Ethereum Classic was one of the ventures on cryptocurrency that had fallen into the background during 2019. ETC seems to have decided to go up the ante as developments continue to pour into 2020.
Etherum Classic Labs has recently announced that it is partnering with ChainLink to use its oracle technology. This has been done to make ETC much more compatible with that of Ethereum, its parent blockchain.
In a blog post, Ethereum Classic listed out the reasons why the organization decided to bring decentralized oracles to its fold. One of the main reasons for this was to create a bridge between Ethereum Classic and other blockchains outside its systems. This was due to the fact that Ethereum Classic and Ethereum do not natively interact with off-chain services.
Chainlink’s oracle technology is the bridge that Ethereum Classic referred to. Oracles enable off-chain connectivity for smart contracts by reformatting the original external connection points. Through this method, oracles will be able to send and receive data between two different software applications. According to Chainlink:
“Chainlink can give smart contracts access to data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, and other blockchains. Importantly, Chainlink is a proven decentralized oracle network, which allows Ethereum Classic smart contracts to interact with off-chain resources with the same security guarantees as the underlying blockchain.”
Security is considered to be of paramount importance because if a decentralized smart contract is triggered by a centralized oracle, it could cause havoc on the network. Chainlink has assured users that it will bring both decentralization to the data source and the overall data retrieval process. Chainlink has always prided itself on being very close to the developers, and that’s what they did at this turn.
Developers will also be given the option to decentralize the data retrieval mechanism. This will be done by commanding multiple Chainlink oracles to retrieve the same data point. The extended functionality provided by the company is expected to bring in more people to the Ethereum Classic blockchain.
One of the main applications of oracle technology is the provision of DeFi on the fledging Ethereum Classic network. DeFi projects can fully utilize the power of aggregated data that can then be stored and studied at a later date. Analysts and developers both hope that companies will soon be launching more products to increase adoption across tokens.