- The partnership will integrate decentralized oracles into the Ethereum Classic network.
- Oracles are useful when it comes to integrating blockchain with traditional payment systems.
Ethereum Classic Labs has announced its partnership with Chainlink (LINK) to bring decentralized oracles and external data to the Ethereum Classic blockchain. According to the announcement, Ethereum Classic (ETC) and Ethereum cannot natively interact with data that exists outside of their respective blockchains. However, platforms like Chainlink allow blockchains to access external data securely. Additionally, the service acts as a decentralized oracle by relying on independent data providers and node operators.
As a result of the collaboration, the data provided by Chainlink will be accurate, reliable and free from possible interference. This is beneficial for developers on Ethereum Classic and other blockchains. Chainlink said:
Oracles facilitate off-chain connectivity for smart contracts by reforming external connection points (APIs) so that two separate software applications become compatible and can exchange data with each other. These oracles can then pull data into the smart contracts and/or execute actions on external systems based on predefined instructions.
ETC Labs has not disclosed information about the kind of applications that it will develop with Chainlink. It does, however, suggest oracles are useful when it comes to integrating blockchain with traditional payment systems, market data, and Internet of Things (IoT)-based insurance data.
James Wo, Founder of ETC Labs said:
This extended functionality to off-chain environments substantially scales the number of use cases smart contract developers can create using Ethereum Classic and ultimately makes it easier and more seamless for developers to build on Ethereum Classic.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Latest Crypto News & Analysis
Editors’ Picks
XRP price eyes deeper losses, as 200-DMA looks at risk
XRP price is licking its wounds so far this Saturday, having reached the lowest in three months at $0.7691 on Friday. XRP bears are set to breach the 200-DMA, with a test of May lows likely. Ripple confirmed a symmetrical triangle breakdown on the daily chart. The path of least resistance appears to down despite the tepid bounce.
SafeMoon Price sees a dead cat bounce before the next downswing kicks in
SAFEMOON price is fading the recovery momentum this Saturday after falling for four days in a row earlier this week. Technical up on the 4H chart paints a bearish picture. RSI remains bearish, as more weakness likely in the near term.
MATIC Price Prediction: Polygon success story hangs in the balance
MATIC price drops 13%, engages critical support, including the 2021 rising trend line. Polygon symmetrical triangle breakout on June 15 may have been a bull trap. Select on-chain metrics support a constructive view on the Indian blockchain platform.
SHIB retraces Coinbase rip, as crypto market selling intensifies
Shiba Inu price dropped 30% before finding support at the 50 four-hour simple moving average (SMA). Four-hour Relative Strength Index (RSI) has released the notable overbought condition in SHIB.
Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive
Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.