Ethereum Classic Will Collaborate With Chainlink (LINK)

Ethereum classic will collaborate with Chainlink in order to bring its user’s decentralized oracles and external data to the Ethereum Classic blockchain as per the announcement that has in our Ethereum classic news.

As Ethereum Classic labs noted, Ethereum and ETC cannot interact with the data that exists outside of the blockchains since the blockchains are mainly useful for processing on-chain transactions and they have to behave according to the outlined rules and overall blockchain consensus. The oracles like Chainlink allow the blockchains to access the external data in a very secure way. Next, the service acts as a decentralized oracle by simply relying on the independent data providers and the node operators as well.

The end result will be the data that is provided by Chainlink and that the data is reliable, correct and free from the possible interference which will be of extreme benefit to the developers on Ethereum classic and other blockchains. ETC Labs has not described what kind of applications will the new partnership bring as Ethereum classic will collaborate in order to improve the services of the platform. It does suggest that the oracles are useful when it comes to implementing blockchain with traditional payment systems, internet of things, market data and insurance data.

ETC labs noted that the price reference data is one service that is already provided by Chainlink since the platform expanded its price feeds to include 25 trading pairs back in January which will allow the developers to make use of improved, reliable market data with the Dapps and smart contracts. Etheruem classic developers will also be able to use that data. ETC labs stated that Chainlink will add ETC prices to the reference feeds and this seems to be a possible outcome of the collaboration. Chainlink also made a lot more other partnerships and attracted a lot of adoption over the past months.

Polkadot announced the new plans to use Chainlink as a main oracle system for the blockchain platform and Set Protocol added the LINK token as listing on the trading platform by also integrating the market price oracles too. Chainlink made partnerships with the blockchain-based legal platform OpenLaw and the hardware wallet company NGRAVE. Chainlink is designed to work with multiple platforms and it is safe to say that will announce more partnerships in the near future.