Ethereum Classic Labs has announced that it is collaborating with Chainlink in order to bring decentralized oracles and external data to the Ethereum Classic blockchain.

As ETC Labs notes, Ethereum Classic and Ethereum cannot natively interact with data that exists outside of their respective blockchains. Blockchains are primarily useful for processing on-chain transactions, which must behave according to certain rules and overall blockchain consensus.

However, oracles like Chainlink allow blockchains to access external data in a secure way. Furthermore, the service acts as a decentralized oracle by relying on independent data providers and node operators.

The end result is that data provided by Chainlink is reliable, correct, and free from possible interference—something that is beneficial to developers on Ethereum Classic and other blockchains.

ETC Labs has not described what sort of applications it will develop with Chainlink.

However, it does suggest that oracles are useful when it comes to integrating blockchain with traditional payment systems, market data, and Internet of Things (IoT)-based insurance data.

Additionally, ETC Labs notes that price reference data is one service that Chainlink already provides. Chainlink expanded its price feeds to include 25 trading pairs in January, which will allow developers to make use of more reliable market data within their DApps and smart contracts.

Now, Ethereum Classic developers will be able to make use of that data.

ETC Labs has not explicitly stated that Chainlink will add ETC prices to its price reference feeds, but that does seem to be a likely outcome of the collaboration.

Chainlink has secured many other partnerships and attracted plenty of adoption in recent weeks.

Yesterday, Polkadot announced plans to use Chainlink as the main oracle system for its blockchain interoperability platform. Two days ago, Set Protocol added the LINK token as a listing on its trading platform, and it integrated its market price oracles as well.

Chainlink has also secured recent partnerships with the blockchain-based legal platform OpenLaw, the quantum-resistance project QANPlatform, and the hardware wallet company NGRAVE. The project has additionally brought on board ChorusOne and Staking Facilities as its latest node operators.

Because Chainlink is designed to work with and provide real-world data to multiple platforms, it is safe to say that it will announce many more similar partnerships in the future.

The post Ethereum Classic Collaborating With Chainlink on Oracles appeared first on Crypto Briefing.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

216 +