EVEN’s Interoperability Solution for Smart Contracts on Cross Chain
The main problem with smart contracts is that in a classic scheme both parties should have an access to the same blockchain system.
Smart contract is a modern, convenient and reliable way of business interaction. This technology is able to remove intermediaries and monitor the fulfillment of all the contract terms. It is incorruptible, does not require adjustments and takes care of paperwork. The main problem with smart contracts is that in a classic scheme both parties should have an access to the same blockchain system. So to conclude a smart contract between different decentralized networks until recently was quite complicated.
Today EVEN Foundation offers the solution for this problem, called Cross-Chain Interaction Protocol (CIP).
It is easy, affordable and user-friendly way not only to exchange any digital assets, but also to sign smart contracts valid for both blockchain-systems participating.
All operations in EVEN Network are divided between three subnets or Layers — Graph Layer, SoDA Layer and Application Layer. Graph Layer organizes operations of numerous nodes and is responsible for the execution and storage of cross-chain smart contracts. SoDA Layer contains special nodes called Bridges — these are the nodes of third-party blockchains integrated into EVEN Network, which can be thought of as centralized crypto exchanges, each storing a blockchain’s wallet.
Bridges are directly responsible for signing cross-chain smart contracts between different blockchain platforms. They transmit data to their platforms ensuring the validity of smart contract for home blockchain and receive rewards in cryptocurrency of their system.
There are no fees for smart contract’s deployment within the EVEN Network.
All the Bridges integrated into EVEN Network operate according to the protocols and mechanisms adopted in the network. Proof-of-Safe-Deposit (PoSD) ensures the safety and reliability of any operations, while Safe of Digital Assets (SoDA) performs cross-chain exchange of any tokens or cryptocurrencies. Thanks to SoDA, Bridges receive rewards in their native cryptocurrency.
One of the main functions of the PoSD algorithm is not to allow operations of any nodes that are not backed with a deposit.
The deposit guarantees a refund in case the actions of the node have led to their loss.
All together this makes EVEN Network able to conclude any Turing-complete cross-chain smart contracts, including the implementation of independent business logic. In order to simplify the work of independent devs, a Library of tested smart contract templates for the most popular blockchains is being formed by the community of EVEN. Templates can be used through an open API, which will enable every developer to use EVEN Network technologies and algorithms in third-party services or applications.
Website: https://evenfound.org
Facebook: https://www.facebook.com/evenfoundation
Twitter: https://twitter.com/EVEN_Network
Telegram: https://t.me/evenfoundation
Reddit: https://www.reddit.com/r/EVEN_Foundation/
GitHub: https://github.com/evenfound/even-cpp
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