By CCN Markets: A little-known cryptocurrency spiked more than 60% after Google gave the project a surprise shout-out in an equally-unexpected blog post on how to use Ethereum and Google Cloud to build hybrid blockchain applications.
Google Sends Chainlike Cryptocurrency Into the Stratosphere
That cryptocurrency, Chainlink (LINK), enjoyed a parabolic swing that launched its price as high as $2.00 on Binance. Just hours earlier, LINK had traded below $1.10.
As of the time of writing, the Chainlink cryptocurrency was priced at $1.86 on Binance, which translates into a 24-hour gain of 62%.
How to Use Chainlink to Connect Ethereum to Google Cloud
The cryptocurrency’s sudden rally began immediately after Google Cloud developer advocate Allen Day published a blog post demonstrating how developers could use Chainlink to enable Ethereum smart contracts to communicate with BigQuery, Google’s enterprise cloud data warehouse.
While BigQuery and Ethereum do the heavy lifting, Chainlink serves as critical “middleware” between other smart contracts and real-world data, allowing decentralized applications (dApps) to access off-chain inputs without having to rely on centralized “oracles.”
Here’s how it works:
“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…