Open Federated Gateway Protocol (OFGP) To Enable BTC/ETH Transfers Between Different Blockchains
Interchain transactions are the talk of the moment during 2018. As cryptocurrencies and the blockchain technology are developing more and more. Now, a new cross-chain protocol called Open Federated Gateway Protocol has been developed by iBitcome and DEx.top to be the first federated blockchain that will be launched today, October 24.
The protocol will be accompanied by a block explorer that will enable the users to examine the flow of the assets and to check the transactions that are being made in real time.
According to the company that created the protocol, it will be possible to trade between Bitcoin (BTC) and Ethereum (ETH). These transactions will be supported via a new token that will be named WBCH and will be pegged to the price of 1 Bitcoin Cash. This is a very interesting decision as generally all pegged tokens are pegged to fiat currency and this one will be linked to the price of a crypto asset instead.
The company will let people build their own gateways using the OFGP protocol and will also develop more gates for the users which will give them more options in the future.
iBitcome has initially launched a crypto wallet that is compatible with the new protocol and can be downloaded for mobile devices (iOS and Android). The wallet will also support other tokens Tether as well as its main products, Bitcoin, Bitcoin Cash and Ethereum. It will use AES-128-CTR encryption to protect the users against having its private key hacked or stolen.
The protocol, which will be also known as Mallow, will enable the users of the company to transfer their assets in a more efficient way between chains and will use Byzantine Fault Tolerant Raft (or Braft for short) to achieve fast transaction speeds that are consistent.
This way, the transactions will not only be multi-chain but also very fast, which will help in the scalability of the program, which is considered to be one of the main priorities of the system.
Company Promises A New Digital Asset Trading Era
The company has been collaborating with the exchange DEx.top to provide security and transparency for the process, which will be used to settle the transactions on the blockchain. The main goal is to offer a product that can really provide a fast alternative for the people who want to make transactions that are not limited to one chain.
With the wallet and the promised decentralized apps that will be made by the company, the company will use a security system that will be used to prevent fraud and to control the identity of the people who use the system.