Further Step of Distributed Financial Infrastructure — Alaya Cross-chain System Connecting Ethereum to Alaya is Announced
On Dec.7, 2020, PlatON’s meta network Alaya launched its asset cross-chain system for the collaborations with different blockchains, the ecosystem asset value and connection effect. Alaya asset cross-chain system is a key module of Alaya network working as the prototype financial infrastructure of PlatON to facilitate the development of the distributed finance.
Along with the announcement of Alaya asset cross-chain system, ABank is live. Alaya is moving forward to distributed finance from the underlying network verification.
Notary Schemes Cross-chain System to Support Versatile Blockchains
The key of cross-chain system is to ensure the correctness of data, and 1:1 asset mapping between blockchains without any inflated assets. To accommodate both the business requirements and implementation complexity, based on notary scheme cross-chain, Alaya applied the single asset cross-chain to connect Ethereum to Alaya.
The notary scheme is an intermediate manner that acts as a trusted third-party intermediate to work for the verification and transfer of cross-chain messages. This kind of cross-chain mechanism is flexible enough to support versatile blockchains.
In the initial Alaya cross-chain system, the Ethereum assets can be mapped and transferred to Alaya network with 1:1 ratio, and vice versa.
Multidimensional Technical Support for Absolute Security and Better User Experience
To ensure the high efficiency, availability, security and credibility, Alaya cross-chain system provides multidimensional technical support:
1. All cross-chain contract and deployment have passed the security audit completed by PlatON’s security validator SlowMist, and all Ethereum assets that fit for Alaya cross-chain system have gone through the authenticity confirmation and been registered in cross-chain contracts;
2. All witnesses have been isolated by multi-layer intranet environments, and are only opened to the authorized validators;
3. Cross-chain contracts only execute the transactions submitted by contract-authorized witnesses;
4. Alaya cross-chain system is built with the all-round security monitoring system, and can quickly disable the cross-chain function through contract when there’s any risk founded;
4. Alaya cross-chain system supports cross-chain contract upgrade for further optimization.
Multi-round Cross-chain Incentives for Participants Engaged in Cross-chain System
In order to ensure that Alaya cross-chain system is absolutely secure and high-performing after complete verification and tests, LatticeX Foundation, as the supporter and advocate of Alaya network, will offer multi-round incentives and compensations to the participants get involved in the cross-chain system.
LatticeX Foundation has started the first cross-chain incentive campaign when Alaya asset cross-chain system is launched. When users complete the asset cross-chain from Ethereum to Alaya network, they will get compensations for the ETH transactions service fees they paid, and ATP rewards in their specific Alaya wallet address if all compensations requirements are satisfied.
The incentives and compensations are for the first supported Ethereum cross-chain assets, namely, ETH and USDT. More assets will be added soon.
For further info about the rules of cross-chain incentives, please refer to: https://platon-network.medium.com/latticex-foundation-launched-the-multi-round-incentives-and-compensations-for-participants-get-b3772c4a4e12
ABank is an Alaya-based asset management platform that integrates all DeFi applications and manages DeFi assets. It is dedicated to offering a secure, highly effective and transparent DeFi investment environment, and helping users find the investment opportunities through data analysis.
The first version of ABank are featured with asset overview and asset cross-chain, which enables users to check their total assets, debt and net assets, and the asset cross-chain between Ethereum and Alaya network, respectively.
The first supported cross-chain assets are ETH and USDT, more assets will be added in soon. Moreover, ABank will integrate DApps including money management, exchange, loan, etc., and will provide more effective asset investment opportunities for all users.
Alaya is a business sandbox and testing field for the next-generation of financial infrastructure of PlatON, a global data asset computing infrastructure with cutting-edge privacy-preserving architecture. While Alaya and PlatON share the almost identical underlying technology, they maintain their respective degrees of openness and independent activities. Despite sharing the same vision and ideas, their evolution paths and specializations differ.
PlatON is a blockchain-based infrastructure for the future-oriented privacy computation and distributed economy. It aims to facilitate secure, seamless, and open data sharing for the public good with the combination of blockchain and leading cryptographic technologies. Through its Privacy-Preserving Computation (PPC), PlatON breaks down data silos and enables secure data exchange and collaborative computing for both individuals and enterprise users. With its open-source data marketplace, PlatON supports and incentivises individuals and businesses looking to both monetize and utilize data resources. PlatON addresses limitations in scalability and security by way of Verifiable Computation and privacy-preserving encryption capabilities, currently enabling real-world usability across a variety of global industries, including advertising, healthcare data management, IoT and decentralized AI, financial services, as well as key management systems.