The Rise of Web3 Functions: Chainlink, Gelato, and Lit Actions

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With the blockchain technology advancing each day, web3 functions have emerged as a game-changer in the decentralized world. These web3 functions are a set of smart contracts that automate the tedious and time-consuming processes of blockchain development. They are self-executing processes that enable the developers to create decentralized applications more efficiently.

Let’s delve deeper into the world of web3 functions and explore Chainlink, Gelato, and Lit Actions, three of the most widely used functions with numerous real-world applications.

Suppose you own a smart contract that requires data from external sources. The traditional way to access this data would be to query a reliable source and then manually input the data into the smart contract. But with the introduction of web3 functions like Chainlink, you can automate this process with ease. Chainlink functions as an oracle network that securely connects your smart contract to real-world data sources such as APIs.

Concrete Examples

Chainlink's real-world applications are numerous. For instance, Chainlink was used to collect data on the COVID-19 outbreak in Asia, which was then used to automatically issue insurance payouts to policyholders. More recently, Chainlink has been integrated with Formula One's blockchain-based game, F1 Delta Time, whereby they provide race results and help run in-game events.

Gelato, another popular web3 function, operates as a smart contract automation platform. It enables the developers to set up automated processes that respond to triggering events on Ethereum, such as when the status of a specific smart contract changes. This eliminates the need for constant manual intervention, making the blockchain development process more efficient and less time-consuming.

Lit Actions, a lesser-known web3 function, is a platform for creating automatic conditional actions for dApps. It helps developers create smart contract actions that are automated by pre-set conditions like the time, the status of a smart contract or data from an oracle. Lit Actions is gaining popularity amongst developers because it saves them time and effort in building their own rules for smart contract interaction.

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