EncryptoTel: joint Ethereum and Waves token
The EncryptoTel token (ETT) will use blockswap: a new piece of tech that allows it to exist on both the Waves and Ethereum blockchains, with tokens passing between them freely.
EncryptoTel will issue its token first and foremost on the Waves blockchain. Waves makes it incredibly easy to do this, and to distribute tokens to holders. Waves’ DEX also provides a ready-made exchange on which ETT can be traded, immediately after distribution.
However, ETT will also be available on the Ethereum blockchain as an ERC-20 compliant token. As well as providing smart contract capabilities for our project, this gives us the redundancy of operating on two blockchains and enables us to leverage the network effect of another crypto community.
Whilst there are two tokens on two blockchains, they are precisely equivalent and holders will be able to switch between Waves and Ethereum quickly and easily using a new piece of tech called BlockSwap, developed by Incent Loyalty.
Using blockswap
The total supply of EncryptoTel tokens are created on both the Waves and Ethereum blockchains, with half of these being locked at any given time. For example, 100 million ETT would exist on Waves and 100 million on Ethereum, but only 100 million in total would be free to transfer and trade at a time. It might be 100 million on Waves and none on Ethereum, 20 million on Waves and 80 million on Ethereum, and so on.
On the Ethereum side, unused tokens are locked with a smart contract. On the Waves side, unused tokens are held in a wallet controlled by a set of servers. (The process requires some trust that these servers will continue to operate, but is transparent — the number of tokens available at any time is easy to check.)
Blockswap is easy to use. The first step is to Register a Waves address on the BlockSwap site, which links it to an Ethereum address. When tokens are sent to this registered address, a smart contract unlocks the equivalent number of tokens on the Ethereum blockchain and sends them to the paired Ethereum address.
To move ETT in the other direction, you will need to add the contract information to an Ethereum wallet (this information is supplied) and execute it, locking the designated number of tokens and releasing the same number to the paired Waves wallet via the BlockSwap server.
For more information, visit the bitcointalk thread or www.EncryptoTel.com. To invest in the EncryptoTel crowdsale, visit ico.EncryptoTel.com.
