Our Christmas Present to #EOS — Crosschain transaction between EOS and Ethereum
2018 has been ( and still is ) the year of #buidling for most Blockchain developers, each hoping to either build the next big dApp or the fastest Blockchain Protocol.
With more than 5000 + Applications being developed and 500 + Blockchain Protocol being developed, each of those are designed to solve a specific problem and occasionally in a specific industry. With more developing tools are being developed and the limitation of the Blockchain ecosystem has been removed, we have a reason to believe that there will be many more blockchains and much more dApps in the future.
And eventually some of the dApps will be apart of 2 different Blockchains,
utilizing each blockchain for its own advantage and strength.
( For example, stored on Ethereum for security and transaction made in EOS for scalability )
Mirrored with the internet age, Blockchain Protocol at its current stage is more similar with the “Ethernet” which are isolated networks, each with different purposes for different scenarios and only when they connected the “Internet” was born and adoption boomed.
This was true for web pages on the Internet and it will surely happen for dApps on the Blockchain. We believe that someone will be able to connect all of the underlying protocol and define the standard of the Interchain.
( FST Network is built to be the enabler for this phenomena. )
For this Christmas, we have launched our cross-chain transaction mechanism between Ethereum and EOS to not only showcase our capability to be the foundation of an interchain, but to connect both Ethereum and EOS to provide better environment for our clients.
FST Cross-chain is a multi-protocol adaptive cross-chain solution with unprecedented methodology in linking the blockchains through the multi-signature cross-chain modules deployed on the each side. To synchronise the communication between two chains, groups of network providers (Endorser) will work on validating the cross-chain transaction with the consensus.
As we implant our modules on different Blockchain Protocols, the more Blockchain Protocol we connect.
The basic concept of FST Cross-chain can be in analogy to the trade between
two pirate groups or organisation. .
Instead of directly contacting between two pirate groups, pirate representatives from each group will be sent out for dealing with the trade in the front.
To better describe this, We issued 2 tokens on the Ethereum Blockchain,
and Green Coin
( You can click on the name of the tokens to view its transaction history on Kovan Ether )
We then created 4 Users with an HD wallet( generated with the same seed ) and 3 endorsers who are the gatekeepers of our cross-chain transactions.
( We will elaborate on our Endorsers Mechanism in a further article. )
Let’s say that in this case, fstnwuser444 would like to transfer 30 GreenCoin to his EOS wallet, an environment that can support high frequency trading.
All he needs to do is to click “ ETH Send to EOS ” and insert the number of GreenCoin he’d like to transfer.
( Illustrated as the above )
Once the transaction is generated, we can also view the activity in fstnwuser444’s user’s wallet
(Tx :530a65d47c44e31e54cdf0ab389bb00fefb0e01a759c15875b89bc66abf0d712 )
As illustrated below, we can see that the token has been “approved” by the Endorsers to move to the EOS Blockchain.
Let’s look at the details presented at fstnwesbox11 shall we?
As we can see, the transaction was actually verified by 3 of our endorsers and 30 GreenCoins was issued to fstnwuser444’s wallet on the EOS Blockchain.
fstnwuser444 has successfully transferred 30 of his GreenCoin to EOS Blockchain and the transactions are recorded on the EOS Blockchain, but what actually happened on the Ethereum Blockchain? Let’s dig into the details shall we?
It all started with our Cross Chain Box.
In order to make a cross-chain transaction, fstnwuser444 first have to send his 30 GreenCoin to a Cross chain escrow box waiting for the verifications by the Endorsers.
**30 Green Coins are sent to an Escrow Box and frozen, making it illiquid till further confirmation.
The Endorser receives the token transfer request and begins the verification process and once it approves the transaction, 30 Green Coins will be minted on the EOS Blockchain and will be burned when it makes its return to the Ethereum Blockchain.
Note that in this process, the total supply of the Green Coin on the Ethereum Blockchain remains unchanged and the total CIRCULATING supply remains unchanged even though it exists in both chains.
This means that our fundamental operations will bring user traffic or usage from one Blockchain to another Blockchain, you’ll be able to enjoy the best of both chains without issuing the same token on another Blockchain.
This is a simple demo on our vision on what the interchain standard should look like, providing a bridge to connect all Blockchain Protocols. We built a simple demo for a simple cross-chain token transfer, as tokens are the first core application because it is required to kick off a transaction and we look forward to being able to support complex transactions in the near future.
Look out for our demo video release and share this good news with your fellow ETH fans and EOS fans!
We will be releasing our token standards — ERC1376 which serves to refine and optimize ERC20 to better serve businesses who wish to tokenize their business and the results of the simulation of our Relayer Network.
( **Hint, the Relayer Network has overperformed our original estimation of increase in throughput. )
Want us to implant our modules on your blockchain protocol?
Send us a mail at admin@fstk.io
Interested in investing in us? Contact our CRO at darren@fstk.io
