AMA with TokenGazer Part 2
This is part 2 of the AMA series with TokenGazer. Click here for part 1 of the series.
TokenGazer AMA is a high-quality segment that identifies the pros and cons of projects in the blockchain field. Each issue will invite the project leader of an early stage project and discuss in-depth on scientific analysis the project. The aim is to create a professional-level project evaluation through high-quality question and answer between project team members and third party researchers.
Q: Can you tell us how the cross-chain mechanism is implemented, and to what extent is it progressing?
A: The cross-chain technology development by ContractLand is call Terra Bridge. It is a cross-chain process achieved through Two Way Pegging. There is a concept of a bridge network between two chains, the bridge network has its own consensus mechanism and nodes. When a user wants to transfer tokens from for example Ethereum to Terra-Chain, the node of the bridge network authenticates the user’s transaction. After the verification, the fund is transferred to the recipient address onto Terra-Chain. Terra-Bridge also adopt the PoA consensus mechanism and it is now possible to cross-chain transfer between any EVM chain, and Bitcoin blockchain.
Q: To achieve cross-chain interoperability between different blockchains, the speed is often limited by the slower chain. How does ContractLand deal with this issue?
A: Yes, this is a very realistic situation. The efficiency of cross-chain transfer depends to a large extent on the slower chain. So from the beginning we have neglected the cross-chain and transaction synchronization scheme, although it will be more concise, but it can not meet the efficiency requirements in most business scenarios (especially in trading).
Our solution is to separate cross-chain transfer from trading into two separate steps. The user first transfers the asset from an external chain onto Terra-Chain, and then perform actions such as transfer and trade on the much more performant Terra-Chain. Once they are done, we can choose to transfer their assets back to their original chains via the bridge.
Q: Can you create new tokens on Terra-Chain
A: In theory, it can. Because Terra-Chain is based on EVM, it supports the issuance of ERC20-Token.
Q: Can Terra-Chain support smart contracts?
A: Yes, Terra-Chain has no restrictions on application level logic.
Q: Can you tell us what each layer ContractLand’s decentralized trading system is and what role it plays in the system?
A: From a technical perspective, it is divided into three layers: chain, application and cross-chain. The chain is the foundation, the main function is to complete the consensus and network information transmission. The application layer is the trading engine logic. The cross-chain function is to complete the cross-chain transfer.
Q: What is the current development progress of the project, and when is the main online release?
A: We have been developing for almost 2 years, and we have completed cross-chain consensus development in Q2 this year and implemented cross-chaining of ETH, ERC20 and BTC between Ethereum and Bitcoin. The main network is already online and trading live.
Telegram: https://t.me/Contractland
Website: http://www.contractland.io/
Twitter: https://twitter.com/ContractLand
Reddit: https://reddit.com/r/ContractLand
Email: team@contractland.io
Published at Sun, 15 Sep 2019 18:57:50 +0000
Bitcoin Pic Of The Moment
✅ This image from Marco Verch (trendingtopics) is available under Creative Commons 2.0. Please link to the original photo and the license. 📝 License for use outside of the Creative Commons is available by request.
By trendingtopics on 2019-03-27 05:36:03
