Cryptocurrency

Ethereum Classic Labs Collaborates with Fantom Foundation and Xar Networks

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Yesterday, ETC Labs formed a collaboration with the Fantom Foundation. Ethereum Classic Labs announced this update on its official Twitter handle on February 10. The announcement met with a great response as the tweet was reposted 66 times and attracted 144 likes. ETC Labs is definitely moving towards its goal of building “relevant, accessible, and high-quality technology, and to use that technology to create communities of value in a mature and regulated ecosystem.”

The Fantom Foundation is a platform which is an open-source, modular, and non-profit. It deals with DLT products, optimal consensus frameworks, and offers the developer community some very useful tools to create DeFi products. It focuses on deploying and customization of the blockchain networks based on the consensus modules. On this collaboration, the CMO of The Fantom Foundation- Michael Chen said,

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“We are collaborating with ETC Labs to bring DeFi, including all aspects of our tech stack (e.g., stablecoins, lending, staking, asset issuance, collateralization, etc.) to the Xar ecosystem.”

Ethereum Classic (ETC) will be the collateral that will enable the distribution of the stablecoin. This stablecoin will be existing on the Xar Network’s blockchain called- Collateralized Stable Currency Tokens (CSCT). One can draw similarities of this stablecoin with Maker’s DAI on Fantom.

The Fantom platform will use the Xar networks. Ethereum Classic, on the other hand, will act as collateral on the Fantom podium. With time, the use cases of ETC will be explored on the Fantom platform. This network is specially designed for this very project. The main components of this framework are Lachesis and TxFlow which come under Fantom’s Byzantine Fault Tolerant (BFT) consensus technologies. These technologies enable sound support for the high-end DeFi functions.

The users will be able to enjoy perks such as “collateralized loans, synthetic assets, atomic swaps”, reports suggest. The framework will also allow inter operated functions with other blockchains.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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