Cardano (ADA) - Transactions between different Blockchains

consuman (25)in #crypto • 7 years ago

There was a new Video from IOHK, the Cardano Devs. Who wants to understand, how to hold eg. Bitcoin in a different Chain, may find this very interesting. You would get all the properties of the other Chain, while staying the same Bitcoin.

In a Nutshell they develop a system, to make transactions between different blockchains, that are as secure as other txs. Of course this has to be implemented in both chains to work, but ist a great concept that will be adopted for sure. You basically say I destroy eg. one ARK in the ARK-Blockchain and save a proof of it in the Cardano Mainchain. I would do this by compressing the whole ARK chain including my Proof of Burn of the one coin I wanted to transfer in a cryptographic fingerprint and saving it in the Cardano Mainchain, where as a couterpart the Value gets created out of nothing. My one ARK is now happily living on the Cardano mainchain and will have all its features, like security and scalability. ut if one of the chains would vanish, funds from other chains would go with them. ¯_(ツ)_/¯
If I want to transfer it back, both Blockchains will reverse this process until everything is leveled again.

On top there is no possibility to create more money in ADA out of ARK than was ever transfered. There is secure accounting integrated, that acts as a "firewall".

Everything seems ready for the internet of Blockchians. Exciting Year! :P

Here is the video: