Introducing Cross-chain Solution for Binance Chain

A cross-chain solution for TTC coin, TST-20 tokens such as ACN, and other cryptocurrency liquidity

Dear supporters,

In close communication with the Binance team, TTC Foundation is developing a cross-chain solution that will empower blockchain platforms to achieve interoperability with the Binance Chain. The solution does not only improve liquidity for TTC and TST-20 tokens, such as ACN with 32m users, but also opens door to Binance DEX for other blockchain platforms. Here is a brief introduction on what the we have been working on.

TTC Foundation, the developer of TTC blockchain, is developing a cross-chain solution that will allow TTC on-chain assets to transact with their respective BEP-2 tokens by interlinking the TTC blockchain and Binance Chain. Using this solution, the TTC Foundation will be able to issue BEP-2 tokens pegged to TTC and all TST-20 tokens and improve liquidity by listing on the Binance DEX.

TTC Foundation will release this cross-chain solution as open source to provide a tool for blockchain platforms that support smart contract to achieve interoperability with the Binance Chain. This solution will empower more blockchain platforms to join the Binance DEX.

The solution is composed of the following two components:

1. TCD State Machine: The side chain developed based on the Cosmos SDK (which the Binance DEX grounds itself) will interlink the TTC blockchain and Binance Chain. It also enables TTC platform to interact with the Binance Chain through the designated RPC interface and the smart contract address.
2. Smart Contract : Using the smart contract created on the TTC platform, it records all the cross-chain transactions and its state on the TCD.

With this announcement, we also plan to issue BTTC, a Binance Chain based BEP-2 token, pegged to 1 TTC on the TTC platform. Using the above solution, we will full support the swap between BTTC and TTC to improve the liquidity of TTC.

The detailed process of a cross-chain transaction between TTC (TTC platform coin) and BTTC (Binance Chain BEP-2 token) is as following:

1. Address “A” of the TTC blockchain will send TTC and a parameter pack (containing the destination address “B” of the Binance Chain) to a smart contract on TTC blockchain
2. Through an RPC interface, TCD checks and records the deposit transaction and its state on TTC blockchain.
3. Through an RPC interface, TCD confirms whether the block height of TTC blockchain satisfied the finality conditions. Then, it changes the status of the transactions as ‘Transfer’ and initiates the cross-chain transaction.
4. TCD sends BTTC to the destination address “B” of the Binance Chain.
5. TCD confirms that the block height of Binance Chain satisfied the conditions of finality and marks the transaction status within TTC blockchain smart contract as ‘Completed’.

Here are key considerations we tackled during the development of this technology:

1. All TCD data has to be checked along every step of the process and the balance of coin and BEP-2 token has to be re-confirmed. The cross-chain transactions will be considered ‘completed’ only when these conditions are satisfied.
2. Any transaction that fails to process within the designated block height will be considered incomplete and be reversed.
3. The cross-chain control must be designed to be capable of handling multiple accounts with different authorities at the same time. It also must be able to perform 2-way confirmation and verification between the TCD and smart contract both way.
4. Under certain limited authorities, the smart contract which carries out the cross-chain transactions would be able to withdraw or deposit coins (and/or tokens)
5. As both the Binance Chain (Tendermint) and TTC blockchain (Multi-tier BFT-DPoS) satisfy finality, this cross-chain transaction also satisfies finality.
6. This solution is designed to be both (i)operable independently by a single project (or an alliance) and (ii)integratable to Binance Chain as a module.

The development of the cross-chain solution has already begun with close communication with team Binance DEX. This week, we plan to open the source code and perform the test on the TTC test network and Binance Chain test network. We encourage developers from all over to join in improving the functionality and stability of this open source solution.

We believe the cross-chain solution will support Binance Chain to embrace the value of global blockchain platforms by providing universal liquidity for all blockchain platforms in the world — starting with $TTC, $ACN and its 32m users.

If you have any questions please reach us through our Telegram group and email. Stay tuned for more exciting news to come.

Thank you,

TTC Foundation

About TTC

TTC is a blockchain fit for mass adoption and a sustainable token economy model. For details, visit our website.To receive the latest news on TTC, join our Telegram and follow us on twitter.