As a matter of course, the two Ethereum and Ethereum Classic blockchains don’t support off-chain services owing to their in-built agreement components that maintain certain behavior in the system.
While this mechanism helps in maintaining an extremely significant level of system security, it has its own disservices which incorporate the failure of such systems to associate with other distributed ledgers or non-blockchain platform, making it apparently inconceivable for developers to interface their smart contract applications with market data for DeFi (Decentralized Finance) and more.
In order to eliminate this test, Chainlink will integrate its oracle technology into the network of Ethereum Classic, for serving as a strong extension between the blockchain and different ecosystems.
Chainlink said –
“Oracles facilitates 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.”
Now, Ethereum Classic Will Have More Use Cases
With the new Ethereum Classic-Chainlink union, smart contraction on the Ethereum Classic network will significantly be have the option to work with off-chain assets, for example, web APIs, Internet of Things, Cloud Infrastructures, payment systems, and to name a few with the similar level of security as the underlying blockchain technology.
James Wo, founder of ETC Labs, commented on the exciting development and emphasized that –
“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.”
With the integration of decentralized oracles into ETC network, the team says that Decentralized Finance projects on the network will have the option to get the ETH/USD value data by means of the Price Reference Contract, in a safe and more reliable manner.
Ethereum Classic is currently the 18th largest digital currency by far, as observed on CoinMarketCap. The cost of ETC is somewhere around 5.40% on the 24-hour time period, at $7.34, with a market capitalization of $853.61 million.