ChainIDE topic discussion #6 How cross-chain enable blockchain?
ChainIDE #6 How cross-chain enable blockchain?
In the process of the development of blockchain technology, network isolation hindered the collaborative operation between different blockchains, so cross-chain technology came into being. Cross-chain actually realized the circulation of data between chains.
Blockchain is a kind of distributed ledger. Each blockchain is an independent ledger. Data will not circulate between the ledger and the ledger, but we can understand it from the perspective of users. Users are stored in a block. The data on the chain can become the data on another chain, thus realizing the circulation of data. More popularly, it can be understood as the exchange of Renminbi and the U.S. dollar.
Common cross-chain technology:
Notary mechanism: As a trusted third party, the notary public can directly transmit data through different ledgers.
Side chain/relay: A is the main chain and B is the side chain. A does not need to know B, but B must know A. The C chain can read all chains. The whole process is "A-C-B". When a side chain links many main chains, it becomes a relay chain.
Hash lock: Create a payment channel between A and B by deposit locking within a certain period of time.
Another way to cross-chain assets from other chains to its own public chain is to decentralize cross-chain asset bridges, which can transfer tokens or data between blockchains.
Types of cross-chain bridges:
Custody + centralization (centralized exchange cross-chain, WBTC, etc.)
Escrow + PoA (Proof of Authority)
Escrow + PoS (Proof of Equity) (Matic, xDAI)
Hosting + MPC (multi-party computing) (Thorchain, AnySwap)
Non-custodial + MPC (Multichain)
Among them, WBTC is an ERC20 token based on Ethereum and linked to Bitcoin, which means that WBTC can cross BTC from Bitcoin to ethereum, allowing people to trade BTC on the ETH chain.
Omni Consumer Protocols (OCP) can realize the two-way cross-chain of encrypted assets between ETH and BSC.
Talk about your understanding of cross-chain technology.
What are the problems in implementing cross-chain technology?
Which cross-chain projects do you know.
Share the cross-chain tokens you have come into contact with.