/burn-to-claim

Primary LanguageSolidityMIT LicenseMIT

The Burn-to-Claim cross-Blockchain asset transfer protocols

Burn-to-Claim is a cross-blockchain protocol aim to transfer digital crypto asset between networks of blockchains in a distributed manner. The design is to transfer assets from one blockchain network to another in a way that it is being burned (destroyed) from one blockchain network and re-created on the other blockchain network. This protocol consists of two main functions: an exitTransaction to generate a self-verifiable transfer-proof that the asset is burned on the source network and an entryTransaction to verify the validity of transfer-proof and to re-create the asset in the destination network.

exitTransaction()

The exitTransaction initiated on the source network by the sender dose the following:-

  • Check the transaction's validity - checks the authenticity of the asset and the owner's ability to spend.
  • Generate the transfer-proof - a proof that the asset exists and it is locked while the asset is in transit.

entryTrasnaction()

The entry-transaction is in the destination chain and initiated by the recipient. Upon presenting the transfer-proof, the destination network nodes verify the validity and correctness of the transfer-proof and execute the exchange. We assume that the recipient’s network nodes can validate the transfer-proof through an intermediary middleware mechanism.

Overview of the Included Smart Contracts in this project

  • BurnToClaim.sol is the main contract of the cross-blockchain protocol.
  • BaseicToken.sol is an interface of the ERC20 standard for Ethereum tokens.

    • A high level overview of the Burn-to-Claim protocol workflow

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    Notations used

    Prerequisites

    You need to install the following tools/packages:

    Required Accounts

    Required Software / Global Installs

    ^The app can be run without mongodb but only the latest log result will be retained.

    This is a node.js console application running ethers.js. dotenv is used to store keys and connection strings.

    Installation

    To download:

    • Download via zip file / git clone / github desktop
    • create a file in same folder as 'package.json' called '.env'
    • Add the following lines to the .env file:
      • CN_STRING = mongodb+srv://<user>:<password>@<project>.mongodb.net/<database>?retryWrites=true&w=majority
      • INFURA = <keyfrominfuraaccount>
    • run 'npm install' to install all local packages.
    • run 'npm start' to start the application.

    Compiling

    The source contracts are located in contracts. They can be compiled using either Truffle or Waffle.

    • 'truffle compile'

    Settings

    Settings can be found in utils/settings.json. Some of the settings include:

    • deploy: Token and contract will be (re)deployed on the first run (transfer).
    • iterations: The number of transfers to complete
    • sendLogbookToDb: If Mongodb is connected, set this to true
    • tokenAmount: The amount to transfer
    • initialBalance: On deployment, the intial amount for of tokens

    Video Tutorial

    Available on Youtube