Skip to content
Herald Sheets

Herald Sheets

Live Cryptocurrency News

Follow Herald Sheets on Twitter, Facebook, Telegram, Please Read Our Disclaimer

  • Homepage
  • Start Trading
  • Guide
  • Crypto News
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Ripple (XRP)
    • Dogecoin (DOGE)
    • Cardano (ADA)
    • Litecoin (LTC)
  • Analysis
  • Blockchain
  • Mining
  • Reviews
    • Brokers
    • Exchanges
  • Regulation
  • Press Release
  • About Us
    • Contact Us
    • Privacy Policy
    • Editorial Policy
    • Submit Press Release
  • Disclaimer
  • Blockchain
  • News

ETC Labs Partners with ChainLink to Bring Decentralized Oracles to Ethereum Classic

Solomon Odunayo February 27, 2020 2 min read
ETC Labs Partners with ChainLink to Bring Decentralized Oracles to Ethereum Classic

ETC Labs has recently announced its partnership with Chainlink to bring decentralized oracles to Ethereum Classic.


trade now

According to the report, Ethereum Classic and Ethereum do not naturally communicate with off-chain services due to the fundamental consensus mechanisms that control specific behavior in the network.

This implies that blockchains can only process transactions in a determinism manner using on-chain data.

Chainlink is capable of giving smart contracts access to data providers, web APIs, enterprise systems, cloud providers, IoT devices, and other blockchains.

Also, Chainlink is a popular and proven decentralized network. It’s expected to give Ethereum Classic smart contracts the ability to interact with off-chain resources with the same security assurances as the underlying blockchain.

This is termed critical in the sense that smart contracts are as secure as their weakest component. This implies that a fully decentralized smart contract is still not secure if it’s powered by a centralized oracle.

Chainlink serves as a solution to these issues by bringing decentralization to the data source and the data retrieval process.

The data source can be decentralized by the developers by sourcing data from different data providers. Moreover, developers can decentralize the method of retrieving data by making multiple independent Chainlink oracles fetch the same data point.

Founder of ETC Labs, James Wo 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.”

One such use case is providing DeFi applications on Ethereum Classic secure and reliable access to the ETH/ USD price via their Price Reference Contract. This reference contract consists of 21 independent Chainlink oracles that each submit a price that gets aggregated and submitted on-chain. This use of aggregated data provides a robust canonical result that can be queried and utilized by users or DeFi projects.

Trade Now

Continue Reading

Previous: Binance Adds BUSD Margin Pairs for Cardano (ADA), Tron (TRX), and Ethereum Classic (ETC)
Next: Litecoin Foundation Partners with MeconCash to enable LTC Withdrawals to Korean Won at over 13,000 ATMs across South Korea

Related Stories

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World
3 min read
  • Metaverse
  • News
  • Press Release

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World

May 26, 2022
UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer
2 min read
  • Altcoins
  • Crypto Trading
  • Cryptocurrency
  • News
  • Terra (LUNA)

UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer

May 26, 2022
ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase
2 min read
  • Blockchain
  • Cryptocurrency
  • Ethereum (ETH)
  • News
  • Price Analysis

ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase

May 25, 2022

Top 10 Crypto

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$29,578.00
-0.60%
ethereum
Ethereum (ETH)
$1,875.78
-4.59%
tether
Tether (USDT)
$1.00
-0.11%
usd-coin
USD Coin (USDC)
$1.00
-0.19%
binancecoin
BNB (BNB)
$315.16
-3.64%
ripple
XRP (XRP)
$0.396894
-2.10%
Binance USD
Binance USD (BUSD)
$1.00
0.12%
cardano
Cardano (ADA)
$0.494028
-3.84%
dogecoin
Dogecoin (DOGE)
$0.079684
-4.18%
polkadot
Polkadot (DOT)
$9.37
-5.91%

Recent Posts

  • Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World
  • UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer
  • ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase
  • CharterPrime Review – Is CharterPrime Scam or a Proper Broker?
  • Do Kwon Intends To Make Terra Classic By Forking LUNA Blockchain
  • Grayscale Is Planning On Listing Its First European Exchange Traded Fund
  • Celsius Is Planning On Taking Its Crypto Mining Business Public
  • Terra Team May Not Redeem Promised Refunds, Especially For Smallholders – Whistleblower
  • Coinbase Adds BNB Chain And Avalanche To Token Swap Service
  • Richardson Lewis Review – Is Richardson Lewis Scam or a Proper Broker?
  • PancakeSwap Guide 2022 – Everything You Need To Know About This DEX
  • Polkadot-based Smart Contract, T3rn Deploys Latest Testnet
  • Uruguayan Authorities Launch Campaign Against Crypto Scams
  • GameStop Announces The Launch Of A Crypto Wallet
  • Litecoin To Be Delisted Out Of Major Crypto Exchanges

Disclaimer

This website may have financial affiliations with some (not all) of the brands and companies mentioned on this website. Information found on Herald Sheets represents those of writers quoted. It does not represent the opinions of Herald Sheets on whether to buy, sell, or hold any investment assets. Investors must do their own research before investing their money and only do so at their own risk.

Categories

You may have missed

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World
3 min read
  • Metaverse
  • News
  • Press Release

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World

May 26, 2022
UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer
2 min read
  • Altcoins
  • Crypto Trading
  • Cryptocurrency
  • News
  • Terra (LUNA)

UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer

May 26, 2022
ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase
2 min read
  • Blockchain
  • Cryptocurrency
  • Ethereum (ETH)
  • News
  • Price Analysis

ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase

May 25, 2022
CharterPrime Review – Is CharterPrime Scam or a Proper Broker?
3 min read
  • Cryptocurrency Brokers News and Reviews

CharterPrime Review – Is CharterPrime Scam or a Proper Broker?

May 25, 2022
Copyright © All rights reserved. | DarkNews by AF themes.
  • RelevantRelevant(REL)$0.825.35%
  • TadpoleTadpole(TAD)$7.32-1.74%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184213-2.11%
  • SakeTokenSakeToken(SAKE)$0.0127135.28%
  • WTF TokenWTF Token(WTF)$0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)$0.005461-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%