A Classic Bridge to Ethereum

By May 18, 2020Ethereum
Click here to view original web page at icoexaminer.com

Ethereum Classic (ETC) Labs have given their official support to ChainSafe Systems for the development of their multidirectional ChainBridge that permits data and value transfer between blockchains.

ChainBridge will allow users to lock up their $ETC and transfer their value to Ethereum where this ETC can interact with #DeFi platforms or however users wish to uses.

ICYMI: ETCLabs To Support ETC Development of Chainsafe’s ChainBridge https://t.co/vbGqZnAAi6

— Ethereum Classic (@eth_classic) May 18, 2020

With ChainBridge, ChainSafe are currently focused on the interoperability of the Ethereum, Ethereum Classic, and Cosmos-SDK based networks which will be beneficial for those chains wishing to access Ethereum’s growing decentralised finance (DeFi) ecosystem.

The development will allow ETC holders to lock up their tokens and transfer their value to Ethereum (ETH) by minting a synthetic ETC on ChainBridge which can be used with any applicable DeFi platform. The nature of the bridge will allow for asset transfer back onto the Ethereum Classic network.

Web3 Infrastructure

Located in Toronto, Canada, ChainSafe are a blockchain R&D company specialising in building infrastructure for Web3 – or the semantic web as it is sometimes known – which has various definitions but is generally thought to be the next step in the evolution of the web with decentralisation and artificial intelligence at its core.

With the rollout of blockchain technology and the subsequent Internet of Things (IoT), ChainSafe “…believe that empowering developers with blockchain-agnostic tools is essential for the future of decentralised systems.”

ChainSafe’s CEO, Aidan Hyman, believes “The future of interoperability relies on projects forming consortiums around open source software that can solve their problems while being economically sustainable.”

With Ethereum Classic (ETC) undergoing upgrades of its own that will increase the chain’s Ethereum Virtual Machine (EVM) capabilities, James Wo, Founder of ETC Labs, recognised the the opportunity provided by ChainBridge and said “ChainSafe has been a great partner in helping ETC continue to grow while working in tandem with other blockchain technologies to provide seamless integration and value to the developers.”

Leave a Reply