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What does the integration into the Plasm protocol mean for the future Chainlink?

August 12, 2020

Plasma, An intelligent contract protocol based on the Polkadot substrate architecture and integrating Chainlink’s award oracle (LINK). Interestingly, the oracles project themselves it could be a polkadot parachute.

Polkadot has a modular structure and has various parachutes that serve certain applications. The mainnet doesn’t have smart contracts, but Plasm hopes to fill this gap.

The CEO of Plasm, Sota Watanabe, said Cointelegraph that they have the intent to use Chainlink’s award oracle for the Plasm Lockdrop, a token distribution mechanism initiated by Edgeware. To get Plasm tokens, A user needs to block Ether or Bitcoin in a smart contract. In return, the user receives a certain amount of the native plasm tokens. The amount is proportional to the amount of the assigned asset and the length of the lockdown. At the end of the embargo The user will restore their crypto assets along with their plasma tokens coming out of the oven. Sota said:

“If you have ETH or Bitcoin, you have to lock your ETH on Ethereum or your Bitcoin on the Bitcoin network. So we need to find the price of Ethereum and Bitcoin on the Plasm network in order to dispense the coins. “

What does the integration into the Plasm protocol mean for the future Chainlink?What does the integration into the Plasm protocol mean for the future Chainlink?

Sota said if Chainlink becomes a polkadot parachute, it should only serve to make the Plasm network more efficient. Although Polkadot supports data exchange between its parachutes, real-world applications still need information from other chains or from centralized external sources:

“Once you connect your blockchain to Polkadot, we can pull data from the Chainlink blockchain and send it to the Plasm network.”

Despite the modular nature of Polkadot and the fact that some of its parachutes can incorporate Chainlink’s oracles, native integration still seems to be required.

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