Popular smart contract-supporting project Chainlink (LINK) has just expanded its network. Announced today via a blog post, Callisto Network, a platform derived from Ethereum technology, will be integration Chainlink’s popular oracle system.
With this move, developers will be able to integrate Chainlink Oracle support into Callisto applications for use by consumers for more reliable oracle service, as many of these solutions are centralized. Callisto’s team, which formerly was the Ethereum Commonwealth, wrote on the matter of the integration:
Chainlink was chosen for its open source nature, exceptional technical team, and clear developer documentation… Callisto will achieve the perfect decentralized ecosystem end-to-end with Chainlink.
For those unaware of how exactly Chainlink works, here’s a brief explanation: The project is fostering a decentralized network of oracles that enables smart contracts (and thus decentralized applications) to “securely access off-chain data feeds, web APIs, and traditional bank payments” (per the Callisto blog). Decentralized oracles have many use cases, including improving the settlement of betting markets, like those on Augur; and potentially enabling some form of decentralized fiat-to-crypto exchange system.
So what exactly is Callisto? Well, as hinted earlier, it is a project that has roots in the Ethereum (Classic) space, with its main developer team being former devotees to that ecosystem. What makes Callisto different than its cousins, so to speak, is its vision:
The main goal of Callisto is to research and develop a reference implementation of a self-sustaining, self-governed and self-funded blockchain ecosystem and development environment.”
This lofty vision has materialized in the addition of certain features that are unique to Callisto, including cold staking, a pseudo-passive income system for holders of CLO; the provision of “free” smart contract audits to bolster the chain’s usability and security; among other things.
LINK on the Rise
This integration comes as Chainlink has been on the rise. Late in June, Coinbase Pro, the startup’s cryptocurrency exchange for professional traders, listed LINK against the U.S. Dollar and Ethereum. The asset on Coinbase Pro is supported in all jurisdictions the exchange is available in, sans New York State due to regulatory concerns.
This came shortly after Google Cloud, the firm’s cloud computing services platform, released an article titled “Building hybrid blockchain/cloud applications with Ethereum and Google Cloud”. In this piece, a staffer named Allen Day talked about the potential applications of Chainlink, leading to a massive appreciation in the value of LINK during that time.
The post outlined an integration that allows for Chainlink Oracles to interact with BigQuery, Google’s data analyzer and portal. What this does is allows for developers to build decentralized applications that can harness Google, theoretically improving the efficiency and viability of smart contracts.