The application using of blockchain is still at the stage of framework application scenarios. Different public chains have different economic models, consensus, and smart contract protocols. Therefore, chains are almost isolated from each other. cross-chain technology has appeared.
Cross-chain technology is to solve the long-term “information islands” between different public chains. Taking Polkadot as an example, it supports not only token transfer, but also data transfer between different chains. In Polkadot network, there is a central chain called Relay chain that connects all blockchains, the others which connect Relay chain can be regarded as parachains. The structure of the relay chain + parachain also makes the Polkadot network more scalable. Therefore, this structure not only solves the problem of information islands, but also greatly improves throughput, achieves faster transaction speed, and reduces transaction fee.
For traditional cross-chain operations, the burden on users is minimized through intelligent management. The technical requirements of different blockchain underlying platforms can therefore be met at the same time. The BED ecosystem allows tokens on various public chains to participate in circulation.
In the BED public chain, users will be able to simply exchange their assets with those of other public chain ecological users.
For example: A sends BTC to B, and B sends BED to A. The system automatically checks the payment status of both parties. Both payments have completed, the transaction between A and B will be concluded. The result is that the BED address of A receives BED, and the BTC address of B receives BTC.
The system will check ① and ② to determine whether to execute transaction 1 and transaction 2. Once ① and ② are established, that is, the two parties have performed the transferring process according to the agreement, then the entire cross-chain transaction is established, BTC address of B receives BTC, and BED address of A will receive the BED.
The emergence of cross-chain technology has broken the interaction between unused projects, and cross-chain technology will bring the development of the blockchain industry to a new level.
What is the significance of cross-chain atomic transactions for normal users?
1. Large amount of OTC transactions can use this cross-chain atomic transaction. because this type of transaction does not rely on trusted third parties.
2. This technology may be applied to exchanges that do not require the trust of a third party. Users can keep assets themselves, trade with other assets by cross-chain atomic transactions without store the coins in the exchange. This can remove a large number of attack about assets safekeeping and system vulnerabilities. Cross-chain atomic transactions can reduce privacy leakage by connecting payment transactions on the two chains.
BED makes mining a reality through POW+POS consensus mechanism. Compared with the recent hot IPFS project, it greatly reduces the mining costs. Mining becomes a small thing that everyone can operate. Moreover, the “cross-chain atomic sub-exchange” makes the coins mined by users have a more convenient and safe circulation method, which makes the BED ecology more healthy and complete, guarantees the income of mining users, and maintains the on-chain active.
In the future business system built by the blockchain, there will be a scene of interconnection of various chains, and there will be more and more cross-chain transactions between different projects, and BED as famous project with a large fan base and an advance layout, will provide mature and stable atomic cross-chain transactions for many projects, the BED business ecology will be thriving, and the income of miners will also increase.
