Does Vite support Crosschain? How?

  • Currently, there are more than 1,900 blockchain projects on CoinMarketCap, which means we have at least 1,900 different cryptocurrencies. What if someone only accepts ETH, and you only have BTC? You can go to an exchange or have an off-site transaction. But why must we rely on the exchange? There have been many problematic cases with centralized exchanges, such as Mt.Gox, the exchange is already shut down, and the recent one with notice "you have 30 days to withdraw your tokens"
    Furthermore, ETH and BTC are too different in infrastructure to communicate with one other, so why can’t we find a way for direct transactions? The 1,900 cryptocurrencies are in fact like a thousand islands of value in silos, and there’s no direct path connecting the transactions among them. It’s high time we see a resolution, and that’s where cross-chain comes in.
    The cross-chain is designed to enable trade at any amount between two chains, and the amount of the transaction needs to be verified with sufficient security, and it might not return to the original chain in a short period of time, or at all. Meanwhile, the cross-chain can even achieve smart contract interaction, which is beyond the reach of the two technologies mentioned above.
    I'd like to know if Vite support Crosschain? And how CrossChain will work in Vite network?
    Thank you!

  • I would let the VITE team talk here, but won't this cross-chain design be similar to that of the ERC20 token conversion?

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  • @fooyidai yes!

  • SBP

    @fooyidai Won't exactly be the same. For example, to convert ERC20 Vite to Testnet Vite, the converter executes the contract on your behalf, and sends it to a Ethereum blackhole address. It's a one way thing.

    For Bitcoin, you can't exactly send it to a blackhole address. Because what happens if the user wants to withdraw their Bitcoin? So for cross-chains to work, there has to be a system/function in place (decentralized) to "lock or store" it up. This is for the user to be able to map their BTC on the Vite platform and also to give them the ability to withdraw their BTC if they wish to 😛

  • As described in the white paper, the cross-chain function in Vite will support asset transfer through cross-chain gateway. For every target chain, there is a gateway for this purpose. The gateway will listen to the transactions on both chains. If this is a Bitcoin gateway and someone wants to transfer 1 BTC to Vite, he should send the BTC to Bitcoin gateway first, once the gateway discovers the transaction it would wait a certain time for confirmation and then send 1 BTC to the person's Vite address, and vice versa.
    Cross-chain smart contract call is not supported at this time.

  • @Allen where would someone find these gateways? I'd like to know if you could recommend a gateway for me to trade my btc for Vite.

    To me it just seems like these gateways or smart contracts are just like international banks doing currency exchange except the smart contracts aren't able to just print money.

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