Ethereum Classic Labs Announces Support of ChainSafe in the Development of ChainBridge
We believe in interoperability, high-quality technology and take pride in prioritizing infrastructure solutions for blockchain in order to provide solutions and development paths for anyone using blockchain. With that, we’re excited to support ChainSafe in its development of ChainBridge, a modular multi-directional blockchain bridge to allow data and value transfer between any number of blockchains.
“The future of interoperability relies on projects forming consortiums around open source software that can solve their problems while being economically sustainable. We are proud that ETC Labs agrees with this vision and is supporting ChainBridge along with our other valued partners,” said Aidan Hyman, CEO of ChainSafe Systems. James Wo, Founder of ETC Labs added, “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.”
Currently, ChainBridge offers support for Ethereum, Ethereum Classic, and Cosmos-SDK based chains. Over the past few years, Decentralized Finance has become a widely adopted use case for Ethereum and Ethereum Classic users. ChainBridge will allow users to lock up their ETC and transfer their value to Ethereum where the bridge will mint synthetic ETC. This ETC can then interact with DeFi on Ethereum however the user wishes. Furthermore, ChainBridge’s two-way functionality will allow these users to transfer assets they may have gained from investing in Defi back to the Ethereum Classic network.
ChainBridge is chain agnostic and can eventually be extended to any blockchain network. The bridge offers the ability to transfer arbitrary data from one blockchain to another. A relayer runs software that monitors the different blockchains and signs transactions to execute the transfer of data between blockchains. This diagram below outlines the basic architecture of the bridge software as examples of supported networks:
We believe there are many opportunities for cooperation and mutual development between Ethereum Classic and Ethereum and are optimistic that this will allow interoperability with all the other projects that adopt ChainBridge, both current and future.
About ChainSafe
ChainSafe Systems is a blockchain research and development firm with a focus on building infrastructure for Web3. We actively contribute to the Ethereum, Ethereum Classic, Cosmos, Polkadot, and Filecoin ecosystems and are open to contributing to other Web3 ecosystems where we see merit.
About ETC Labs
The mission of ETC Labs is to build relevant, accessible, and high-quality technology, and to use that technology to create communities of value in a mature and regulated ecosystem. The ultimate goal is to fulfill the promise of blockchain to improve people’s lives using Ethereum Classic, one of the world’s major public blockchains. The ETC Labs team of experts also fosters partnerships with organizations and institutions in order to address fundamental challenges in developing and deploying this innovative technology. We fulfill the mission in three ways: the ETC Labs Accelerator, which invests in up to 25 blockchain projects annually that contribute to sustaining a robust ecosystem; strategic investments in innovative projects focused on economic and social development; and the Core Team, a team of experts and developers who maintain the Ethereum Classic blockchain and build key applications, solutions, and tools.
For press inquiries contact, kelsey.r@etclabs.org
