Asch is about to achieve cross-chain communication with Bitcoin

Today, Yao Qian, the director of the Institute of Digital Research of the Central Bank, published his views on the blockchain industry, stating that interoperability between chains and chains is increasingly important. He believes that cross-chain technology can be understood as a bridge connecting the blockchains to meet the flow of assets, information exchange, and application collaboration among different blockchains. The current blockchain technology is so diverse that it can’t exchange value and data with each other. With the development of the industry, the interoperability between chains and chains is increasingly important. If cross-chain is not resolved, each major blockchain will be an island, which will certainly reduce the vitality of the blockchain community and thus limit the development of the entire blockchain network and ecosystem.

The recognition and high concern of the Central Bank’s digital research institute on cross-chain technology represents the barometer of the technology development of the blockchain industry, and its importance is self-evident.

Existing blockchain technologies have many bottlenecks in performance, capacity, privacy, isolation, and extension. If the existing public chain and alliance chain are compared to LANs, then the cross-chain technology will be the “connector” to open these LAN connections, and bring the blockchain into the era of the blockchain Internet.

As we all know, at the beginning of 2018, Asch CEO Shan Qingfeng proposed to conduct cross-chain docking R&D work on well-known projects such as Bitcoin and Ethereum. After several months of overtime research and development, it will finally come true at the end of April. At present, Asch has been in the final stage of internal testing and is undergoing internal testing on Bitcoin’s cross-chain. It is about to enter the beta phase and achieve cross-chain communication with Bitcoin.

Here is a brief introduction to the principle of Asch’s realization of cross-chain.

Asch uses the relay mode of two way peg to transfer assets on Bitcoin to the Asch main chain. During this process, Bitcoin will be temporarily locked, and at the same time there will be a corresponding equivalent Token unlocked on the Asch main chain. Who controls the locked Bitcoin? Asch’s main chain nominates different councils for different cross-chain currencies. For example, there will be “Bitcoin Council” and “Ethereum Council”. Each member of this council will maintain a full node of the corresponding currency. Assets locked on Bitcoin will be saved by multi-signature accounts maintained jointly by the council. This technique is also called “multisig-federation”.

The breakthrough of cross-chain technology will be one of the milestones for Asch’s ecological improvement. In the absence of the main network of many blockchain projects, Asch has turned from a closed ecological community to open ecology and embraced the entire industry. At the same time, this is an innovation in the technology and concept of the blockchain industry, which plays an important role in the development of the industry’s technology and leads the industry into a cross-chain era.

After cross-chain, all DAPPs in the Asch ecology can introduce BTC as a value measure, such as using BTC to shoot land in DreamWorld, using BTC to reward articles on CCTime, and using BTC to publish forecasts in Koumei Cottage. Asch can also solve the problems existing in other main chains. For example, we all know that BTC’s confirmation time is 10 minutes. A transaction needs to go through 6 confirmations (that is, an hour) before it is considered to be safe. If BTC is imported into the Asch chain, a transaction takes only 10 seconds, greatly increasing the speed of the transactions. The ecology of Asch’s main chain can also greatly expand the application scenarios of other main chains.

After completing the cross-chain of Bitcoin, it will continue to implement the cross-chain function of related assets of ETH and ERC20.

The past is eventful and the future will be promising. We hope that Asch community will always be united as one to create a better future!