP sends a status
update for each of these events to Swift,
which matches the received status update
to the relevant Swift message and informs
the relevant institutions of its progress.
Middle and back-office systems rely on
these updates for internal teams to provide
transparency, manage risk and report
transaction progress to all relevant parties.
Depending on the specified configuration,
the CCIP router will immobilise a certain
quantity of tokens within a ‘token pool’
(see our glossary here) on the source
blockchain. Concurrently, wrapped tokens
will be generated on the destination
blockchain. This process involves the
inclusion of CCIP fees and the creation
of a message that incorporates the
pre-existing information.
The inherent nature of blockchain
transactions addresses the potential
issue of a race condition arising from
insufficient tokens in the token pool.
Since all the instructions mentioned above
are contained within a single transaction,
the transaction can only succeed if all
instructions are executed successfully.
Note that the detailed mechanics for
a cross-chain transfer can be found in
the Appendix."
Its all right out there. Prove it. No NDA's.
$LINK @swiftcommunity #ISo20022
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