Chainlink, a Web3 oracle provider, has introduced a new serverless developer platform called "Chainlink Functions" on its Web3 services platform. The aim is to enable developers to create decentralized applications and link smart contracts to any web2 API, using a serverless approach.

Previously, Web3 developers couldn't link their smart contracts to existing Web2 APIs, and Web2 developers were unable to leverage their existing infrastructure when building a Web3 app. However, with Chainlink Functions, developers can easily connect Web2 APIs and cloud services in their smart contracts. Leading cloud and Web2 platforms, such as AWS, Google Cloud, and Meta, have collaborated on sample use cases to showcase the platform's abilities. The platform has been tested across a wide range of Web3 verticals, including AI integrations and DAO governance, by projects such as Block Scholes, ChainML, Dopex, Nusic, Thirdweb, and more. With Chainlink Functions, Web3 developers can build connections from smart contracts to off-chain resources on a self-serve basis without the need to run their own infrastructure. The platform abstracts away the backend complexity, enabling developers to focus on unlocking the next significant use case for Web3. 

Chainlink Functions is supported by a distributed serverless architecture powered by a Chainlink decentralized oracle network that leverages the latest version of Off-Chain Reporting (OCR). OCR is a novel consensus protocol that already underpins Chainlink Data Feeds, which help secure major Web3 protocols such as Aave, Compound, and Frax Finance. The testnet beta of Chainlink Functions uses a subscription contract with testnet LINK.

  Chainlink Functions unlocks a wide range of use cases along the spectrum between connectivity and computation.

Benefits of Building With Chainlink Functions