Chain Interoperability Makes Waves On Ethereum
A new tool in the virtual currency ecosystem is bringing blockchain interoperability to users. From KeepingStock.net, "the EncryptoTel token (ETT) will use blockSwap: a new piece of tech that allows it to exist on both the Waves and Ethereum blockchains, with tokens passing between them freely."
ETT will be ERC20 compliant, meaning that it meets the standards to be traded on the Ethereum blockchain. This innovation may add efficacy for investors, as interoperability is a crucial step towards standardizing the way tokens can be freely used.
The blockSwap tool will allow those with wallets backed by Ethereum and Waves to seamlessly transfer ETT between the blockchains, using executable distributed code contracts (EDCCs). The system requires trust; the locked wallet on the Waves side and the EDCC on the Ethereum side must maintain integrity for it to work.
CTO of Incent Peter Godbolt gave an explanation of how the service works: “No longer will assets be tied to only exist on one of the blockchains. You can configure blockSwap for them to be at will swapped between the two.”
“It works by the use of 3 servers,” said Godbolt. “The Web application, which allows a pair to be registered – so you go ahead and register, or verify, your Waves address and you present an Ethereum address and then when you send those digital asset tokens to the Waves address, the smart contract on the Ethereum side releases those tokens.”
Users can register on the blockSwap site and link their respective wallet addresses. Unused tokens on the Ethereum side are locked with an EDCC, while the unused tokens on Waves are held in a wallet that is controlled by designated servers. This is where the trust factor comes into play; the servers must continue to operate, but users have been assured that transparency will allow them to easily monitor the number of available tokens.
There is a degree of risk when using blockSwap. A warning pops up right when the site loads, informing those who visit that unexpected bugs or other technical complications “might result in the loss of tokens or other consequences.” That being said, a simple layout and easily accessed data on the site provides users an opportunity to see how it works and gain access to EDCC uses – the result of a collaborative effort between Incent and Bok.
Investors who want to get in on the ICO for ETT can take advantage on April 24, 2017.