BTC has established the most widely accepted consensus, but its transaction efficiency is low; ZEC has enabled privacy protection, but smart contract is not incorporated; ETH has smart contract, but it cannot migrate to the PoS system; ChainX can transfer all assets across chains in a decentralized way. Chains that have connected with ChainX can enjoy asset connectivity with all chains.
ChainX adopted the light client inter-chain technolody. Asset crossing chains is a process in which a user locks the asset in the original chain, maps asset onto the target chain where withdrawal is available, and finally unlocks the asset in the original chain.
Assets do not disappear in the original chain, but instead are transferred to the decentralized trust of Light Node Protocol, or to a centralized trust managed by an individual or individuals.
Asset inter-chain mapping generally has three models: witnesses, hash lock, and light node model. Witness model needs some semi-centralized trust institutions to guarantee; hash lock directly transfers asset ownership and fails in inter-chain mapping, what’ s worse, transactions may be interrupted.
The most practical and secure decentralized inter-chain mapping model is the light node model. The security of inter-chain mapping is guaranteed by the consensus algorithm of the original chain, which assures the highest level of security. If the original chain cannot integrate with the light nodes of the target chain, the assets will be managed by individual or multi-signed trusts. If it can, the asset will be managed by the light node protocol on the original chain. For chains with efficient light nodes, ChainX will use the light node protocol to complete the asset mapping to the ChainX chain. However, the existing mainstream chains generally cannot integrate with the light nodes of the ChainX chain, so users’ assets will be managed by multi-signed addresses or multi-signed contracts joint trusts.
The election cycle of trustee nodes which are ranked according to the number of votes to select the top 15 from the consensus nodes is 10 days. The trustee nodes automatically generate two cold and hot multi-signed addresses or contracts. After each cycle, assets on the old address will be transferred to the new address. Users can monitor the system’s inter-chain asset issuance and reserves in real time, and no trustee node can be unilaterally misappropriated.
Relying on the realization of inter-chain technology, ChainX will build the largest BTC two-layer network in history, thereby realizing a truly decentralized inter-chain asset hub.
About ChainX
- Official website: https://chainx.org
- Wiki: https://github.com/chainx-org/ChainX/wiki
- Twitter: https://twitter.com/chainx_org
- Medium: https://medium.com/@chainx_org
- Telegram: https://t.me/chainx_org
- White paper: https://chainx-static.oss-cn-hangzhou.aliyuncs.com/chainx_en.pdf
- Desktop wallet: https://github.com/chainx-org/chainx-wallet/releases/tag/v1.0.3
- Official Wechat: interchain
