Get in line! Experience Crosschain Transfers and Atomic Coinswaps with Rainbow-GoZ

4 min readMay 20, 2020

With the GoZ competition advancing rapidly, the IRISnet Dev team has secured a top spot in ranking and is diligently contributing to the ecosystem in the meantime. So far the team has delivered an incentive scheme for the Relayer and a real-time network visualizer for all GoZ participants.

In anticipation of the GoZ Phase 1b launch, the Rainbow-GoZ Wallet is currently ready for users to try out and start experimenting with multi-chain support in wallets, crosschain transfers, and atomic token swaps via IRIS’ proprietary solution Coinswap.

Can’t wait to try out the Rainbow-GoZ Wallet? Find the download here: Scan the QR code down below, or click here

We also prepared a video tutorial of the wallet for anybody that might face technical difficulties. NOTE: the Rainbow-GoZ Wallet is running on an experimental release of the software and is intended for demonstration purposes only. The tokens circulating in the GoZ network have no real-world value and should not be confused with the IRIS token in IRIShub.

The following section highlights three core functionalities in the Rainbow-GoZ Wallet.

Coinswap

With the announcement of Coinswap, users in the IRIShub will be soon able to atomically swap supported tokens within the hub as well as between the hub and a custom zone connected to the hub. Similar to Uniswap, Coinswap will allow users to acquire tokens from a growing list of IRISnet’s ecosystem partners, some of which include Cosmos, IOV, and OKChain.

The on-chain liquidity of Coinswap will be provided by tokens from various market makers. Currently in the Rainbow-Goz Wallet, liquidity is supported by the test token pool.

IBC Transfer

IBC, the inter-blockchain communication protocol, is set to be tested on a large scale during GoZ. At the core of it is the ability to transfer assets across many inter-connected parallel chains. Exchanging assets through a connection established between two chains is analogous to how international trades are done between two countries in the physical world, where multiple channels shall be established to ensure the interconnection and interoperability of the whole network.

To get started with crosschain transfers, users in Rainbow-GoZ can either request test tokens from the token pool, or import a wallet with existing balance in it. Rainbow-GoZ currently supports the following functionalities:

Native assets issued in the IRIShub can be freely transferred between any addresses prefixed iaa1
Foreign assets can be transferred into the IRIShub and then transferred back out to the originating chain
Successfully broadcast and committed IBC transactions can be found under the Transaction Detail page where you are given details on the transaction’s channel ID, fees, memo as well as other information. Failed, or unsettled transactions will also be shown on this page with limited data.

Create Your Own HD Wallet, Now with Multi-Chain Support

Upon first entering the app, you will be prompted to either create a new HD wallet, or import an existing one that you already own. HD (Hierarchical Deterministic) wallets derive addresses from a single master seed backed by a 12-word mnemonic. Not only are HD wallets secure, they also eliminate the need for a rather complex backup process that’s often required for non-HD wallets. Now with the Rainbow-GoZ wallet, users will be able to use one master seed to generate many addresses for different chains. This feature largely simplifies key management for the users while maintaining a balanced tradeoff between security and convenience.