Genesis Vision Development Report 28.05.21

This article was first published on Genesis Vision Blog - Medium

Hello Visioners!

As we move closer and closer to our fully fledged decentralized platform, let us give you an overview of where we stand with the Genesis Vision Protocol. This week brings us to the end of our rigorous testing phase for the cross network bridging support in the platform. We are pleased to announce that the GVT token smart contract (BEP-20 GVT) was deployed in the Binance Smart Chain!

On May 31st, the following functionality will be available:

  • BEP-20 GVT deposits and withdrawals on Binance Smart Chain Blockchain
  • Deposits and withdrawals for xDai on the xDai blockchain

The GVT Bridge

On Monday, GVT will be available on the Binance Smart Chain — which will allow users to deposit and withdraw from both the Ethereum blockchain and on the Binance blockchain.

How does the GVT bridge work?

The bridge will conveniently allow the conversion of GVT in its ERC20 (Ethereum) form to be used on the BEP-20 (Binance Smart Chain) and vice versa.

When converting GVT ERC20 to GVT BEP-20, what happens is:

  • ERC-20 GVT tokens on the Ethereum blockchain are blocked on a smart contract.
  • The corresponding amount of GVT BEP-20 tokens are issued on the Binance blockchain.

When reverting GVT BEP-20 (Binance Smart Chain) to GVT ERC20 (Ethereum), here is what happens:

  • Tokens are burned on the Binance Smart Chain.
  • The corresponding amount of GVT ERC-20 tokens are unlocked from smart contracts on Ethereum Blockchain.

BEP-20 GVT are now available for withdrawal via the standard withdrawal procedure.

GVT Deposits are also available on both blockchains.

What is important to understand.

This is not a mandatory migration so no action is required from GVT holders....

To keep reading, please go to the original article at:
Genesis Vision Blog - Medium

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