ETC Labs, an Ethereum Classic’s incubator based in San Francisco, has released an official blog post announcing its collaboration with Metronome, another cryptocurrency firm. The newly-formed partnership aims to develop a solution for the interoperability of Ethereum.
As stated in the blog post published on June 27, blockchain interoperability is defined as a blockchain asset property. Also known as chainhopping, this property is transferrable from one blockchain to another. Per this condition, it means that Metronome cryptocurrency (MET) can be transferred from the ETH to separate ETC blockchains.
In 2016, one of the most important news that hit the crypto space was the downfall of The DAO. As a result, contentious votes in favor of returning the lost money resulted in the split of ETH and ETC blockchains.
The announcement also named MET as the first ever cryptocurrency in the industry to have such property. In the official website of Metronome, the firm also shares its long-term plan for blockchain interoperability. Being the pioneer in a kind of cryptocurrency that can be imported and exported across separate blockchains, Metronome will be made available for Ethereum Classic and Bitcoin. The firm also expects that Otum support will soon follow. Users can enjoy the portability and ease to choose the blockchain that satisfies their standards for security and management. They are also given an option to upgrade their MET contract as necessary.
Also included in the announcement is the role that ETC Labs will make. It will provide the necessary support needed by Metronome’s Validator Network. This network consists of decentralized, off-chain validators, five at the least, that will govern and check on the validity of transactions relating to Metronome. With this setup, users can have the guarantee that all transactions are secure and reliable. The possibility of having a double-spend occurrence will also be diminished.
According to a report published in 2017, Garzik had talked about Metronome’s mission of becoming the first ever chainhopping cryptocurrency in the world. Jeff Garzik is the co-founder of Bloq, a blockchain digital wallet. He is also a veteran developer with works associated with bitcoin development.
Recently, the latest development plans for ETC had been revealed. It has been confirmed that Atlantis ECIP 1054 hard fork will be used for block 8,772,000. The target launch date is on September 17.