Wanchain released the “Pledge Sharing Multi-Chain Mutual Crossing” mechanism, which realized the direct cross-chain from Bitcoin to Ethereum without the need to relay through the Wanchain chain.
Original title: “Wanchain: “Multi-chain inter-crossing” mechanism was successfully launched on the mainnet, BTC direct cross-spanning and pledge deposit sharing became the biggest highlight
Written by: Wanchain
On February 26, 2021, since the release of Wanchain 5.0, the Wanchain team has been iterating intensively for four months and successfully released a new “Pledged Deposit Sharing Multi-chain Interoperability” mechanism. Compared with the previous version of the cross-chain mechanism, the two most prominent highlights of the new “multi-chain inter-crossing” mechanism are:
- Multi-chain pledge deposit sharing, that is, pledge deposits of all cross-chain bridges share the same deposit pool;
- BTC achieves a direct crossover, that is, BTC can be directly crossed to Ethereum without relaying through the Wanchain chain.
The latest version of Wanchain desktop wallet (V1.5.0) now supports the “multi-chain inter-crossing” mechanism. Users can download the latest version of the desktop, and after the next round of cross-chain node groups are officially working on March 9, they can experience the BTC direct cross function for themselves.
Highlights of the “Pledge Sharing Multi-Chain Inter-crossing” Mechanism
A group of cross-chain node groups can manage all cross-chain bridges, and the node pledge deposit is shared by multiple chains
In Wanchain 5.0’s cross-chain bridge design mechanism, there is a one-to-one correspondence between wanBridge and Storeman Group. Therefore, cross-chain integration of any two public chains must be between these two public chains. Create at least one cross-chain node group between the chains. Under this mechanism, nodes participating in multiple public chain cross-chains need to join multiple cross-chain node groups, which increases the difficulty of node operators’ operations. At the same time, the pledge deposits of the cross-chain node groups corresponding to different cross-chain bridges are independent, and the cross-chain quota cannot be shared, and the pledge deposit utilization rate is low, that is, the pledge deposits of busy cross-chain bridges are tight while the cross-chain bridges are idle. The pledge deposit is idle. Finally, this “divide and conquer” design of different bridges theoretically has the risk of local collusion among nodes to affect cross-chain security. (The left part of the figure below shows the Wanchain5.0 cross-chain mechanism design).
To this end, from the perspectives of improving cross-chain security, efficient use of resources, and optimizing user experience, Wanchain’s cross-chain mechanism has been upgraded again on the basis of 5.0, and the new cross-chain mechanism of this upgrade is named “Quality Deposit Sharing “Multi-chain mutual crossover” mechanism, referred to as “multi-chain crossover” mechanism.
The “multi-chain inter-crossing” mechanism is a new cross-chain solution of the Wanchain team, which aims to improve the security and scalability of cross-chain. In the multi-chain inter-crossing mechanism, all cross-chain bridges are operated by the same group of cross-chain nodes and share the same deposit pool. This design reduces the complexity of cross-chain operations, improves the convenience of cross-chain, and enables cross-chain assets to flow freely on each chain; at the same time, under the premise of ensuring the safety of cross-chain funds, the single bridge is greatly improved. The maximum number of cross-chains. (The right part of the figure below shows Wanchain’s new “multi-chain inter-crossing” mechanism).
How does the pledge deposit of cross-chain nodes realize multi-chain sharing?
In the “multi-chain inter-crossing” mechanism, after cross-chain nodes pledge deposits (the current mechanism supports pledge deposits WAN, and multi-currency pledges will be considered in the future) to the cross-chain bridge, these pledge deposits are included in the total funds of the bridge In the pool. The total amount of pledge deposit for each cross-chain bridge is determined by the price of all assets of the cross-chain node group where the bridge is located and the corresponding pledge amount. Since the pledge deposit is shared by the entire chain, the cross-chain quota of each bridge is also shared by the entire chain.
We use a specific example to illustrate the dynamic adjustment of the cross-chain quota of each bridge after the pledge deposit is shared (for the convenience of explanation, we will simplify some complex factors):
Assuming that the cross-chain node group supports three cross-chain bridges: BTC-Ethereum, Ethereum-Wanchain, and BTC-Wanchain, the total pledge amount of the group is 1.5 million WAN (assuming 1WAN=1USDT and the WAN price remains unchanged), the group mortgage rate It is 150%.
Then in the initial stage, BTC-Ethereum, Ethereum-Wanchain, and BTC-Wanchain share a pledge deposit equivalent to 1.5 million USDT, and the maximum cross-chain amount for each bridge is 1 million USDT (because the group mortgage rate is 150%).
After a period of time, 200,000 USDT equivalent of BTC crossed from the Bitcoin network to Ethereum, and 600,000 USDT equivalent of ETH crossed from Ethereum to Wanchain.
Then, at this time, the three bridges of BTC-Ethereum, Ethereum-Wanchain, and BTC-Wanchain still share a pledge deposit equivalent to 1.5 million USDT. However, due to the occurrence of 200,000 USDT equivalent BTC cross-chain and 600,000 USDT equivalent ETH cross-chain, the remaining cross-chain quota for each bridge is 200,000 USDT equivalent tokens.
In short, compared with the previous version of the cross-chain mechanism, an important change in the “multi-chain inter-crossing” mechanism is that the pledge deposit is shared among all cross-chain bridges, allocated on demand, and allocated to the transfer of cross-chain assets in a reasonable and dynamic manner. A more demanding cross-chain bridge.
BTC-Ethereum direct bridge, realizing BTC to directly connect to Ethereum
In the previous version of the cross-chain mechanism, all cross-chain assets supported by Wanchain must pass through Wanchain or be relayed by Wanchain for cross-chain transfers. In the latest “multi-chain inter-crossing” mechanism, we have successfully implemented the cross-chain mechanism of the “direct bridge” model. The so-called direct bridge means that assets can be transferred directly between two public chains without going through Wanchain, which plays a routing role. This requires Wanchain to be able to provide a cross-chain bridge wanBridge with straight-span capabilities between public chains such as Bitcoin, Ethereum, Polkadot, EOS, etc. For example, we directly build wanBridge between Ethereum and Bitcoin networks to realize Bitcoin The direct bridge:
As mentioned above, the native currency BTC on Bitcoin is directly cross-chained to Ethereum and mapped into wanBTC tokens in ERC20 format. wanBTC will have the opportunity to directly participate in any DeFi application that supports the ERC20 token format in the Ethereum ecosystem.
The following figure shows the Wanchain “multi-chain inter-crossing” mechanism:
In the vast ocean of cryptocurrency cross-chains, there are beautiful islands floating, and each island represents a public chain (Bitcoin, Ethereum, EOS, etc.). Due to the barrier of sea water, the islands cannot reach each other. Reflected in the real blockchain world, since each chain has a different underlying architecture, different data structure, and different interface protocols, it is necessary to realize the mutual access between one chain and another chain, especially between heterogeneous chains. , Is extremely difficult.
Since its inception, the Wanchain project has been shouldering the mission of Wanchain interconnection. In the past few years, Wanchain has built cross-chain bridges between different islands through continuous iterative cross-chain mechanism. This is wanBridge. And all wanBridge is managed by a unified set of cross-chain node groups (the number of cross-chain node groups can be adjusted as needed), and the cross-chain node group is composed of 21 fully open and decentralized cross-chain nodes (the number of nodes can be adjusted). Adjust as needed). The entire cross-chain system guarantees the smooth operation of the cross-chain and the prosperity and development of the cross-chain ecology through scientific and reasonable security mechanisms and economic incentive models.
In this new “multi-chain inter-crossing” mechanism, we have added an extremely important cross-chain bridge, namely the Bitcoin-Ethereum direct bridge, so that BTC assets can be directly crossed to Ethereum without being relayed via Wanchain .
Based on the Bitcoin-Ethereum direct connection bridge, it will be easier for users to transfer BTC to Ethereum, and it will also save cross-chain fees. So, how exactly did it do it?
Let’s compare the process difference between the previous version of the cross-chain mechanism and the new version of the “multi-chain inter-crossing” mechanism to transfer BTC to Ethereum.
In the previous version of the cross-chain mechanism, we assumed that the cross-chain node group established between Bitcoin and Wanchain is called SG1, and the cross-chain node group established between Wanchain and Ethereum is called SG2. Then the process of transferring BTC from the Bitcoin network to the Ethereum cross-chain is as follows:
The first step: the user initiates a BTC cross-chain transaction on Ethereum;
Step 2: After receiving the event, SG1 locks the BTC on the Bitcoin network and mints the same amount of wanBTC on Wanchain for the user;
Step 3: The user initiates a cross-chain transaction of wanBTC on Wanchain;
Step 4: SG2 locks wanBTC on Wanchain after receiving this event and mints the same amount of wanBTC on Ethereum for users.
The above process produced a total of four transactions, including one transaction on the Bitcoin network, two transactions on Wanchain, and one transaction on Ethereum. In these four transactions, the user needs to initiate two transactions, one on the Bitcoin network and one on Wanchain.
But when we adopt the “multi-chain inter-crossing” mechanism, the entire process will become extremely simple. We assume that the cross-chain node group that manages all cross-chain bridges is called SG:
Step 1: The user initiates a BTC cross-chain transaction on the Bitcoin network;
Step 2: After receiving the event, SG locks the BTC on the Bitcoin network and mints the same amount of wanBTC on Ethereum for the user.
The above process produced a total of two transactions, including a transaction on the Bitcoin network and a transaction on the Ethereum. In these two transactions, users only need to initiate one transaction on the Bitcoin network. For users, it not only reduces the user’s operation steps, but also saves users’ cross-chain expenses.
Comparison of old and new cross-chain mechanisms
Compared with the previous version of the cross-chain mechanism, the new “Quality Deposit Sharing Multi-chain Inter-crossing” mechanism has made major improvements and enhancements at the technical level, user level, and even cross-chain node operation level. We can use the following table to understand the advantages of the “multi-chain inter-crossing” mechanism.
Desktop wallet, wanBridge Web support BTC direct cross operation
In conjunction with this cross-chain mechanism upgrade, the Wanchain development team has also made corresponding updates to front-end products such as wallets to adapt to the new “multi-chain inter-crossing” mechanism and the Bitcoin-Ethereum direct crossover function. After the new round of cross-chain node group is officially working on March 9, users can experience the function of BTC directly cross-chain to Ethereum through Wanchain desktop wallet or WanBridge Web.
BTC wallet interface display
Take Wanchain desktop wallet as an example (wanBridge Web is similar).
Download and install the latest version of desktop wallet V1.5.0, open the desktop wallet, Cross Chain -> More Tokens , tick Bitcoin <->Ethereum , and enable the direct cross function from BTC to Ethereum .
Find Cross Chain -> BTC -> Bitcoin <->Ethereum , pop up the operation interface of BTC to Ethereum straight cross, the related parameters are as follows:
Balance : the balance of the BTC address to be crossed
Storeman Group : Choose a cross-chain node group, the currently active group can be selected by default
Capacity Left : The remaining cross-chain quota. Your cross-chain amount must be less than this amount.
To (Ethereum) : The destination address on Ethereum that receives wanBTC
Estimated Fee : The total gas fee estimated in the cross-chain process (currently cross-chain nodes do not charge cross-chain service fees)
Amount : The amount of BTC that needs to be cross-chain
You Will Receive : The number of cross-chain BTC
Advanced Options : Adjust the appropriate Gas Price through advanced options. In general, the default value is sufficient.