With the emergence of the cross-chain technology leader Polkadot in 2021, side-chain and cross-chain technologies are now a must-have for every worthy public chain project. Since its beginning, IOST has established a set of architectures for the future development of multi-chains, in order to allow any blockchain project to connect and better carry out the exchange of information. Cross-chain protocols are equivalent to establishing a bridge between all projects, and IOST has one.
5 March 2021, IOST successfully completed the testnet for cross-chain bridge and is at the final development stage for building a cross-chain transfer bridge to the Polkadot Ecosystem. The move is part of IOST’s plans to promote its cross-chain interoperability, bringing tremendous value for IOST users & developers and drive bigger adoption scenarios for its blockchain.
IOST Joins Forces with Polkadot
In the current blockchain industry, almost every blockchain project is an independent ecosystem composed of its own users, tokens, and DApps with lacking connection to the outside world. This is a potential barrier to the future development of blockchain in general. IOST believes that the ultimate solution to the barrier is through cross-chain technology.
The new alliance will enable the transfer of the information, transactions, and asset values between IOST and make it available across all blockchains supported by Polkadot.
The IOST cross-chain transfer bridge has entered the final development stage, with most of its functions successfully tested in the Polkadot testnet environment.
This solution includes three parts:
1. IOST cross-chain asset contracts, through which users can submit cross-chain asset transactions.
In order to ensure simplicity, security, and minimal architecture constraints, the IOST cross-chain transactions follow the same standards as current external transactions.
2. The relay gateway is responsible for collecting the cross-chain asset contract transactions, verifying the transactions through the SPV client, and submitting the SPV certificate to the Polkadot parachain.
This gateway will be similar to the one implemented in Ethereum, which is state-based, includes a mapping of the account information, and state storage including the account balance and transactions (to prevent double-spending).
3. The Polkadot parachain then verifies the SPV certificate and completes the transaction confirmation. After that, it will communicate with other parachains through the XCMP protocol to complete the transfer of assets from IOST.
The successful creation of the IOST-DOT bridge will effectively take IOST a step higher in expanding its cross-chain DeFi capabilities.
The main principles in the development process at IOST are:
- Minimalism: The cross-chain transfer bridge includes minimalistic and basic, but reliable, functions.
- Simplicity: No extra complexity added.
- Universalism: No extra requirements, constraints, nor restrictions.
- Stability: IOST provides the most stable base layer, which prevents and reduces potential attacks.
Implications of Cross-Chain Bridge with Polkadot for IOST
Cross-chain technology is one of the latest and hottest technologies in the blockchain industry. Polkadot’s core advantage is that it allows blockchain networks to work together seamlessly on a large scale and integrates multiple high-quality blockchain networks.
In the short term, after the connection between IOST and Polkadot, IOST’s DApps will be connected to other blockchain network platforms and users will not need to perform tedious operations or migrate smart contracts.
In the long run, the unique features and core advantages of the Polkadot ecosystem in parachain slots, DApps processing, and data services will play an important catalytic role in the construction of an IOST global commercial-level multi-chain architecture. The extensive interconnection between the IOST ecosystem and the global blockchain network will usher in explosive user growth.
IOST Making a Splash
Following a successful 2020 and the increasing traction of decentralized finance, especially in Ethereum, the IOST Foundation changed its roadmap to prioritize and create a vibrant DeFi ecosystem in the low fee and high throughput platform. The move of building a cross-chain solution with Polkadot syncs with the network’s plans to further bolster decentralized finance activity, a development that was ramped up in the second half of 2020.
In terms of prices, IOST has been one of the most impressive performers with the token gaining more than seven-folds making the altcoin one of the best performances so far in 2021. Beyond prices, IOST is emerging as a leader in smart contracting in which IOST outperforms Ethereum, EOS, and any other smart contracting platforms evaluated in the latest China’s CCID Ranking.
Importantly, the successful creation of the IOST-DOT bridge will effectively take IOST a step higher in expanding its cross-chain DeFi capabilities. Towards this end, IOST has struck partnerships with multiple strategic projects in the same space. Some of the latest highlights include its integration of Huobi HUSD stablecoin and the airdrop of Donnie tokens for IOST holders across over 10 leading exchanges.
IOST DeFi Map
Polkadot is built to connect private and consortium chains, public and permissionless networks, oracles, and future technologies that are yet to be created. Polkadot facilitates an internet where independent blockchains can exchange information and transactions in a trustless way via the Polkadot relay chain.
By connecting parallel blockchains, Polkadot has provided a hot topic of discussion for the evolving world of blockchain technology. The platform’s primary goal is to enhance security, scalability, and open ways for innovative solutions. Just like Ethereum, Polkadot provides a platform for startups to create decentralized applications (Dapps). Only this time, Polkadot allows projects across parallel blockchain to interact and transact with enhanced interoperability.
Polkadot makes it easier than ever to create and connect decentralized applications, services, and institutions. By empowering innovators to build better solutions, Polkadot seeks to free society from its reliance on a broken web where its large institutions can’t violate our trust.
Source : medium.com/iost/iost-partners-with-polkadot-for-cross-chain-interoperability-breakthrough-ff42f8a94e39 by IOST Foundation - November 15, 2022