LongHash Hackathon: created state channels for cross-chain asset transfer
Greetings everyone!
This past weekend our team attended the LongHash Crypto Festival in Berlin which was hosted by LongHash and Cryptic Labs. The LongHash Berlin Hackathon 2018, which connects hackers, blockchain startups, and organizations from around the world, was a part of the festival. Developers worked on different challenges set up by the organizers and sponsors. Of course we couldn’t help but to take part in this great event as well! So, the core team of GEO Protocol developers, including Dima Chizhevsky, Mykola Ilashchuk, Aleksei Korobeinikov, and Vitaliy Gataulin, decided to develop their own custom solution.
The idea was very ambitious: we wanted to make an off-chain cross-unit transaction between three different ecosystems — Bitcoin, Ethereum, and everiToken.
While working on our project — the development of GEO Protocol — our team has already connected a state channel to the Ethereum blockchain, so our hackers began by doing the same with the Bitcoin blockchain.
Afterward, they started to work on everiToken, but time was limited. Although our team hadn’t enough time to completely implement the initial idea in its full glory, our guys still found a quick workaround and managed to achieve the goal. So, instead of connecting state channels to the EVT blockchain, they created the equivalent of everiToken in the GEO Network.
The bottom line: State channels were used to connect to Ethereum and Bitcoin and they used Trustlines to exchange ETH to EVT and EVT to BTC within the GEO Network.
Our team’s work and efforts were appreciated by the hosts of LongHash, and we were proud to be bestowed with the “LongHash Hackathon Berlin 2018 Second Reward”!
Besides hacking, our team had a chance to socialize with different project developers, as well as representatives of venture investors, and other great people.
We would like to thank the organizers and sponsors for hosting this amazing event — LongHash and Cryptic Labs! It was a pleasure for us to participate in such a great festival and to work on the fascinating concept of off-chain cross-unit transactions.
And of course, our special thanks goes to the jury — Emily Parker from LongHash, James Gong and Yan Feng Chen from LongHash and Cybex, Steven Pu from Taraxa, Remington Ong from Fenbushi Digital, Humphrey Polanen from Cryptic Labs, Ralf Kubli from Crypto Valley Venture Capital, Yuri Milyutin and Murat Prokopov from The 8760.
