Home Altcoins NewsTechnology Ethereum Classic (ETC) on ChainSafe in developing the ChainBridge

Ethereum Classic (ETC) on ChainSafe in developing the ChainBridge

Ethereum Classic ETC Chainbridge Chainsafe

ChainSafe have been building the blockchain not only for subject batter experts but also for people.  They focus mainly on blockchain interoperability.  Previously, they have created several notable projects.

They have been leading the development of Ethermint, which is a deployment of Ethereum on Tendermint making use of Cosmos-SDK, which is a version of Ethereum 2.0 which was written in TypeScript.

Ethereum Classic (ETC) tweeted: “Ethereum Classic Labs recently revealed that it will support @ChainSafeth in developing #ChainBridge to increase its interoperability with Ethereum. ICYMI: ChainSafe’s ChainBridge Will Enable #EthereumClassic Access to Ethereum #DeFi.”

Aidan Hyman, CEO of ChainSafe Systems expressed that the future of interoperability depends on projects which form consortiums around the open source software which can solve their problems at the same time being economically sustainable. Further stating that they agrees with the vision and on how ETC labs are in agreement with supporting ChainBridge along with their other valued partners.

Chain Bridge is a modular multi-directional blockchain bridge, which permits data and value transfer between any numbers of blockchain. Chainbridge is more than just facilitating transfers between several different networks.

ChainBridge is expected to gain its functionality in a decentralized and trustless manner in a way avoiding central points of failure.  The launch is set to be in a way that relayer’s will not be able to abuse their power by stealing misdirected funds. 

To make a transaction sent across the bridge to be accepted re-layers should provide sufficient votes for the transaction to clear up a certain threshold. This mechanism is good because multiple parties verify each of the transaction.

Sydney Ifergan, the crypto expert tweeted:  “Ethereum Classic with Chain Bridge will be able to send assets between Ethereum chains very easily.”

Ethereum Classic (ETC) Complementary Base Layer Blockchain

Ethereum Classic are proud about the fact that ETC in no way, shape, or form undermines the purpose of Bitcoin or its vision.  Reinstates that they are in reality both complimentary base layer Blockchain. Further clarifying that ETC could even theoretically provide BTC with L1 smart contracts.

Recently Ethereum Classic called for opinions from the Ethereum Classic community on what might be their thoughts when it comes to limiting or even removing the DAG in the Ethereum Classic Protocol.

The community came up with several opinions like Equip ETC by ProgPoW and solve many of the problems with one shot.  Some stated several other proposals like Gas Limits and DAG Limit/Removal should be considered, and a lot more.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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