How Does Cross-Chain Interaction Protocol Operate?

The Cross Chain Interaction Protocol’s task is transfer and the decentralized cross-chain exchange of any digital assets on the network. Let’s take a closer look on it.

The architecture of Cross-Chain Interaction Protocol (CIP) is based on the Proof-of-Safe-Depost (PoSD) and Safe of Digital Assets (SoDA) algorithms. The is the original version of interaction among processes for the exchange of digital assets in a decentralized environment when the assets involved are located and/or running on two or more different blockchain networks.

For working with diverse blockchain protocols the cross-chain operations layer will use Safe of Digital Assets (SoDA) conceptual storage. This storage solution makes it possible to securely store cryptocurrencies and digital assets and carry out cross-chain exchanges.

Each technology used in the Cross-Chain Interaction Protocol (CIP) represents an independent form of business logic and provides different technical possibilities and functions. The combination of different technologies makes it possible to fulfill a variety of payment tasks and perform a broad spectrum of different financial operations.

The Cross-Chain Interaction Protocol (CIP) will also have an open API, which will allow third-party developers to use EVEN Network technology in external services and apps.

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