Ethereum Classic And Chainlink Enter Into A Partnership

There is a new partnership in the altcoin news – this time between Ethereum Classic and Chainlink with the main goal of bringing decentralized oracles and external data to the ETC blockchain. As the announcement shows, Ethereum Classic (ETC) and Ethereum cannot natively interact with data that exists outside of their respective blockchains. However, platforms such as Chainlink allow blockchains to access external data securely.

Additionally, this service acts as a decentralized oracle by relying on independent data providers as well as node operators. As a result of this partnership between Ethereum Classic and Chainlink, the data provided by Chainlink will be accurate, reliable and free from any possible interference. This is a huge step forward and a benefit for many developers on the Ethereum Classic and other blockchains.

“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,” Chainlink said.

The Ethereum Classic news today also show that ETC Labs has not yet disclosed any information about the type of applications that it will develop with Chainlink. However, there is information that oracles are useful when it comes to integrating blockchain with traditional payment systems, market data and Internet of Things (IoT) based insurance data.

The founder of ETC Labs, James Wo, also spoke about the partnership between Ethereum Classic and Chainlink and 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.”

Meanwhile, market news show that both of the native tokens behind Chainlink and Ethereum Classic, LINK and ETC, are doing well on the market. The LINK token is today in a good momentum, trading with a 3% increase to $4.21, while ETC has added 2.42% and now is at $8.23.

There has been an influx of money on the market and similar to the recent rise (after the terrible breakdown) of the stock market, the cryptocurrency market is improving with potential signs that bears have lost their control.