This article was first published on Kyber Network - Medium
Waterloo — a Decentralized Practical Bridge between EOS and Ethereum
Part I: EOS → Ethereum
Ethereum and EOS are, to date, the two biggest smart contract enabled blockchains, both by market cap and number of daily users metrics. In this post, we present the Waterloo bridge — an efficient and fully decentralized way to implement an EOS light client as an Ethereum smart contract, and an Ethereum light client as an EOS smart contract. Such implementations will enable cross-chain communication between the two blockchains, and will enable to transfer assets from Ethereum to EOS and vice versa. Such cross-chain interoperability is a long standing ambitious goal in the blockchain ecosystem in the last several years, with potential applications in finance, scalability and privacy.
In the next section, we formally define and explain the desired functionality of a relay bridge between two blockchains. Then, we introduce a relay algorithm of an EOS action into an Ethereum smart contract along with a proof of concept implementation (over Ethereum kovan testnet) to demonstrate the feasibility of the solution. After that we describe a solution for implementing a relay of Ethereum actions to EOS smart contracts. Finally, we discuss the next steps and survey related work.
A relay bridge implements a bi-directional relay of block headers between two blockchains. In such a bridge, block headers of blockchain A are constantly being submitted to a smart contract in blockchain B, which implements a light client logic to verify the validity of the headers. And analogously headers from blockchain B are submitted to a smart contract in blockchain A.
A simple example is the BTC relay which implements a uni-directional relay from Bitcoin to Ethereum. There, the Ethereum smart contract computes the difficulty of the submitted Bitcoin headers. A proof for the validity of each header amounts to checking it resides ...
To keep reading, please go to the original article at:
Kyber Network - Medium