Project Background
Entering 2021, decentralized applications like DeFi continue to prosper, but unlike the past where Ethereum dominated, other Ethereum Virtual Machine (EVM) compatible public chains such as BSC and HECO now have a large number of applications, users, and funds. These individual public chains are like isolated continents separated by oceans. Cross-chain solutions can connect these continents to form an even larger digital economy.
Project Vision
Our vision is for a future where anyone will be able to transfer any digital asset from one blockchain network to another at any time, even if you are the first person to transfer the asset between chains. A truly permissionless, safe, and efficient decentralized cross-chain solution will bring about an explosion of cross-chain applications.
Project Mission
AssetLink is committed to creating a blockchain world where any digital asset can flow freely. The powerful decentralized nature of digital currencies has brought unprecedented change in the world — people can transfer digital assets to any account, anytime and anywhere, without having to rely on an intermediary. AssetLink allows users to transfer any digital asset from one blockchain to another, unlike most other cross-chain solutions which are limited to just a few assets.
Solution
AssetLink 1.0 uses Oracles to transfer assets between different EVM-compatible blockchains (ETH, HECO, BSC, Near, HPB). Any assets of an account on public chain A can be transferred to an account on public chain B. EVM compatible public chain accounts are generated by the same private key, and all information related to cross-chain transfers are publicly recorded on the blockchain, including account address, token type, token quantity, etc. The blockchain can provide permissionless, complete and verifiable data sources for transfers, and can complete cross-chain asset transfers in combination with decentralized oracles.
AssetLink draws on the principles of Chainlink oracles to create an oracle network suitable for asset cross-chain asset exchanges. Existing Chainlink nodes can perform asset cross-chain tasks and obtain task-related incentives through simple configuration. As a cross-chain solution, AssetLink works as follows (Using ETH to HPB network as an example).
- A user locks his tokens on Ethereum.
- Ethereum smart contract publishes the lock-up log.
- Chainlink monitors the log and broadcasts it to the smart contract on HPB to mint the corresponding token to the user.
Throughout this entire process, the transactions on the smart contract event log prove whether the cross-chain asset transfer has been implemented.
Using MyTrade as an example, the following diagram demonstrates how the AssetLink Protocol based on a Chainlink oracle is used to enable asset transfers between HPB and Ethereum blockchains.
Advantages of AssetLink
- Any asset can be transferred cross-chain without permission.
- Developers can build custom cross-chain applications without permission.
- Safe and efficient consensus solution designed specifically for cross-chain assets.
- Fast cross-chain confirmation with minimal delay.
- The cost of building a cross-chain network is low, and the threshold of node deployment is low.
Future Plans
We have planned AssetLink’s development in 5 phases:
- Build alpha version supporting asset transfers between Ethereum (Kovan test network) and HPB main network (done).
- Launch version 1.0 supporting asset transfers between EVM-compatible chains like Ethereum, HPB, HECO, and BSC etc.
- Launch version 2.0, with asset cross-chain consensus scheme and cross-chain governance token.
- Support cross-chain transfer of more primary assets.
Follow us below!
Website: http://asset.org/
Twitter: https://twitter.com/TheAssetLink
Telegram: https://t.me/AssetLink
