What is it?
An event manager monitoring the blockchain to follow all transaction processing
performed by the consensus algorithm. In a nutshell, it can be used to monitor payment confirmations
for several blockchains.
Actually, anyone receiving payments from several blockchains needs to use several blockchain explorers to know
if a set of transactions are confirmed or not. The interblockchain monitor,through a
single interface, provides this information from several blockchains .
What does it do?
FFor any transaction in blockchain networks, the main question is: is this transaction confirmed
and integrated into the blockchain? Or, in other words, is this transaction included into the blockchain? It is a crucial
question for any blockchain accounting system.
As a concrete example, somebody buys, with bitcoins, new tokens created in a recent ICO. If this person has not
allocated sufficient fees for miners processing the transaction, the latter may take a lot of time to be processed and
even may have the processing postponed to several hours, days or weeks. We have to remember that the transaction
order and bloc ordering depends on miners vested interests.
The cryptocurrency community is very active and new improved blockchains will appear in the landscape.
These blockchains make a promise to reduce transaction confirmation delays, reduce or simply eliminate transaction fees,
support more common languages and make better sandboxes for smart contracts. Each of these blockchains have different interfaces,
and uses different languages for their smart contracts. For instance, the following blockchains are still in development or already active:
- Ethereum: Smart contract language: Solidity
- Neo: Smart contract language: C#, Java
- EOS: Smart contract language: C++
The interblockchain event module monitor, through a single interface, provides several blockchain payment events.
At the moment, we support a monitoring of these blockchains:
- The Bitcoin Network
- Bitcoin Cash Network
- Bitcoin Gold Network
- Litecoin Network
- Ethereum Network
- Ethereum classic Network
We plan to include more in the future. For example, Neo, Eos, Qtum...
How does it work?
Event handlers register to an event monitor. They will then receive events like, for instance, transfer confirmation and
inclusion into the blockchain. When that type of event is received, event handlers perform an action, like, for example in the
case of ICOs, transfer tokens into users' account. The Interblockchain network also uses the event manager to trigger
cryptocurrencies transfer from one blockchain to another.
Client applications, also named event handlers, register to a blockchain event manager.
As parameters (illustrated below), the client application includes, in the request payload, the event handler URL
and a collection of addresses to monitor. From then on, the event handler will receive several events indicating
the block processing state of transactions waiting to be included into the blockchain network. The most important event
is the event indicating that a transaction is finally accepted by the blockchain. For example, in the case of Bitcoin, it is commonly
agreed that 6 confirmations are sufficient to consider a transaction as included into the blockchain.