Cross Chain Operability DevelopersWith the advancement in Blockchain and distributed ledger technologies, the need for Cross Chain Operability developers has also been on the rise. It is inevitable that the internet is moving ahead towards the next stage. However, like every other groundbreaking technology, it too faces many challenges that need to be overcome. One of which is interoperability and scalability that requires the help of cross-chain technology and, this is where cross chain operability developers come to the rescue.
Unfortunately, blockchains exist largely in vitro, unable to communicate with or verify information on other chains. These silos fragment the users, features, and value of the industry. As an increasing number of chains launch, this will significantly worsen, further eroding user experience, and hindering industry growth. –Summa, Medium.comAlthough Cross-chain technology is new, it has proven to be the facilitator for interactions among different blockchain to work together as a single chain. As of now, there are three major ways to obtain Cross Chain Operability through Cross Chain Operability developers.
- Hash Time Locking
- Notary Schemes
Hash Time Locking
Imagine you are A and your assets are locked in BTC while you want to receive B’s ETH. This is where the hash time lock contract comes into play, it enables cross-chain trustless assets transaction between the two of you through the hash lock. The principle is simple to understand. User A generates a unique number s and then calculates to obtain the hash value h of the unique number and sends it to user B.
Afterwards, both the users are required to lock their respective assets consecutively through the smart contract. If any one of the parties fails to produce the unique number s after the set time, the locked assets will return back to the parties failing the transaction while keeping it totally secure.
The notary scheme means that the notary establishes an intermediate account, the user transfers assets to the intermediate account, and the notary issues a shadow Token to the user across the chain that maps the original Token. When the user needs to redeem, the shadow Token is destroyed and the proof is provided to the notary. The notary will transfer the original Token in the intermediate account to the user’s address.
The notary must be credible. The notary can gain trust by relying on its own credit, or by making over collateralization through smart contracts. The notary can be a single subject, or it can be an alliance formed by a combination of multiple subjects through a certain combination of rules.
Assuming that A and B cannot trust each other, this method simply introduces a third party that both A and B can trust together to act as a notary public. In this case, A and B can indirectly trust each other. This method does not propose a ledger in itself and does not seek any consensus.
The third one is the side chain/relay scheme. Sidechains and relays are actually the same concept, and a relay chain is equivalent to a side chain common to multiple chains. In order to simplify the expression, we will later unify them as bridging chain solutions.
We divide bridge chain solutions into two categories, namely general solution and isomorphic cross-chain dedicated solution.