Chainlink, the 24th largest cryptocurrency in the world, got a surprise shout-out from Google, probably the largest company any cryptocurrency project can get a shout-out from.
The mention from Google came in the form of a blog post, which detailed its effort to build a hybrid blockchain and/or cloud applications, with Ethereum and Google cloud. The blog also stated that Google software will integrate data sources outside blockchain, via a partnership with Chainlink. Chainlink will provide on and off ramps for information necessary to run self-executing smart contracts, while the heavy-lifting will be done by BigQuery and Ethereum.
The blog also outlined places where Google could use this partnership to their advantage. The first is in prediction marketplaces, where participants allocate capitals to speculate on future events. The second example would be hedging against blockchain platform risk, and the third could be in enabling commit/reveals across Ethereum using submarine sends.
The blog added,
“We’ve demonstrated how to use Chainlink services to provide data from the BigQuery crypto public datasets on-chain.This technique can be used to reduce inefficiencies (submarine sends use case) and in some cases add entirely new capabilities (hedging use case) to Ethereum smart contracts, enabling new on-chain business models to emerge (prediction markets use case).”
Google also said that the essence of their approach was to trade a small amount of latency and transaction overhead for a potentially large amount of economic utility. Additionally, Google anticipates that this interoperability technique will lead developers to create hybrid applications that will take the best of what smart contract and cloud platforms have to offer and in the future, help bring Google Cloud Platform’s ML services.
ChainLink’s price shot up into the stratosphere, pumping by 76.60% in an hour. The price rose from $1 to almost $2 and the coin, at press time, had a market cap of $539 million and a 24-hour trading volume of $461 million.
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