The New Internet of Value: Connecting ETH and ETC
In August 1962, J.C.R Licklider of MIT shared a series of memos discussing his “Galactic Network” concept, resulting in the first social interactions enabled through networking. This was the start of a globally interconnected set of a set of computers, through which users could quickly access data and programs from any site.
In July 2018, a Dragonchain developer shared a series of transactions bridging the ETH and ETC interchains for the first time. This was the start of a globally interchained set of blockchains, through which users could quickly access data and programs from any chain.
Ethereum Classic (ETC) is joining Ethereum (ETH) on the list of supported public blockchains in the Dragonchain Library of Smart Contracts, with NEO and BTC interchain capabilities soon to follow.
Though the blockchain industry continues to show growth and potential, the community has also experienced limitations posed by the current state of available platforms. Users continue to encounter problems with security and scalability, problems some platforms are unequipped to address.
The Interchain is set to lift those limitations and connect solutions. All blockchains are welcome.
Having ETC in our interchain network is an important development, as it affords our enterprise partners more choices, security, and control over their blockchain solutions. We aim to add as many public blockchains as possible to provide businesses with the strongest, most flexible network. With interchain capabilities, users can be confident that their resources will be safe and usable, even if their public blockchain is compromised or falls into disuse.
Let’s say that as a business, you have decided to utilize Ethereum for your blockchain solution. You’ve spent a considerable amount of resources to develop a new company process; hiring developers, transferring data, and onboarding a blockchain infrastructure set to disrupt the world. However, let’s say in the future that Ethereum (ETH) suddenly ceases to exist. What would happen to your company?
Having additional public blockchains available through interchain would give users something to fall back on. As users interface with a greater number of public blockchains, they continuously reduce their risk. With the addition of each public chain like ETC, the network is made more resilient to potential changes.
Interchaining not only increases data security, it makes user’s blockchain solutions future-proof and provides them with a variety of options and the ability to tailor projects. You may notice that ETC has a smaller user base than Bitcoin or Ethereum, but this comes with the advantage of lower transaction costs and processing times. You are able to decide which public chain is best suited for your intended timeline, budget, and security. You may decide that Ethereum is better in some instances and ETC is better in others; a decision-making quality only available through the power of interchain.
The Dragonchain team is proud to introduce its interchain capabilities with Ethereum Classic and is excited for the possibilities it opens up to our community. Stay on top of our future roadmap goals by visiting our website.
This article appeared first on Dragonchain’s blog: https://dragonchain.com/blog/internet-of-value-eth-etc-interchain
