• 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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin unstoppable push to $12,000, China piloting digital currency in cities

BTC/USD again failed in the journey to overcome the resistance at $12,000. The bullish leg made it above the resistance at $11,600 but hit the next hurdle at $11,800.

More Bitcoin News

XRP/USD on the verge of a triangle breakout, is $0.32 within reach?

Ripple price has been narrowing within a falling triangle pattern for two weeks now. The retreat followed an impressive price action that has seen XRP rally from July lows at $0.1740. 

More Ripple News

Ethereum Classic Price Analysis: ETC/USD bulls fail near the $7-level

ETC/USD faced bearish correction following two straight bullish sessions. The price dropped from $6.925 to $6.889. The moving average convergence/divergence (MACD) shows sustained bearish ...

More Ethereum Classic News

Cardano Market Update: Bulls stay in control as staked ADA count crosses ten billion

With over ten billion ADA being staked and more than 920 active staking pools, Cardano appears to have reached a new milestone. After the recent Shelley upgrade, users have been able to stake their ADA ...

More TRON news

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast

BTC

ETH

XRP