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Starting from October 24th, 2018, blockchain-based wallet iBitcome will launch Mallow, the first federation blockchain built upon the Open Federated Gateway Protocol (OFGP). OFGP is a gateway protocol developed in-house by iBitcome together with DEx.top, and will facilitate and support cross-chain transactions between Bitcoin Cash (BCH) and Ethereum (ETH) chains.
iBitcome and DEx.top have released Mallow and the underlying OFGP technology open-source to encourage development within the cryptocurrency and blockchain community of federation chains built on OFGP.
Essentially, Mallow will make it easier for iBitcome users to transfer their assets from the main chain to various other side chains, and vice-versa. Furthermore, the protocol has been developed to achieve fast transactions speeds and consistency as it moves through multiple nodes, providing the network with a high level of fault tolerance.
According to iBitcome’s whitepaper, they “hope to accomplish an asset mortgage certification on the public blockchain using a consortium gateway. This will allow value to be transferred to the more versatile and higher performance side chains to support more complex applications and faster payments.”
While many may think federated blockchains are not wholly decentralized, the company strives to keep decentralization in mind while also increasing the usability of its protocol. For example, iBitcome has developed their gateway protocol as an open-source entity so that anyone can use the protocol to create competing federated blockchains.
Furthermore, Mallow supports a browser, which allows iBitcome users to check all blocks and transactions that have been processed. Therefore, not only does Mallow speed up and facilitate cross-chain transactions, but it also provides users with transparency, which ensures a secure and democratic ecosystem for all members of the network.
In order to support cross-chain transaction between BCH and ETH’s blockchain, the gateway will use an Ethereum-based token, WBCH.
The WCBH token will be pegged to the price of 1 BCH, and its ERC20 compliance will allow it to be added to DEX smart contracts, enabling exchanges between BCH and ETH.
Finally, iBitcome has also announced that they plan to be adding more public blockchains to their network in the future. “If there is a higher performance side chain in the future with its exchange, we can also map BCH to it so that exchange can be implemented on other side chains.”
iBitcome Website: https://ibitcome.com/official
iBitcome Telegram: https://t.me/iBitcome_Official_group
iBitcome Medium: www.medium.com/@iBitcome
iBitcome Twitter: https://twitter.com/iBitcome
Last modified (UTC): September 12, 2019 01:29