Smart contracts are poised to revolutionize many industries by replacing the need for both traditional legal agreements and centrally automated digital agreements. Both performance verification and execution rely on manual actions from one of the contracting parties, or an automated system that programmatically retrieves and updates relevant changes. Unfortunately, because of their underlying consensus protocols, the blockchains on which smart contracts run cannot support native communication with external systems.
The solution to this problem is to introduce a functionality called an oracle that provides connectivity to the outside world. Existing oracles are centralized services. Any smart contract using such services has a single point of failure, making it no more secure than a traditional, centrally run digital agreement.
What differentiates Chainlink from other oracle solutions is its ability to operate as a fully decentralized network. This decentralized approach limits the trust in any single party, enabling the tamperproof quality valued in smart contracts to be extended to the end-to-end operation between smart contracts and the APIs they rely on. Making smart contracts externally aware, meaning capable of interacting with off-chain resources, is necessary if they are going to replace the digital agreements in use today.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Chainlink is consistently selected as one of the top blockchain technologies by leading independent research firms such as Gartner. It is well known for providing highly secure and reliable oracles to large enterprises (Google and SWIFT) and leading smart contract development teams.
Callisto Network is a decentralized open source crypto platform based on the go-ethereum source code with its own cryptocurrency ‘CLO’. 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.
Callisto has a high Max. Supply, allowing low transactions fees. Callisto Blockchain aims to be the host of many large scale dApps / smart contracts that needs a high rate of interaction, providing transactions at almost zero cost.
Furthermore, Callisto aims to be a service provider on both on-chain and off-chain protocols, giving all the necessary tools to fit the needs of any developer or enterprise.
The first dApp launched on the Callisto.Network Blockchain was Cold Staking. It was a success, and at the time of writing, it holds more than 1,000,000,000 CLO (57% of the circulating supply). With more than 100,000 transactions at a cost that hovers around USD 0.000004, Cold Staking shows the potential for large scale or intensive interaction dApps and smart contracts.
More dApps are being developed by the core team of Callisto as well by third parties. The low cost also gives the possibility to launch a main net application without the high price of deploy that could be an obstacle for new projects.
Why Chainlink integration?
We’re implementing Chainlink to give to our holders and smart contract developers a unique, decentralized and versatile oracle function. Chainlink was chosen for its open source nature, exceptional technical team, and clear developer documentation. Currently, Callisto doesn’t have an oracle system that can enable essential communication on-chain with external off-chain services. Callisto will achieve the perfect decentralized ecosystem end-to-end with Chainlink.
“Chainlink offers groundbreaking features; companies as Coinbase and Google are choosing Chainlink technologies” states Yohan Graterol (Callisto CEO)