Wanchain

Wanchain Takes the Lead in the Development and Advocacy of Cross-chain Standards

Published by Noah Maizels on

Beijing Blockchain Technology Application AssociationBeijing Blockchain Technology Application Association

On the afternoon of July 16, 2019, the third session of the Beijing Blockchain Technology Application Association was held in Zhongguancun IC Design Park, Haidian District, Beijing.

Wanchain representative Bryan Ye gave a keynote speech on the topic of cross-chain standards, the following is a summary of his speech:

Wanchain Asia Marketing Director Bryan YeWanchain Asia Marketing Director Bryan Ye

We took the lead in implementing cross-chain Bitcoin, Ethereum and ERC20 last year. This year we are working on the cross chain integration of enterprise chains such as Hyperledger, so we can say that we are at the forefront of the industry in the field of cross-chain technology research.

So, what is the significance of developing cross chain standards?

First of all, this is determined by objective needs. Nowadays, there are a large number of public, private and consortium chains in the industry. People need a standardized cross-chain protocol to allow for the transfer of information and value between different chains, especially between heterogeneous chains.

Second, from the development direction of blockchain technology, there are currently three technical bottlenecks. Performance, privacy , and then the one we are addressing today, interoperability. The introduction of cross-chain standards will play a part in promoting the development of blockchain technology.

Third, Wanchain has been committed to the research of cross-chain technology. As a member of the Ethereum Enterprise Alliance, and with our VP of Engineering Weijia Zhang as the general representative of EEA China we have been promoting the development of cross chain standards in China and internationally.

So what do we have to do to develop cross-chain standards? In addition to our work with the EEA, there are a number of other tasks which we must address:

The first is to clearly establish cross-chain implementation standards. This includes standards for:

  • Cross chain transfer of fungible assets
  • Cross chain transfer of NFTs (ERC721, etc.)
  • Cross chain exchange of data

Second, the collection of cross-chain needs and cross-chain difficulties. We need to collect cross-chain needs from companies with cross-chain needs or cross-chain research institutions, associations and organizations to understand their cross-chain pain points so that they can be better targeted when developing cross-chain standards.

Third, the architectural design of cross-chain standards. A good architecture should have excellent security and high usability. For example, Wanchain uses the Storeman cross-chain node group mechanism to complete the mapping of tokens from the original chain to the target chain by means of secure multi-party computing and threshold key sharing.This decentralized process correctly verifies the transaction status on the original chain, and also ensures the atomicity of the cross-chain transaction process. After we implementing the cross-chain connection with Ethereum, we were able to reuse this mechanism for a cross-chain connection with Bitcoin.

Fourth, the development of a cross-chain benchmark protocol. Similar to Ethereum Improvement Recommendations (EIP), we design a similar cross-chain improvement recommendation system based on the proposed status: draft, acceptance, finalization, and extension, to determine whether a particular cross-chain specification is ultimately incorporated into the entire cross-chain standard. Iterative versions of cross-chain standards should be backward compatible.

In addition to the standardization process itself, we must also pay close attention to how to promote and gain acceptance of standards by community consensus:

First of all, we should form a consensus among all members on cross-chain standards within the association through publicity and training. And through the resources and influence of associations and members, the standards can be spread out.

Second, we need to disseminate cross-chain standards knowledge and organize cross-chain educational activities for companies, organizations, and community members related to cross-chain.

In addition, we should develop a reasonable incentives policy to encourage companies and organizations outside the association to contribute to the development of cross-chain standards.

The importance of standards is self-evident. Wanchain is willing to work with the association and its peers to actively embrace the development of standards and contribute to the advancement of national and international cross-chain standards.

About Wanchain

Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in Beijing (China), Austin (USA), Kuala Lumpur (Malaysia), and Madrid (Spain).

You can find more information about Wanchain on our website. Additionally, you can reach us through Telegram, Discord, Medium, Twitter, and Reddit. You can also sign up for our monthly email newsletter here.

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