ETC Labs Partners With Chainlink To Integrate Decentralized Oracles On Ethereum Classic
Ethereum Classic top developer, ETC Labs, partners with Chainlink to integrate decentralized data oracles on the ETC blockchain. The official announcement reads,
“Ethereum Classic Labs is excited to announce our collaboration with Chainlink to bring decentralized oracles to Ethereum Classic.”
Currently, Ethereum and Ethereum Classic blockchains do not interact with off-chain data which limits the smart contract due to “underlying consensus mechanisms that maintain specific behavior in the network.” However, the new integration will allow the blockchain to feed off data from other blockchains and external sources.
Chainlink decentralized oracle on Ethereum Classic?
As explained in the announcement, oracles solve the problem of connecting to off-chain data by creating a bridge between blockchains and other sources. Oracles allow the interconnectivity of blockchains by reformatting APIs and pulling data into the smart contract enabling the users to execute instructions from the external systems.
Blockchains have had to deal with the issue of introducing centralized oracles on their platform, which puts the whole decentralized system in jeopardy. Remember, a blockchain is as strong as its weakest link, and the introduction of centralized oracles may cause a loophole in security. Hence the selection of Chainlink, which provides decentralized oracles, on Ethereum Classic.
Chainlink will bring decentralization to both the data source and the data retrieval process allowing users to source data from multiple data points or setting multiple oracles to gather data from one data source. This allows the system to prevent a single point of failure attack.
Future of Ethereum Classic and Chainlink collaboration
The integration of decentralized oracles is the first stem to fully enjoying the benefits that Chainlink offers. So far, Ethereum Classic will leverage the Price Reference Contract on Chainlink to retrieve ETC/USD prices from the 21 decentralized oracles on Chainlink.
More updates will be offered as the development of the platform continues.
Chainlink (LINK) currently trades at $3.91 USD, representing a 4.07% gain in the past 24 hours. The latest addition to the Chainlink platform, ETC, trades at $7.42 USD, representing a sharp loss of 4.55% in the past day.