Solidity Events – Can a Contract Listen to Events of Another Contract

event.watch is not a function in web3.0 v1.0

Use the snippet below instead, but remember that:

• myContract should be a variable you assigned which is an instance of your contract
• MyEvent should be replaced with the actual name of your event.

myContract.events.MyEvent({
    filter: {myIndexedParam: [20,23], myOtherIndexedParam: '0x123456789...'}, // Using an array means OR: e.g. 20 or 23
    fromBlock: 0
}, function(error, event){ console.log(event); })
.on('data', function(event){
    console.log(event); // same results as the optional callback above
})
.on('changed', function(event){
    // remove event from local database
})
.on('error', console.error);

Also see the docs here.

This answer assumes that you understand how to connect to a contract using Ethers.

Your question specifies listening for an event to be emitted, and to do a task based on that.

Here is the link to the Ethers v5 documentation, which we'll expand on a bit below: https://docs.ethers.io/v5/api/providers/provider/#Provider--events

(Ethers v4 is here and here)

Basically, the on function is what you're looking for. Using a provider, you can set up an on to trigger something whenever a particular event is emitted. This will trigger the callback (the second argument in the on, a function) anytime that event is emitted on the blockchain. If you are looking for the on to be triggered only when the events of a particular contract are called, you'll need to use a filter - the provider will trigger the callback anytime this event is emitted from any contract.

If you look at the example in the link above to the v5 docs (at least right now 22/09/2020), towards the bottom there are examples of how to use filters (either a general filter or a topic filter - we'll discuss the first). Basically:

filter = {
    address: THE_ADDRESS_OF_YOUR_CONTRACT,
    topics: [
        // the name of the event, parnetheses containing the data type of each event, no spaces
        utils.id("Transfer(address,address,uint256)")
    ]
}
provider.on(filter, () => {
    // do whatever you want here
    // I'm pretty sure this returns a promise, so don't forget to resolve it
})

There are many more details about how and what you can filter in the links above, but this is the fundamental building block. I hope this helps!

Update: Based on a comment, I thought I should add that on can also be used with a contract object. If you have a variable representing a contract (which we'll call contract), you can also hook an on onto it. Here's a link to a section in the v4 docs which has an example (which at least as of now isn't in the v5 docs yet) - scroll down to the "listening to an Event" code example. It has the same format where you pass in an event name or filter for the first arg, and then can write a function callback as the second. This will only return events from contract.