Bytom Ecosystem Explained (4) — Bytom crosschain gateway (Connecting Bytom with other blockchains)
We have published three previous articles, if you have not seen kindly make out some time to read the short articles:
https://bytom-official.medium.com/bytom-ecosystem-explained-1-bytom-and-its-products-fd9b4cd9d175
Crosschain is the key for communication with each blockchain, in order to maintain the interoperability of Bytom to many blockchains. Bytom also invents its own crosschain tech, which called OFMF (open federation management framework), it’s a crosschain gateway solution that can connect Bytom with other blockchains.
OFMF defines an open universal cross-chain protocol format, which is friendly to 9 mainstream public blockchain, ensuring the security and atomicity of the entire cross-chain message routing, owning a complete governance structure and trust mechanism with integrated hot-cold and multisig custody system. Any other public blockchain ecosystem can independently access the interoperable network system in accordance with open protocol standards and access mechanisms.
By integrating with OFMF（Open federation management framework), Bytom crosschain gateway can be used to interact with many blockchains, currently, it already enables crosschain with many blockchains, like Bitcoin, Ethereum, Litcoin networks, and supports BTC, ETH, USDT, USDC, DAI, and LTC crosschain with Bytom mainchain.
Bytom has focused on using blockchain technology to reform the Financial system. More blockchains will be supported by Bytom crosschain gateway, and more crypto assets will be integrated into Bytom’s ecocystem.
It’s not easy to build an ecosystem, but the foundation of Bytom is being created. Assets like Bitcoin, ETH, USDT, USDC, DAI has been already available in Bytom ecosystem through crosschain. And these assets have been introduced into Bytom sidechain and MOV-DeFi protocol.
Let’s make Bitcoin as an example, if you have BTC, you can use Bytom crosschain gateway to mint BBTC in Bytom blockchain and MOV. Then inside MOV, you can trade your BTC with other coins or tokens like ETH, BTM, USDT, USDC, and DAI. or you can deposit in the liquidity pool to earn interest.
Because all this happens on blockchain, you can control your own assets, No one can control your assets.
In the coming future, there will be more and more blockchains connect to Bytom. and along with Bytom’s many products, Bytom will be the infrastructure for the internet of Asset. Crosschain gateway is the bridge to achieve that goal.
And stay tuned for our next article about MOV DeFi protocol.
