The Cross-chain concept aimed at the beginning to enable assets to be transferred from one chain to another, and back securely. Further, the idea expanded pursuing to solve the problem of mutual transfer or exchange of assets and states on two or more different networks. Cross-chain technology is the core development direction in the blockchain field and the crucial technology in the chain-interoperability realisation.
Quick look back
First WeOwn’s version of the blockchain bridge was released in April 2021. The built bridge allowed transferring the Layer 1 WeOwn CHX coin to the Ethereum and Binance Smart Chain blockchains. As a result, wrapped CHX tokens emerged on the other side of the bridges: wCHX on Ethereum blockchain and bCHX on Binance Smart Chain. Also designed smart contract ensures that no double-spending takes place. More information on this process can be found in the blog WeOwn Blockchain Bridge in a Nutshell and WeOwn Wallet – How to bridge your token?
From a technical perspective, three components are essential to establish interoperability between WeOwn’s own purpose-built blockchain and general-purpose blockchains such as Ethereum or Binance Smart Chain:
- Sync engine – background service that listens for transactions on all blockchains and when an appropriate transaction is found, submits the transaction to the corresponding blockchain.
- Wallet feature – user interface where user submits the initial transaction (the one which the sync engine is waiting for).
- Bridge API – used to feed wallet with prices, rates, and fees info for display purposes.
Cross-chain Asset Interoperability
With the latest release, we have significantly expanded the concept of WeOwn blockchain bridges. Starting from now, it is possible to transfer any digital asset created on the WeOwn blockchain to the Ethereum blockchain and to Binance Smart Chain. Of course, this process also works in the opposite direction. Tailored smart contracts carefully control and ensure, that the digital assets, CHX coins, are only available on one blockchain at a time.
The cross-chain asset bridge is seamlessly integrated into the WeOwn ecosystem. Companies, aiming to operate in the digital asset field, can create their own digital asset on the WeOwn marketplace in just a few clicks. Technology enables create not only utility tokens but equity or debt instruments too. Newly created assets can then be offered to interested investors on the same marketplace as well as are available for secondary trading if desired.
Once assets have been created on the WeOwn blockchain, they can be transferred to other blockchains via the WeOwn Wallet. The WeOwn Wallet has been significantly expanded and now offers an easy-to-use cross-chain asset bridge user interface.
Of course, the process also works the other way round: Tokens like USDT, UNI, WBTC. and other created on the Ethereum blockchain or Binance Smart Chain can also be the starting point for bridging – this time onto the WeOwn blockchain.
High utility value for WeOwn Blockchain users
Rather than existing in a vacuum, WeOwn strongly believes in blockchain interoperability to offer clients advanced flexibility. The newly release cross-chain asset bridge provides a number of key benefits to customers:
- Companies issuing assets on the WeOwn blockchain do not need to worry about ever ending up in a “locked situation”. These assets can be transferred to Ethereum at any time.
- Companies issuing tokens or assets on the WeOwn blockchain get access to all decentralised finance (DeFi) services existing on bridged blockchains. Their tokens can be traded on UniSwap, SushiSwap, PancakeSwap and they can be lent through the most-popular lending protocols. Basically, customers get all advantages as if they issued their token on Ethereum or BSC while also having the advantages of the WeOwn blockchain (high throughput, high speed, and low transaction fees).
With its cross-chain asset bridges, WeOwn offers a holistic ecosystem for the management and administration of debt and equity instruments with an institutional focus. Ethereum-based applications can use the extensive functions such as voting or crypto registers of the WeOwn platform via these asset bridges. Companies can thus access a secure and private decentralised network while building on the benefits of public blockchains like Ethereum to get the best of both worlds for their use cases.
What happens next?
Although we already covered a significant part of the most popular general-purpose blockchains with the blockchain bridges to Ethereum and Binance Smart Chain, we keep working tirelessly to further increase the interoperability of the WeOwn blockchain. Our development roadmap includes blockchain bridges to Stellar and Cardano, two recognised networks in the B2B environment.
Where can I find further information?
If you are interested in the technical details of this asset bridge process, you can find more information on Github. Once there, you can also find the code for the smart contracts if you really want to understand the bridge mechanism down to the last detail.
If you want to transfer your tokens to other blockchains yourself, please read through the step-by-step instruction.
General technical information about the WeOwn Blockchain (architecture, consensus mechanism, validators, and the general concept) can be found on GitHub. Please also check out the Blog section on the WeOwn website for more information about the WeOwn Blockchain and platform ecosystem.