ETH to be Tokenized on Ethereum Classic’s Blockchain
ETH is getting closer integrated to ETC since the chains split at block 1920000. The PeaceBridge project is a continuation of the peaceRelay project and supported by ETC Cooperative and Ethereum Foundation.
peaceBridge is an ETC — ETH bridge that uses co-signed chains of custody to verify transactions across the two chains. By introducing a challenge game and imposing staking requirements, our design addresses the high gas cost issues and employs a trustless Custodian. — [1]
The architecture uses a set of smart contracts deployed on two chains with signature verification to enforce consistency. This will allow ETC to mint tokens on the ETH chain and vice versa. With semi trusted staking rules, double spending is penalized to incentivize honest Custodians participating in peaceBridge.
The project is now in the stages of creating the user experience and the project claims testing is running smoothly!
ETC users can use peaceBridge to benefit from ETH’s network resources and ETH users can benefit from ETC’s immutable fortress. PeaceBridge is an example of the Layer 2 solutions that can be built for Ethereum Classic, providing a tailoring bridge to ETH.
