The cross-chain solution for Bitcoin adopted by Symbiosis is quite ingenious. Currently, there are various ways to wrap BTC on the market, such as WBTC and tBTC, but for the average user, there are still certain barriers to directly exchanging these wrapped versions for native BTC. At the same time, directly swapping native BTC for assets on other chains is also quite challenging. In the past, Thorchain was one of the main options, while Symbiosis offers users another possibility. Let's take a look at its specific implementation process:
1. BTC Forwarder
After the user initiates a cross-chain transaction, the BTC forwarding component in the Symbiosis system starts to operate. It acts as a "supervisor", responsible for monitoring the Bitcoin network, waiting for the user to transfer Bitcoin to the designated address. Once it detects that the user's BTC has been successfully sent, it will provide feedback to the system for subsequent operations.
2. Relay Network
Subsequently, the relay network began to participate, acting as a "coordinator". It is responsible for transmitting information between different blockchains and ensuring that all operations remain synchronized. Its main duty is to ensure that these BTC to be cross-chain are locked, while notifying the target chain that BTC has arrived and that the next step can be taken.
3. syBTC
In the cross-chain process, Symbiosis cannot alter the inherent characteristics of the Bitcoin network. Native BTC is not directly sent to another chain but is locked in a "vault" within the Bitcoin network, which is managed by the relay network. Subsequently, a wrapped asset called syBTC is minted on the target chain.
4. Obtain the target coin
Ultimately, on the target chain, syBTC will be exchanged for the target asset desired by the user (currently, the supported trading volume is still relatively small).
Overall, although its implementation may seem complex, it is actually relatively simple, mainly based on the logic of locking-issuing. Its locking method is relatively decentralized and focused on specific areas. The goal of Symbiosis is to support an increasing number of blockchains and assets, providing a more convenient way for BTC's multi-chain liquidity. The project has received investments from several well-known institutions, with a financing amount of 2 million dollars. Upholding the concept of "activating more BTC", Symbiosis indeed aligns closely with the current trends in blockchain development.
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GasFeeCrybaby
· 08-18 07:45
This is so complicated that I feel like throwing up.
Symbiosis innovative cross-chain solution: seamlessly connecting BTC and multi-chain ecosystem
The cross-chain solution for Bitcoin adopted by Symbiosis is quite ingenious. Currently, there are various ways to wrap BTC on the market, such as WBTC and tBTC, but for the average user, there are still certain barriers to directly exchanging these wrapped versions for native BTC. At the same time, directly swapping native BTC for assets on other chains is also quite challenging. In the past, Thorchain was one of the main options, while Symbiosis offers users another possibility. Let's take a look at its specific implementation process:
1. BTC Forwarder
After the user initiates a cross-chain transaction, the BTC forwarding component in the Symbiosis system starts to operate. It acts as a "supervisor", responsible for monitoring the Bitcoin network, waiting for the user to transfer Bitcoin to the designated address. Once it detects that the user's BTC has been successfully sent, it will provide feedback to the system for subsequent operations.
2. Relay Network
Subsequently, the relay network began to participate, acting as a "coordinator". It is responsible for transmitting information between different blockchains and ensuring that all operations remain synchronized. Its main duty is to ensure that these BTC to be cross-chain are locked, while notifying the target chain that BTC has arrived and that the next step can be taken.
3. syBTC
In the cross-chain process, Symbiosis cannot alter the inherent characteristics of the Bitcoin network. Native BTC is not directly sent to another chain but is locked in a "vault" within the Bitcoin network, which is managed by the relay network. Subsequently, a wrapped asset called syBTC is minted on the target chain.
4. Obtain the target coin
Ultimately, on the target chain, syBTC will be exchanged for the target asset desired by the user (currently, the supported trading volume is still relatively small).
Overall, although its implementation may seem complex, it is actually relatively simple, mainly based on the logic of locking-issuing. Its locking method is relatively decentralized and focused on specific areas. The goal of Symbiosis is to support an increasing number of blockchains and assets, providing a more convenient way for BTC's multi-chain liquidity. The project has received investments from several well-known institutions, with a financing amount of 2 million dollars. Upholding the concept of "activating more BTC", Symbiosis indeed aligns closely with the current trends in blockchain development.