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ETH in final stages to be tokenized on Ethereum Classic blockchain

ETH in final stages to be tokenized on Ethereum Classic blockchain

ETC Labs, an Ethereum Classic core development team, today announced that Ether (ETH) is getting closer for integration on the Ethereum Classic (ETC) blockchain since the chains split at block 1920000. The integration is courtesy of the peaceBridge initiative, a continuation of the peaceRelay project and supported by ETC Cooperative and Ethereum Foundation.

The project is now in the stages of creating the user experience and the project claims testing is running well, reports ETC Labs.

peaceBridge is an ETC — ETH bridge that uses co-signed chains of custody to verify transactions across the two chains. By introducing a challenging game and imposing staking requirements, the design addresses the high gas cost issues and employs a trustless custodian.

The architecture uses a set of smart contracts deployed on two chains with signature verification to enforce consistency. This will allow ETC to mint tokens on the ETH chain and vice versa. With semi-trusted staking rules, double spending is penalized to incentivize honest custodians participating in peaceBridge.

ETC users can use peaceBridge to benefit from ETH’s network resources and ETH users can benefit from ETC’s immutable fortress. PeaceBridge is an example of the Layer 2 solutions that can be built for Ethereum Classic, providing a tailoring bridge to ETH.

Source:ETC Labs

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