IBAX Cross-Chain Technology
Introduction
As the blockchain industry continues to flourish, various public blockchains have emerged. However, due to technical, ecological, and other reasons, most chains cannot be connected and intercommunicated. Due to the isolation and closure of blockchains and the high degree of heterogeneity between chains, the flow of data and value transfer between blockchains has become a technical bottleneck that hinders the widespread application of blockchain technology.
IBAX has a real and urgent need for cross-chain interaction in order to communicate and even exchange values with different blockchains, to achieve the organic integration of blockchain projects in different industries, to achieve interconnectivity between blockchains, and to achieve the flow of business and value between chains.
As each chain has its own native token. Tokens, as they bear certain rights, become a representation of value. Tokens within the chain can be exchanged without barriers, but due to the different consensus mechanisms of different main chains and their mutual distrust, token exchange between chains is "as isolated as islands". Only by realizing the trustworthy exchange of tokens between chains can a high-speed highway for building value networks be constructed.
IBAX Cross-Chain Technology
At present, the popular cross-chain technology on the market mainly includes hash time-locked atomic swap, witnesses, light node side chains, relay chains, and shared validators. IBAX chose to cross the chain based on the witness mechanism.
IBAX's witness mechanism is composed of a permission-based witness group composed of multiple witnesses. The members are basically fixed, and the addition and exit of members are reviewed and voted on by the current members, and are maintained by IBAX official itself.
IBAX establishes a relay program as a bridge between chain and chain communication, such as chain A's information to pass to the IBAX chain, you need to send a request to the relay program, the witness in the relay program after authentication to sign, can successfully cross the information on chain A to the IBAX chain, can be flexible to support a variety of different structures of the blockchain.
A witness is essentially a private key, and cross-chain information transfer is usually done by multiple notaries signing together on their respective books to reach consensus before completing the transaction, each node of the multi-signatory notary has its own key, and only when a certain number or ratio of notary signatures is reached, cross-chain information can be confirmed and information assets can be safely transferred between chains.
Advantages of IBAX Cross-Chain
1 This cross-chain method can greatly reduce the cost of cross-chain and lower the threshold for asset information transfer between chains for users.
2 Users can directly transact with each other without the need for centralized exchanges, and assets and assets can be directly traded, which is secure and reliable.
3 It also allows the ecology and applications on the IBAX chain to be not limited to use on one chain and can be applied to all chains, enjoying full network traffic.
Why move assets to the IBAX chain?
Building an ecosystem on other chains can be costly and have a high entry barrier. By transferring assets from other chains to the IBAX chain through cross-chain transfer, it is possible to build ecological applications directly. IBAX's WEAVER is a platform for ecological and application developers to develop Dapps. Developers can create their own ecology on WEAVER, or access or create contracts according to their needs, making it a flexible and self-manageable platform.
In addition, as a new and innovative public chain, IBAX has low fees for building an ecosystem. During the early stages, newly established ecosystems can apply for a waiver of these fees. IBAX will also host hackathons and provide support funds for exceptional ecosystems. Every year, an election of outstanding ecosystems will be held, providing incentives and funding to support these successful ecosystems.
The cross-chain capability of IBAX aims to connect and expand the different chains, building a fast-paced road for the value network. This high-speed road of the blockchain value network will eventually link the "islands" together. All types of ecosystems and users are welcome to join the IBAX network.