Live on Wanchain: Decentralised Binance Smart Chain — Ethereum direct bridge

This article was first published on Wanchain - Medium
-----

Live on Wanchain: Decentralised Binance Smart Chain — Ethereum direct bridge

After launching the world’s first truly decentralised Bitcoin — Ethereum direct bridge, the Wanchain team is pleased to reveal a new decentralised direct bridge connecting the Binance Smart Chain and Ethereum! With this integration complete, the Binance Smart Chain joins Bitcoin, Ethereum, Wanchain and EOSIO (with XRP Ledger and Polkadot soon to follow! ) on the ever-growing list of public chains that form the Wanchain ecosystem

Binance Smart Chain

The Binance Smart Chain (BSC) officially launched last year, sporting EVM-compatibility and a Proof of Staked Authority consensus algorithm. Backed by industry giant Binance, BSC has made great strides in pushing DeFi beyond the familiar confines of Ethereum.

Under the hood: BSC Integration

BSC cross-chain integration is made possible by Wanchain’s Universal Multichain Bridges. Fundamental to this cross-chain mechanism is Wanchain’s Storeman Group, consisting of 25 truly decentralised Storeman Nodes.

There are currently four basic scenarios relevant to this integration:

1) Original Ethereum-based tokens (e.g., UNI, LINK, etc.) to BSC

When a user initiates a cross-chain transaction to move an original Ethereum-based token to BSC, Wanchain’s Storeman Group first locks the token on Ethereum before minting a new token on BSC.

2) Mapped Ethereum-based tokens (e.g., BTC@Ethereum, XRP@Ethereum, etc.) to BSC

When a user initiates a cross-chain transaction to move a mapped Ethereum-based token to BSC, Wanchain’s Storeman Group first burns the token on Ethereum before unlocking the original token or minting a new token on BSC, as appropriate.

3) Original BSC-based tokens to Ethereum

When a user initiates a cross-chain transaction to move an original BSC-based token to Ethereum, Wanchain’s Storeman Group first locks the token on BSC before minting a new token on Ethereum.

4) Mapped BSC-based tokens (e.g., FNX@BSC, etc.) to Ethereum

When a user initiates a cross-chain transaction ...

-----
To keep reading, please go to the original article at:
Wanchain - Medium

Comments (No)

Leave a Reply