The collaboration will incorporate decentralized oracles into the Classic Ethereum network, and these oracles are useful when it comes to incorporating blockchain into traditional payment systems.
Dutch crypto analyst Michael van de Poppe recently noted that re-testing the level of $3.7 would be very good at the Chainlink token (LINK) price.
The LINK price rose by nearly 12 percent in a few hours on February 29, 2020, and stopped at just 10 percent of the previous historic high.
The analyst posted some bullish forecasts of common altcoins ‘ price dynamics. One of the team even participates in a very fruitful partnership with Ethereum Classic (ETC). Mr. van de Poppe will not be shocked if a fresh bullish move adds to the preliminary price at 24.3 percent.
However, in terms of performance in 2020, the analyst chose Chainlink (LINK) as one of the most lucrative altcoins, as well as a good option to “buy low” when rectifying.
Ethereum Classic Labs has announced its collaboration with Chainlink (LINK) to offer the Ethereum Classic blockchain decentralized oracles and external info. Ethereum Classic (ETC) and Ethereum can not interact directly with data that resides beyond their respective blockchains, the announcement says.
Platforms like Chainlink, however, allow blockchains to access external data securely. However, the service serves as a decentralized oracle, depending on independent data providers and operators of nodes.
The data provided by Chainlink will be accurate, reliable and free from possible intervention as a result of the collaboration. This is useful for Ethereum Classic users, and other blockchains. Chainlink said the following:
Oracles facilitate autonomous connectivity for smart contracts by transforming external connection points (APIs) so that two separate software applications can be compatible, and data can be exchanged. Such oracles can then insert data into smart contracts and/or function based on predefined instructions in external systems.
ETC Labs does not disclose which applications Chainlink will use to build. He implies, however, that oracles are useful in combining blockchain with traditional payment systems, market data, and insurance data based on the Internet of Things (IoT).
James Wo, the founder of ETC Labs, declared:
This improved functionality for stand-alone environments greatly increases the number of use cases that smart contract developers can build with Ethereum Classic, and ultimately makes the development of Ethereum Classic simpler and more understandable.
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