Ethereum Classic Labs, a San Francisco-based incubator that is concerned with accelerating the development and adoption of the Ethereum Classic community through a series of innovative projects powered by the Ethereum Classic blockchain, has recently announced its partnership with Chainlink to integrate Chainlink’s decentralized oracle network into Ethereum Classic.
Both Ethereum Classic and the Ethereum blockchain cannot interact with data from external sources due to the fact that the networks follow a specific behavioral pattern, and that is being able to only process transactions with the data found in its system.
Although this provides the system with a high level of security, it makes it impossible to connect with various real-world data which can be found on either other blockchains or non-blockchain platforms.
The Chainlink’s oracle solves this problem by reformatting the external connection points of the two completely different software, thus, making them compatible enough to exchange data.
Chainlink is well known for its decentralized oracle network which provides extra security to the data collected by ensuring that data is collected from different sources to prevent any errors.
The incorporation of Chainlink’s oracle network will be used to provide accurate and secure information regarding the ETH/USD price in the Ethereum Classic using the Price Reference Contract. This and many other use cases of the Chainlink oracle network will help to further the development of Ethereum Classic.
Speaking on the partnership, James Wo, founder of the Ethereum Classic 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.”
Just a few weeks ago, QANplatform also incorporated the Chainlink decentralized oracle network into its quantum-resistant blockchain technology.