ETC Labs, the San Francisco-based incubator for the blockchain Ethereum Classic (ETC) announces a partnership with cryptocurrency firm Metronome in order to create a solution for Ethereum (ETH)/ETC interoperability, in an official blog post on June 27.
As per the announcement, blockchain interoperability i.e. also referred to as “chainhopping”, is a property of a blockchain asset which can be transferred between separate blockchains. As for this particular case, the cryptocurrency Metronome (MET) will be transferable between the ETH and ETC blockchains.
The two blockchain ETH and ETC initially split in the summer of 2016, after a contentious vote to return money lost when the DAO collapsed in 2016. According to the recent announcement, MET will be the first cryptocurrency that will be blockchain interoperability. The Metronome’s website claims and elaborates over the further plans for interoperability, saying:
“As the first cryptocurrency capable of being exported and imported across chains, Metronome will be initially issued on Ethereum with Ethereum Classic, Rootstock on Bitcoin, and Qtum support expected to follow. Such portability will allow users to select the chain that suits their requirements for management and security, or even upgrade the MET contract if needed.”
The announcement further noted another aspect of the partnership, wherein ETC labs will support Metronome’s Validator Network, a set of at least 5 decentralized, off-chain validators who will verify the validity of Metronome transactions. With this step, the network will ensure that Metronome transactions are reliable, secure, and less prone to double-spend attack.
The metronome was announced in 2017, by Jeff Garzik, a veteran bitcoin (BTC) dev and the co-founder of blockchain wallet Bloq, aimed at being the first chain-hopping cryptocurrency.
Image Source – Ethereum Classic Labs Medium
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