One blockchain project — one token is very common, one blockchain project and no token seems pretty industrial, one blockchain project and three different tokens might look interesting.
But, how is this even possible and what reasons do you need to have such system?
Yes, I am talking about the token of the Ducatur project — DUC. It is created in a brand new multichain style. That means that you can transfer your tokens not only across the addresses in Ethereum for example, you will be able to transfer them across three different networks (or maybe even more) — Ethereum, EOS and NEO.
Let’s start with the purpose of such innovation.
Modern decentralized applications are mostly based in their own new chain created for the purpose of their DAPP or on one popular chain instead.
The first case creates a huge problem of creating tons of new software such as wallets, explorers, miners and lots of different weird stuff from the imagination of the people. What’s more, this huge pack of new to user’s perception tools will be so hard to trust or even use, because of the lack of knowledge and experience with it.
The second case with token in a single net seems more or less easier for user to operate with it, because most of the tools are known, there is a huge variety of them created by the community of the platform. But, for a crypto project of a higher level this is really not enough.
The first reason for us to create this multichain token is of course usability and flexibility of the software you produce.
Users familiar with different networks will be able to use a huge range of already convenient to them tools to operate with our project development results!
Want MyEtherWallet or EtherScan? Go for it! Want Scatter or cleos? Go for it! Want NEON or NEOScan? Just do it!
The range of the audience and the adoptability of such approach, from our point of view, will just go mooning once we release the token and share it with the people.
The second reason is the development prospects. Every single chain is different and is better at something than the others. It is the diversity, competition, free market! It is cool! However, blockchain projects restrict their own functionality by one single chain. We have different projects on our GitHub for every blockchain we have named and we will scale it even further. And we want you to keep in mind, that it will be easily operated with only ONE TOKEN.
Sounds impressive, yeah?
Now, let’s get to the point where we explain how it works. For example, you have ERC-20 DUC token based in Ethereum network and you need to allocate part of your tokens to the EOS network to interact with different Oracles there. You go to the DUC exchange interface — connect to it using one of the wallets, type in the account name in another network and verify the TX. Voila — the tokens are there.
But, what is happening inside that black box of the interoperability magic?
It is very easy — when you activate the process one of the Oracles just launches the exchange process. It burns needed amount of tokens in one network and mints the same amount in the target network right into your wallet.
Simplicity is beauty (and efficiency in our case). We are planning to modify this model and extend further and further.
Multichain world is a new dimension for every crypto-enthusiast. We have had a deep dive into the philosophy of this new stage here.
You will definitely get something new out of this and it will perfectly synergize with this article.
This sphere needs lots of research, exploration and of course implementations to go wide around the cryptocommunity. We are really glad to be the pioneers of this technological breakthrough.
