The New Blockchain frontier of Cross-Chain transactions

The Open Federated Gateway Protocol will enable the way for solving this issue

With every passing day, we see the maturing of the Blockchain technology & new innovations taking place which offer solutions to the problems that have been considered hindrances towards the adoption of the DLT technology and/or Cryptocurrencies. The scalability & volatility issues have been in the limelight so much that some of the other addressable improvements were put on the back burner.

One of these has been the ability of individual blockchains to interact with each other — for example, cross-chain transactions between Bitcoin & Ethereum networks — mostly due to the fact that individual blockchains employ varying protocols, algorithms & security procedures to conduct transactions. This issue finally seems to have caught the eye of developers as we have seen a couple of notable solutions emerge recently. Let’s see what they are & how they work.

DEx.top, a decentralized digital Exchange (DEX) & iBitcome, a mobile wallet provider collaborated to develop an Open Federated Gateway Protocol (OFGP) based on open-source technology. The protocol basically enables the cross-chain transactions between the Bitcoin & Ethereum blockchains.