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Hacker Bounty AMA Recap

Last Friday ( July 31, 2020), aelf hosted an AMA about hacker bounty and CCTP on Twitter, featuring aelf’s dev advocate, Ace. Below is a transcript of the questions and answers.

Q1: Why aelf Committed to Establishing a Unified Cross-Chain Protocol? And what does it take for increased use-cases and value of your Cross-Chain protocol?

Ace: The protocol is a standard for various user cases, business and scenarios, and with it, aelf can build the whole ecosystem based on the standard, mitigating the cost of designing different cross-chain methods in face of different type of scenarios. We will try to develop more and more popular and real-problem solving dapps on aelf blockchain, better develop many dapps of different type of scenarios.

Q2: What is the uniqueness and what is the purpose of the CCTP protocol, what problems does it solve and what is it applicable to?

Ace: It can support any kind of cross-chain asset transferring services whether the chains are mutually compatible or not. It can be used to transfer money value between different chains, transfer asset between these chains, and prove if an asset’s ownership exists. We can use it to any scenarios described above, for example some financial business

Q3: How does protocol achieves cross-chain transfers between independent blockchain systems?

Ace:: aelf use merkle proof to ensure the elf erc20 token is really locked and transfer equal value of elf token to the same user on aelf blockchain.

Q4: Whether the standard protocol of cross chain transfer of aelf has been attacked and destroyed in this hacker reward offering activity, and will it also be used in the main network mapping? I’m still looking forward to it.

Ace: Till now no one could ever do that, and the CCTP is absolute used for mainnet, otherwise all we have done would make no sense.

Q5: What is the main difference between aelf’s CCTP and other projects multi-chain protocol?

Ace: We use purely smart contracts to achieve this, all of these are on smart contract level. and in these contracts, we use index and merkle proof to relate contracts on two chains

Q6: What blockchains will CCTP first support?

Ace: As you see, we have supported the ETH, and any developer can use any other blockchain projects’s code to create more cross-chain functions with aelf.

Q7: Does team any partnerships or collaborations with other blockchains to use CCTP?

Ace: We don’t need such cooperation. CCTP, as a open-source protocol,is implemented by smart contracts, if another blockchain projects support smart contracts, they are all in CCTP’s territory.

Q8: BTC Relay belongs to the early side chain technology. Link the ETH network to the BTC network to enable users to verify BTC transactions on the ETH. When will ELF be able to conduct ETH and BTC network cross-chain transactions?

Ace: We will do this in nearly future.

Q9: Polkadot USES relay-chain technology, but at present it is mainly ETH. How is THE CCTP of aelf different from it?

Ace: We don’t need any relay-chain, we use smart contract to do cross-chain transferring.

Q10: What are the advantages?

Ace: We have own parallel execution mechanism, so we don’t need some parachain. Then we don’t need additional middle-layer chain. And we can do cross-chain with any other blockchain not only ETH.

Q11: When will a true AELF network cross chain be achieved without the ETH network?

Ace: We will always communicate with ETH to make data in both chains flowing between each other, we are not dependent on Ether. So at the very beginning aelf can operate normally without other chain’s aid.

Q12: Other public chain projects also have cross chain technology. What are the advantages of aelf wide face transfer standard protocol?

Ace: There are lots of projects using a middle man, which is centralized or partially centralized, but aelf cross-chain designation don’t rely on any middle-man of this type, we just need to build smart contracts on both chains and can easily achieve that, phew!

Q13: What applications will aelf cross chain technology have in the future?

Ace: Any application concerning about trust and decentralized need, because aelf is a fundamental platform and infrastructure.

Q14: Can you only transfer assets across chains?

Ace: We can transfer assets both cross-chain and in our own chain.

Q15: When will the Demo of aelf cross-chain asset trading be landed and announced to the community?

Ace: We are still planning and will broadcast the release date in the future.

Q16: Have you currently formed alliances with other projects to start implementing the CCTP protocol? If yes, in which projects is this protocol currently being used?

A16: We don’t need such cooperation. CCTP, as a open-source protocol, is implemented by smart contracts, if another blockchain projects support smart contracts, they are all in CCTP’s territory.

Q17: How will you handle the waiting times for confirmation of each transfer, is it possible that with the cross chain it will be faster or on the contrary it will be slower but safer?

Ace: That is partially related to the confirmation duration on other blockchain interoperate with aelf, say, Ether, if Ether do not accelerate its confirmation time, we could not be much faster although we optimize the speed of this on aelf blockchain, but of course, it is much safer.

Q18: Will the cross-chain you want to work with allow for effective cross-platform transactions or is there a risk that user assets will be lost?

Ace: As long as the counterpart chain support smart contract, especially token contract, the CCTP is really effective and extremely secure once the ownership is relayed on aelf chain.

Q19: Is any more powerful security system better then CCTP in the present blockchain system?

Ace: Our focus and understanding are different. We are exploring for this industry, and our technology is already the top of the industry.

Q20: What is the difference between CCTP and PoW or PoS? Why is the CCTP protocol so much more secure?

Ace: They have no correlation with each other, the CCTP are in essence smart contracts working together, and PoS and PoW are economically incentivising consensus to keep the whole distribution system behave the same.

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