.bit account can be Ethereum
.bit account can be Ethereum. To motivate Ethereum users better interact with the .bit ecosystem, and allow .bit users to fix reasonable prices for their accounts, they develop the function of .bit Convert, making a .bit account into an NFT that satisfies the ERC-721 standard.
The .bit users can convert any of their accounts to an Ethereum standard NFT that can be traded on OpenSea, LooksRare, X2Y2, Rarible, and other trading platforms, and can be checked on data platforms such as NFTScan, NFTGo, etc.
Background
Ever since the launch of .bit, users on the Ethereum ecosystem are eager to obtain their own high-value .bit accounts that can be displayed and traded on the Ethereum network.
In an ideal world of the blockchain community, all assets, including tokens and NFTs, should be able to flow freely: from one server to another, from a user to another. There is no barrier and no postponement.
Nevertheless, in reality, they have to confront several problems: first, data does not interflow among chains; second, the underlying techniques of public chains are different; third, the infrastructure of one chain cannot be applied to another.
Mission
The .bit, constructed based on Nervos CKB, allows being held by any public chain address. It is a pioneering undertaking within Decentralized Identity (DID) field.
However, since the contract programming model of Nervos CKB is different from those of other public chains, there is a threshold for asset liquidity.
In order to lower the bar for users to register and trade, the .bit team and its ecosystem partners have developed a series of registration and trading platforms, such as did.top, dename.com, gogodas.com, however, its mission is way beyond this.
Due to the natural cross-chain characteristics of .bit, we hope to embrace more possibilities for our ecosystem, which Ethereum is our first goal.
ERC-721
After conversion, the .bit account will be presented as a standard Ethereum NFT which satisfies the ERC-721 protocol. It will improve the composability of .bit as a Web3.0 infrastructure.
Users can check their .bit accounts in their ETH wallets, and trade on all the marketplaces that support Ethereum NFT trading, such as OpenSea, LooksRare, X2Y2, Rarible, Element, etc.
Users can convert .bit accounts on Ethereum back to Nervos CKB. If they want to enjoy a free gas fee for .bit administration and multi-chain holding capacity.
Convert Bridge
To realize converting .bit accounts to Ethereum NFTs, the .bit team constructs a highly efficient, elegant, and safe convert bridge, actualizing the two-way transformation of .bit accounts between Nervos CKB and Ethereum.
Safety
The Convert Bridge is developed based on several safety mechanisms, such as Multisig, and Notary schemes. It also includes Distributed private key control, separation of Cold Wallet and Hot Wallet, etc. Safety is strictly guaranteed during the converting process.
This Convert Bridge is operated by several reputable partners from the .bit ecosystem, ensuring that even. The .bit team members themselves are not able to control the cross-chain assets from users.
* The security mechanism is basically identical to force-bridge.
Please refer to “Convert your .bit to NFT on Ethereum now!”.
ABOUT .bit
The .bit to its core is a set of smart contracts on blockchains. But as a product, it comes with a strong ecosystem.
RESOURCES
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