A gateway transaction is the process of transferring a token from one public chain to another. iBitcome and Dex.top wanted to solve the existing problem of cross-chain transaction with a completely decentralized solution. In order to do so, they developed the Open Federated Gateway Protocol (OFGP). OFGP could allow users to transfer value between different public blockchains, such as Bitcoin and Ethereum.
A New Era for Cryptocurrencies: Direct Conversions Performed by Holders
iBitcome believes that
utilizing a consortium blockchain to start a cross-chain application is the most viable technical solution at this stage.
The company will enable users to create their own gateways using the Open Federated Gateway Protocol. At the same time, they are working to build new gates and add more options to the protocol.
We hope to open the door to cross-chain cooperation through an open and transparent consortium blockchain. Let users choose the consortium gateway they trust, and promote a healthy competition in the consortium blockchain to provide a more secure, faster, and lower cost gateway service.
The first federation blockchain built upon the Open Federated Gateway Protocol (OFGP), called Mallow, launched on October 24. It should enable users to perform cross-chain transactions between Bitcoin Cash (BCH) and Ethereum (ETH) chains. Users will perform these transfers using a token named WBCH, which has the value of 1 BCH.
Improved Efficiency and Transfer Speed
According to the whitepaper, the OFGP uses the Byzantine Fault Tolerant Raft technology. It enables constant fast speed for transfers between blockchains. Moreover, this technology will help the Mallow protocol scale up as its developers add more features and cryptocurrencies in the future.
iBitcome and Dex.top emphasize the open source nature of their protocol. The organisations give users the freedom to build their own gateways and encourage competitors to come up with similar solutions.
They believe that Mallow will open a new era in digital trading. The protocol ensures transparency in the transfer process. Thus, there will be an increased number of transactions on and between the public blockchains.
A Cryptocurrency Wallet for Various Digital Assets
Before the launch of Mallow, iBitcome created a digital wallet for cryptocurrencies. It is available both for iOS and Android mobile phones. The wallet supports a wide range of tokens, such as Tether, and various cryptocurrencies: Bitcoin, Bitcoin Cash and Ethereum.
The iBitcome crypto wallet features AES-128-CTR encryption algorithm and a decentralised structure. These features have the role of protecting the user’s private keys against theft and hacking.
iBitcome’s crypto wallet is compatible with the Mallow protocol. Users will be able to perform quick transfers among the cryptocurrencies they hold in the wallet in a secure manner.
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Tamara is a marketing and PR professional, enthusiastic about crypto, blockchain and technology in general. She’s the editor at Bitcoin Australia.