Moving BLZ tokens between Ethereum and the Bluzelle Network
Today, we are releasing our demonstration of the interface between the Bluzelle Network and Ethereum, with respect to movement of token value. The interface is still in an internal testing stage, so the design of the entire dashboard may not be complete, but the backend functions are working.
Introducing the BNT token for internal use
The internal Bluzelle Network will be using a new token, called BNT, to transact with when the users take on tasks within the Bluzelle Testnet. Tasks supported by the Bluzelle Network are staking, farming, delegation and many others. The BNT token will be a 1:1 exchange with existing BLZ tokens that our community members currently hold within their Ethereum Wallet.
The video at the very bottom of this article demonstrates how the exchange of tokens will happen between Ethereum wallets and Cosmos wallets, through the gateway created. Our CTO, Neeraj Murarka, will be hosting and explaining the nuances behind the functions, while our developer, Matthew IIagan, will be walking us through the demonstration.
Exploring the gateway interface
Locking tokens from your Ethereum Wallet to the Cosmos Wallet
Locking tokens means the exchange of BLZ tokens to BNT tokens internally within the Cosmos ecosystem. The first part of the video (00:00 till 06:29) demonstrates the whole user flow when one locks the BLZ token and the exact amount appears in the Cosmos Wallet, minted as BNT tokens. With only a mere number being displayed on the UI itself, the video shows the entire backend process behind the exchange, by showing you both the balance of the Ethereum wallet on Metamask, and the Cosmos wallet, through the backend.
Unlocking tokens from your Cosmos Wallet back to the Ethereum Wallet
Similarly, unlocking of tokens shows how BNT tokens are exchanged back to the BLZ tokens in the Ethereum Wallet. The process is similar but with one additional step of having a validator node to ensure that the exchange transaction is proven valid. This ensures that the transaction amounts are accurate and that the entire process is atomic. This validation is done by a quorum of our validator nodes, which are operated by our trusted partners, making the entire validation process secure and transparent.
The second part of the video (06:39 onwards) will show the exchange through the technical backend, with the validation mechanism for approval of the claim by the majority of the validator nodes, which is a very important function. Validator nodes will have a list of such claims and check the details of such exchanges before approving. Passing the control of validation to the community through this validation mechanism, makes the Bluzelle Network extremely decentralized and scalable.
Check out the full demo video below.
About Bluzelle
Bluzelle is a global decentralized database for web 3.0. Bluzelle combines blockchain and edge computing to deliver an instantly scalable, auto-managed, and cryptographically secure database service. Bluzelle is a layer two solution for the data needs of blockchains and is suited for serverless applications, Dapps, gaming and IoT.
