IOST X Liebi | Interoperability Breakthrough With The Launch Of Cross-Chain Bridge
In the current blockchain industry, almost every blockchain project is an independent ecosystem composed of its own users, tokens, and DApps with lacking connection to the outside world. This is a potential barrier to the future development of blockchain in general. IOST believes that the ultimate solution to the barrier is through cross-chain technology.
In August 2019, IOST collaborated with the Infocomm Media Development Authority (IMDA)of Singapore to seek the best interoperability solution. Liebi, a Chinese development team with rich experience in the field, is chosen to work with the IOST development team on the seamless IOST cross-chain bridge that enables the transfer of the information, transactions and asset values between IOST and other blockchains.
IOST Cross-Chain Bridge: Bringing the Internet of Value to Reality
Among the numerous problems that blockchains face, the weak interoperability (if any) between them has greatly limited the mass adoption. For both private and public blockchains, the key to realizing the Internet of Value lies in the cross-chain technology. It is a solution for the isolationism in the blockchain industry, and a bridge for expansion and connection with the outside world.
Through the IOST cross-chain bridge, IOST blocks can be easily forwarded and mapped to different blockchain networks through the relay chain.
For users, IOST cross-chain bridge enables cross-chain asset transactions, and other services in the relay chain, e.g. DeFi, DEX, Staking, etc. It can bring extra liquidity for the asset and enhanced security to users.
For developers, IOST cross-chain bridge can enable cross-chain smart contract interoperation, reduce multi-chain development costs, realize multi-chain user sharing, data interconnection, and interoperability.
IOST Cross-Chain Bridge Architecture and Work Progress
IOST cross-chain bridge is an open-source project based on Substrate. Combined with Relay Service and multi-signature mechanisms, it can build a secure, flexible, and scalable cross-chain without modifying the core functions of IOST. The overall solution includes Inter-chain communication, runtime modules, and guaranteed security.
Currently, we are working on the development of the base modules for inter-chain communication, including RUST-IOST RPC interface encapsulation, IOST node transformation, etc. In this solution, the transformed IOST light nodes actively collect transactions broadcasted by the IOST mainnet, the Relay Service then verifies the Merkle Tree block header, and finally forwards the data.
On the other side, the side chain receives the blocks from the Relay Service and packages them into the relay network to share the block data with other blockchain networks. Correspondingly, IOST light nodes will also collect other network’s blocks forwarded from the Relay Service, and after verification, broadcast them on the IOST mainnet, so users can directly utilize cross-chain smart contracts deployed on the IOST mainnet to complete operations.
How Can I Participate in the Development and Promotion of the Cross-Chain Bridge?
As A Developer
If you are capable of developing based on Rust and Golang, you are very welcome to submit a Pull Request or Run test in Rust-IOST, IOST Relay Service, Runtime and other repositories, and send us feedback. If you are a tech enthusiast, you can read the source code and related technical articles on IOST cross-chain bridge to learn how to integrate IOST cross-chain bridge to your own development.
A parachain focused on building bridges of chains which based on PoS consensus. Install Rust: curl https://sh.rustup.rs…
An IOST library implemented in Rust. Contribute to bifrost-codes/rust-iost development by creating an account on…
As a User
If you are a Liebi voter, kindly forward this article so that more people get to know the progress of IOST in interoperability. If you haven’t voted for Liebi, then what are you waiting for?
Liebi is a global decentralized financial service provider. Its core team members are from leading Internet companies such as Sina Weibo and Zhihu. It has launched the Bifrost Network, Liebi pool, Liebi flash rental and many other products. Liebi is committed to providing global users with secure, stable, high-quality decentralized financial products, and integrating blockchain into daily life.
As a leading block producer partner node, Liebi has launched two DApps, the Liebi Pool and IOST Voter on IOST mainnet. Its 24h transaction volume has consistently maintained it within the top 3 rank (Source: Dapp Review / Dapp Radar / Dapp Birds, etc.). With a total of 276 million IOST votes obtained, Liebi has earned its position in the first-tier parter nodes list two quarters in a row by its remarkable contributions to the IOST ecosystem.
Link to Liebi profile:
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