It has always been the Foundation’s policy to work closely with government agencies and regulatory bodies to develop real-world solutions and intellectual property that drives technological innovation.
In Singapore, IOST has been working closely with the Infocomm Media Development Authority (IMDA) to leverage their network in developing a seamless data bridge for IOST where information, transactions and asset values can be easily transferred between IOST and Ethereum. This interoperability solution should ideally be able to expand to other blockchains such as EOS, Stellar, Tron and more in the next phase of development.
Problem Statement: How Can IOST Be Interoperable With Ethereum and Other Blockchains?
Currently, users face issues of having their assets being limited to the blockchain that the asset is created on. If we are able to solve for interoperability, it means that we are able to directly transfer information, transactions and asset values directly between IOST and other blockchains, letting users have true freedom and ownership of their digital assets.
This cross-chain transfer of information and value is especially meaningful for a public blockchain project like IOST. User asset transfer will be safer and no longer need to rely on centralised exchanges, and cross-chain capabilities can increase the liquidity and usability of digital assets.
How might we create a bridge between platforms, so that an application on IOST can interact with data on Ethereum, in a way that is seamless, secure and interoperable?
IMDA, together with Lawrence Lim, Head of International Development at IOST, has produced a video to help potential problem solvers learn more about the problem statement:
The Ideal Interoperability Solution
For this Challenge, we are looking for a Proof-of-Concept (POC) solution that can deliver an efficient bridge between IOST and Ethereum, so that the two systems can effectively function as seamless network.
The solution should:
- Ensure consensus between transacting partners on different blockchain platforms (IOST and Ethereum);
- Enable the seamless flow of information between both platforms in both directions;
- Ensure security of the transaction between platforms and clearly state who bears security risks (if any);
- From a user perspective, enable transactions between the platforms that feel seamless, easy and require little to no training on the user’s part.
If a solution implemented within IOST’s code is not possible, a gateway solution can be considered if it meets the above criteria. While the scope of this POC is focused on interoperability between IOST and Ethereum, solutions that can potentially create interoperability with other blockchain platforms (such as EOS, Stellar, Tron) in the future will be considered favourably.
What’s In It For You? Attractive Prizes For Problem Solvers!
Problem solvers who are able to devise a solution that is conceptually sound and executable stand to receive:
- SGD 35,000 of prize money for each winner of this challenge;
- Potential to co-develop solution with IOST development team and joint go-to-market opportunities with IOST;
- Successful solutions that can bring value to their platform will have the opportunity to receive investment from IOST USD 50m fund.
The Open Innovation Platform — Grab The Challenge Brief and Submit Your Solution
Problem Solvers can come from any country (no geographical or nationality restrictions) and you can submit your solution on the Open Innovation Platform managed by IMDA and KPMG Digital Village. Should your solution be chosen, the Proof of Concept solution will need to be demonstrated in Singapore.
More details on this Challenge can also be found in the Challenge Brief posted on the Open Innovation Platform. Submissions will close on 4 October 2019, so hurry up!
Your solution will be jointly assessed by IMDA, KPMG and IOST and subject to the quality of submissions, winner(s) will be picked to progress into the next rounds of discussions and solution development.
Join the IOST Community!
Just two months after the launch of mainnet, IOST is now one of the Big 4 Public Chains for DApps alongside Ethereum, EOS and Tron. IOST has already surpassed Ethereum in network transactions, while maintaining high levels of decentralization.
IOST’s Partner Program is widely praised as the globally leading staking program by numerous blockchain research institutions with attractive returns, low risk and ease of use being some of the key program highlights. To learn more and participate in one of the world’s top staking program, please visit: https://www.iostabc.com/producers
If you would like to hang out with the IOST community on chat, social media or to discuss product development, we have something for everyone:
- International English Telegram Group: t.me/officialios
- IOST Official Twitter: https://twitter.com/IOStoken
- Jimmy Zhong Twitter: https://twitter.com/jimmyzhong_iost
- Slack Developer Community: https://invite.iost.io
- Reddit: https://www.reddit.com/r/IOStoken
- Facebook Page: https://www.facebook.com/IOSTofficial/
- Facebook Group: http://bit.ly/IOST-FB-Group