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.

Ethereum (ETH) Live Price

1 ETH/USD =$237.3486 change ~ 0.45%

Coin Market Cap

$26.5 Billion

24 Hour Volume

$2.04 Billion

24 Hour VWAP

$238

24 Hour Change

$1.0791

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,472FansLike
2,795FollowersFollow
4,195FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Crypto Market Bounces Back by 44.5% in Q2 As BTC Gains 78% Since Black Thursday: CoinGecko

The market cap of cryptocurrencies has grown by 44.5% within Q2, according to the first quarterly report by CoinGecko. In addition to this, Bitcoin's price...

DApp Q2 Market Report Shows Massive DeFi Impact in The Decentralized App Ecosystem

The DeFi realm has registered tremendous growth in the past quarter (Q2) with some products posting some impressive figures. $4.9 Billion was channeled through...

VaultAge Solutions CEO Declared Bankrupt After Scamming Crypto Investors Out of Over $13M

Willie Breedt, chief executive officer of the crypto investment firm, VaultAge Solutions, has been declared bankrupt, who is currently on the run after defrauding...

Arca Labs Rolls Out Ethereum Based Fund After SEC Approves Digitally Transferrable Securities

According to a press release on Monday, July 6, 2020, Arca Labs, a digital asset investment firm, becomes the first-ever company to trade an...

China’s OTC Crackdown Puts Bitcoin at a Discount

Last month, there were reports of thousands of cryptocurrency over-the-counter (OTC) merchants and their clients getting affected as China froze their bank accounts to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today