IOSTSWAP Cross-Chain Protocol Goes Live
April 22nd 2022, IOST is thrilled to announce that IOSTSwap is now live! IOSTSwap is a secure and seamless decentralized cross-chain protocol to connect the IOST and Ethereum ecosystem.
IOSTSwap addresses the congestion and inefficiency issue on Ethereum. By allowing the users to participate in high-quality projects with more benefits. Offering lower cost on the IOST blockchain.
Furthermore, users can now transfer tokens between the two public chains and use $IOST to participate in a large number of projects on the Ethereum network. The launch of IOSTSwap enables the IOST ecosystem to unlock new asset liquidity and reach out to a more extensive user base in some instances.
According to Sigma, there is a plan in place to connect IOST to other high-performance public chains. This includes Avax and Solana and support multiple types of tokens through IOSTSwap. In addition, the team aims to make IOSTSwap the ultimate router for web3. Positioning IOSTSwap as an infrastructure for all cross-chain interactions, and supporting cross-chain interoperability of tokens, NFTs, and general data, providing fast, safe, cheap, and reliable exchange of value and data between multiple chains.
IOSTSwap Features
IOSTSwap combines the following solutions to build a safe, efficient, and accessible bridge:
1. Lock or Unlock cross-chain protocol:
Firstly, when a token lock action is detected on the source chain, the validator will verify the transaction. Send the information to the target chain, and then unlock the 1:1 equivalent amount of bridge tokens on the target chain and to the target address. Secondly, native assets are then locked in the smart contract, which will be secured with secure multi-party computation (SMPC) and a threshold signature solution (TSS, a type of multi-party computation). Thirdly, the private key of the contract will be managed based on DCRM (Distributed Control Rights Management) in subsequent upgrades.
Note: Validators are randomly chosen from a pool of available validators
2. A cross-chain protocol optimized and upgraded by Sigma for a better and safer user experience
IOSTSwap is one of the fastest cross-chain bridges in the market and provides users with a safe and fast cross-chain bridge that operates as simple as transferring money between banks. After linking a wallet, the user only needs to specify the source chain, target chain, type, and amount of tokens.
3. A Smart calculator for optimal Gas prices on the Ethereum network
An integrated tool that helps the users significantly reduce gas costs on the Ethereum side based on the historical data on-chain.
4. Zero gas fees
By virtue of IOST’s economic model, where iGas is generated for free, it can bridge Ethereum to IOST assets for free.
5. Zero handling fees
IOSTSawp’s efficient and straightforward protocol is the first to enable free-of-cost cross-chain transactions.
The IOSTSwap contract has been jointly audited by the IOST developer community. It’s been in public beta for two weeks, with results showing that the code is mature. The platform is stable without any potential risks. In addition, KnownSec has completed the audit of the IOSTSwap contract, and the audit report will be released soon.
ABOUT IOST
IOST is a pioneering decentralized, high-throughput, gas-efficient Proof-of-Believability-powered smart contract platform built to tackle the scalability trilemma once and for all.
