On 13th June, Google announced that the team was now building hybrid blockchain/cloud applications with Ethereum [ETH], Google Cloud and ChainLink.
The blog posted by Google describes that the team is working on applications of making internet-hosted data available inside an immutable public blockchain: placing BigQuery data available on-chain using a Chainlink oracle smart contract.”
Even the official handle of ChainLink tweeted:
We’re thrilled to share that Google is one of the great companies integrating #Chainlink into their approach to smart contract adoption. Here’s how @GCPcloud users can use Chainlink to connect to BigQuery, one of Google’s most popular cloud services. https://t.co/TfaGPP5TlS— Chainlink – Official Channel (@chainlink) June 13, 2019
How is Google doing this?
Ethereum’s Smart Contract applications will request data from Chainlink, which in turn will retrieve data from a web service built with Google App Engine and BigQuery.
To explain this further, Google said:
“To retrieve data from BigQuery, a Dapp invokes the Chainlink oracle contract and includes payment for the parameterized request to be serviced (e.g. gas price at a specified point in time). One or more Chainlink nodes are listening for these calls, and upon observing, one executes the requested job. External adapters are service-oriented modules that extend the capability of the Chainlink node to authenticated APIs, payment gateways, and external blockchains. In this case, the Chainlink node interacts with a purpose-built App Engine web service.”
Ethereum dApps will receive LINK and create request and transfer LINK to an Oracle Contract which will Emit the Event and ChainLink Node will further convert the event to a web service request. This then moves forward to the Google Cloud App Engine where the request is processed and the query is then submitted to BigQuery that generates and returns the query results to the App Engine in JSON serialized response. This is further sent to the Chainlink Node which writes the response on-chain and the node operator stores the LINK. Then the response is forwarded to the Oracle Contract that notifies the client about the results being available and shoots an app-specific logic on the dApp.
You can observe the below image to get an idea of how this works!
Additionally, Google has documented on “How an Ethereum smart contract can interact with the BigQuery oracle” to “retrieve gas price data“. The team has also implemented a “stub of a smart contract option showing how the oracle can be used to implement a collateralized contract on future gas prices“, which is a “critical input for a dApp to function”. For more information on integrating dApp, check out their documentation for requesting data from BigQuery via Chainlink. In addition to this, Illustrative queries to BigQuery can also be seen for gas price by date and by block number.
Post the announcement of this integration, ChainLink’s native token LINK started pumping.
As observed, 22:00 UTC +5 Chainlink had a trading price of $1.3 with a market cap of 335 million USD. Post the ‘big news’, LINK shot upto $1.85 and added 300 million USD to its market cap making it $648M under 45 minutes and was up 50% in 6 hours from the announcement.
At the time of press, LINK has the trading price of $1.54 with a market cap of 537M USD. The coin is currently up by 34% in 24-hours.