ETHBerlin: PoC of cross-chain asset transfer on top of the L2 network
Guys, hello from Berlin!
We’re glad to share a bunch of cool news with you!
Our team at the Berlin Hackathon managed to complete the first atomic transfer operation of block assets, joining the Ethereum network to the GEO network.
This means that on the basis of the trustlines in GEO, you can now create quick non-blocking exchange channels in the block that will replicate GEO-node states in the block system, which means that you can directly transfer tokens to GEO.
Our team has developed general-purpose L2 networking called GEO Protocol (GEO — Global Economic Overlay), that is blockchain-agnostic, is able to process payments/transfers in different accounting units (equivalents), has fast and predictable routing and is secured via quantum-resistant crypto.
For the hackathon we have a very ambitious goal: to provide PoC of atomic cross-chain payments on top of L2 (when sender begins payment in one token/asset (ETH, for example) and receiver accepts it in another one (BTC, for example), and the network is responsible for path discovering and atomic processing).
During EthBerlin we implemented the first one connector for the GEO Node to the Ethereum ecosystem and performed the first multi-asset atomic payment between the ETH ecosystem and raw GEO network.
Accomplishments that we are proud of
- Bi-directional fast non-lockable state-channel for ETH that supports efficient and predictable asset exchange with the Ethereum network.
- Tiny, but strong and predictable communicator for GEO node, that is able to mirror node’s states to the ETH network.
- Ability to perform fast p2p payments between up to several hundred participants involved in one operation, in atomic and time predictable manner.
- Routing algorithm
What’s next for Cross Chain transfers through general-purpose L2 (ETH)?
The next goal is to add ERC20 support and to also create a BTC connector and to perform perhaps the first ETH<->BTC atomic payment through the L2 network.