A unified standard for cross-chain assets
As blockchain technology increases in global use, the demand for reliable performance, versatility, and blockchain interoperability continues to increase. Current challenges and isolated blockchains are clearly restricting mainstream application development and the unlocking of blockchain’s true potential. The development of cross-chain technology has bridged the information gap between blockchains.
Blockchain can be seen as a distributed ledger and it represents an independent ledger. The significance of cross-chain technology is to achieve communication between different ledgers and the transformation of an isolated blockchain to an interconnected ecosystem. It can be said that cross-chain technology will expand blockchain’s application value infinitely and it is a key technical support for the posterity of blockchain ecosystems.
As an open blockchain network, the team has developed a cross-chain transfer protocol based on the multi-level ‘main chain — multiple side chains’ structure of aelf, with specific focus to the ease of use, scalability, and security of the cross-chain. The protocol achieves cross-chain transfers between independent blockchain systems, supporting applications that require asset transfers between different blockchain systems.
The protocol provides a standard solution for cross-chain transfers and a unified specification for cross-chain asset transfers between blockchain systems. The protocol also provides a standardized interface and data structure for the construction of decentralized cross-chain asset transfer services, resulting in a common solution for developers.
The purpose of this protocol is to:
- Solve the problems of data disconnection and low interoperability caused by the incompatibility of different blockchain protocols.
- Solve the problems of low efficiency/high cost of cross-chain asset transfers due to the common solution and standardized interface.
This protocol is applicable to:
- Cross-chain asset transfers between blockchain systems.
- Cross-chain asset exchange between blockchain systems.
- Finish existence proof between blockchain systems.
Different blockchain systems will use a myriad of governance protocols and data structures, so it is necessary to establish unified data format standards that are compatible with various blockchain protocols during cross-chain transfers, and establish common assets cross-chain standards. In other words, the standard structure of asset cross-chain transfer data needs to be defined.
Meanwhile, the cross-chain asset transfer process is based on cross-chain Existence Proof, which relies on the Merkle Proof mechanism. As such, it is necessary to establish a unified verification method to achieve cross-chain verification between different blockchain systems, which requires defining the standard method of cross-chain existence proof.
The future of the blockchain world will inevitably be a state of multi-chain symbiosis. Since chains are often highly heterogeneous, free communication of information and value between chains can only be efficiently understood by following a unified cross-chain protocol to expand the ecosystem boundary of each blockchain application and to help the integration of a social economy. aelf’s cross-chain transfer protocol is an attempt to comprehend the cross-chain interaction between chains. With the development and growth of the aelf ecosystem, the value of the aelf cross-chain transfer protocol will be increased.
See the Cross-Chain Transfer Protocol : https://aelf.io/gridcn/cross_chain_transfer_protocol_launched_en.pdf
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