This article was first published on Waves Platform - Medium
As we continue to explain our new vision, this post explores bridges between Waves Platform and other blockchains.
One of the main priorities in Waves’ future development will be achieving interoperability between the Waves ecosystem and other blockchains. This will contribute to the widespread use of blockchain technology and boost its implementation for a range of applications.
The first step towards universal interoperability will be building a bridge connecting the Waves and Ethereum blockchains.
The biggest issues that needs to be resolved to facilitate inter-blockchain communication are receiving data from another blockchain and sending tokens between blockchains.
A scheme that allows one blockchain to know about transactions in another blockchain would enable direct exchange of funds between blockchains, making existing centralized gateways obsolete.
Introducing Chain collectors
Let’s say we have two independent blockchains, A and B. We need to be able to prove on the B network that a transaction has actually taken place on the A network, and vice versa.
To achieve that, a chain collector is created for the B network. This is a smart account storing block headers of network A blocks. The chain collector will only add a block’s header to the chain if there is a correct link to the previous block, a block generator’s valid signature, and an oracle’s valid signature.
The chain collector will store the sequence of blocks that has been checked as described above. A provider of validity and finality of data assumes responsibility for their correctness (see further below).
The use of chain collectors will facilitate “bridges” between independent blockchains, as it will enable proofs of token transfers between blockchains.
To automate the process of token transfer between independent blockchains, we suggest using smart accounts as “token ports”. A token port for the B network allows withdrawal of ...
To keep reading, please go to the original article at:
Waves Platform - Medium