Demos

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Move CryptoAssets across blockchains


Caution: This demos is a work in progress

We are in an intensive development and tests phase;
the application is subject to modifications

Introduction

As we know, currently some blockchain networks are ill-suited for e-commerce. They are good for the storage of value or as a speculative medium, but definitively not as a means of transaction. Waiting 10 minutes—even hours for a merchant to know if a transaction is confirmed—is surely not a technological advance when it compares to the current incumbents: Visa, MasterCard, and direct bank account transfers.
Lightning Network offers a potential solution by introducing payment channels. With this, we gain speed, but we lose transparency—namely, the transparency of a common ledger. In addition, Lightning Network may not work on some blockchains.

On the other hand, decentralized exchanges based on the 0x protocol are limited to trading only the tokens residing in the Ethereum network. By bringing high valued tokens like Bitcoin, Bitcoin Cash, or Litecoin to Ethereum, this type of solution increases liquidity while providing a more secure trading environment. We just have to remember all the cryptocurrencies and tokens lost in the last few months.

What if we keep the general idea of the blockchain and crypto assets as currencies, but move them on a more efficient network?




Fiat money over the centuries has become an abstract entity. It no longer depends on any particular technology. It takes different forms and is not dependent on any ledger technology. Bank A may store its ledger in an SQL database while Bank B is on a noSQL one and, in both cases, we still have the very same fiat currency. Furthermore, fiat money can be transferred from ledger to ledger while retaining its identity.

In contrast, cryptoassets or cryptocurrencies are trapped in a single technology, the technical implementation of their blockchain network. For example, Bitcoin can reside only in one blockchain network technology, in a single ledger on the Bitcoin network. Even if this ledger is replicated into several nodes, it is still a single ledger and a single technology. This constraint is also part of other blockchain networks like Ethereum, Litecoin, Dash, Neo, etc.
The whole blockchain world is booming with new technical offers, such as faster transaction times and lower fees. Some now have free or nearly free transaction fees. So, what if these cryptoassets and cryptocurrencies could be as versatile as fiat money by not being dependent on any particular technology? And what if they could do that and still keep the great idea of the blockchain transparency?

The whole blockchain world is booming with new technical offers, such as faster and less expensive transaction fees. Some now have free or nearly free transaction fees. So what if these crypto assets and cryptocurrencies could be as versatile as fiat money by not being dependent on any particular technology? And what if they could do that and still keep the great idea of the blockchain transparency?

Unlocking Cryptos from their silos

The whole idea behind the MOVE financial operation is to provide crypto assets and cryptocurrencies with the same advantage fiat money possesses: the capacity to be independent from any particular technology. By removing its location constraint, innovation and improvements are now possible. Faster, better implementation and lower transaction costs are then possible.

This demo is used to move cryptocurrencies like Bitcoin, Litecoin, and Bitcoin Cash to the Ethereum network. In a very near future, the next demo will allow to move these cryptoassets and cryptocurrencies to Stellar or to EOS. They will be transformed into virtual tokens that can be moved back and forth between blockchains. The movement is then bi-directional between the blockchain networks.

Move cryptos Demo

Try it

In this demo, you will transfer Bitcoins from the Bitcoin test network to the Ethereum test network. These networks are replicas of the main networks.

What you need

For this demo, you will need a wallet to make transactions on the networks' testnet. We suggest:

  • A Chrome browser installed, simply because this browser can host the Metamask wallet
  • A mobile testnet wallet. We suggest Coinomi used for test Bitcoins, Litecoins.
    A mobile wallet like Coinomi allows to scan the QrCode with the right amount as entered in the transfer request form.
  • Some Ethers to pay the Ethereum Ropsten network fees. You can get some from an Ether faucet like Ropsten Faucet
  • A Metamask wallet installed as a Google browser extension. You need to add, to Metamask, the following contract addresses referred as itBTC and itLTC. These contracts are used as an interface to the pegged Bitcoins and Litecoins on Ethereum.
    • itBTC: 0xb398cebdc41d2935a438659da3f0b01fb583f339
    • itLTC: 0x5f8cf21ca94819d17fd03c44e5078bfed71cfb34
  • For experiment 1:
    • Some test Bitcoins. You can get some from a Bitcoin faucet like Coinfaucet
    • Some test Ethereum on Ropsten. You can get some from a ropsten faucet like Ropsten Faucet
  • For experiment 2:
    • Some test Litecoins. You can get some from a Litecoin faucet like Litecoin Tools
    • Some test Ethereum on Ropsten. You can get some from a ropsten faucet like Ropsten Faucet
  • For experiment 3:
    • Some test Bitcoins Cash. You can get some from a Bitcoin Cash faucet like BCH Faucet
    • Some test Ethereum on Ropsten. You can get some from a ropsten faucet like Ropsten Faucet

In the transfer form, by default, the Bitcoin network is selected. The source address is an address automatically generated for a particular client application. It is used to trace the payment made to this account. On the right, you write the destination address on the Ethereum network.

Experiment 1: Move bitcoins across the Bitcoin and Ethereum networks

This experiment involves moving Bitcoin from its native network to the Ethereum network. You will need testnet Bitcoins and Ethers to move the Bitcoin across these networks. The Ethers are needed to pay the required network transaction fees to move the Bitcoins to the Ethereum.

It is not limited to Bitcoin, see the other experiments. You can also move Bitcoin Cash and Litecoin cryptocurrencies.

To MOVE Bicoins (tBTC) from the bitcoin network to the Ethereum network (itBTC)

  1. Click on the transfer funds button located at the top of the form
  2. Select 1. Move Bitcoins to the Ethereum Network
  3. Enter the Ethereum account in the destination network address input and submit the transfer request form.
  4. After you submitted the form. A new screen presenting a QRCode is displayed. Do a Bitcoin transfer to the cryptocurrency reserve with your wallet to the account displayed as a text and as a QRCode
  5. watch you testnet (ROPSTEN) on yourMetamask wallet, you should see the amount transferred (after all transactions confirmation delays)
  6. Go to Etherscan to watch the bitcoin transferred.

Redeem the transfered Bitcoins from the Ethereum network back to the Bitcoin network

  1. Click on the transfer funds button located at the top of the form
  2. Select 4. Move Bitcoins back to the Bitcoin Network
  3. Enter your Ethereum account containing pegged Bitcoins (iBTC) in the Source Network input
  4. Enter your Bitcoin destination address in the Destination Network input
  5. With Metamask, sign the transaction using the pay with Metamask blue button
  6. watch your testnet Bitcoin wallet, you should see the amount transferred (after all transactions confirmation delays)
  7. Go to bitcoin info to watch the bitcoin in the destination account. Or simply see it transferred in your testnet Bitcoin wallet.

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