ChainX was at the forefront of the market in the field of inter-chain decentralized assets. The value of inter-chain BTC exceeded 10 million U.S. dollars in a very short time since the launch, and the number of inter-chain BTC also quickly surpassed that of Lightning Network BTC. It is actually the largest sidechain and second-tier network of Bitcoin.
At the same time, due to the decentralized nature of ChainX’s inter-chain technology, many mainstream BTC wallets in the market have widely supported OP_RETURN.
OP_RETURN is a necessary condition for Bitcoin to enter the decentralized cross-chain era. This allows the market to return to the focus on inter-chain decentralization of assets, and also lays a solid foundation for Bitcoin’s broader decentralized cross-chain in the future.
Technically, ChainX uses Wasm technology on the chain to implement Bitcoin light nodes for the first time. It supports POW verification and complete transaction proof verification of the Bitcoin block header, making the cross-chain in the direction of Bitcoin to ChainX completely decentralized and bit Currency security. Use’s XBTC assets are completely hosted and verified by Bitcoin Light Nodes. The lock-release process is fully automated and secure.
In the inter-chain direction of the ChainX chain to the Bitcoin chain, because Bitcoin does not have Turing complete capabilities and cannot achieve a complete light node on the chain, it can only compromise the use of the witness model. Multiple validators vote by majority on the chain to complete the destruction-unlocking process.
The user’s BTC assets are hosted at the Bitcoin multi-signature address, and are jointly hosted by a maximum of 15 independent trustees with endorsements. At the same time, Bitcoin multi-signature escrow also implements a hardware-level hot and cold separation structure, which further improves security.
The hot and cold multi-signature escrow address is fully open to the supervision of the community owner. All asset changes recorded on the Bitcoin chain are completely transparent, and each flow change can be queried as the trust signatory, realizing openness, transparency and extreme high security guarantee.
In short, under the current inter-chain technical solution system, facing the objective technical conditions on the Bitcoin chain, this solution is already the optimal solution in terms of decentralization and security.
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
