New Protocol to Enable Transfers between Bitcoin and Ethereum Blockchains
A new protocol is allowing users to complete cross-chain transactions – meaning value can be transferred between different blockchains such as Bitcoin and Ethereum.
The open-source technology is known as the Open Federated Gateway Protocol, or OFGP for short. It has been developed by iBitcome and DEx.top, and the first federated blockchain to be built using this protocol is launching on Wednesday, Oct. 24. Known as Mallow, it is accompanied by a block explorer which enables users to examine the flow of assets and check up on transactions whenever they please.
According to iBitcome, trading between Bitcoin and Ethereum is going to be supported through the creation of a new token known as WBCH. The value of this cryptocurrency is pegged to the price of 1 Bitcoin Cash. It is hoped that support for other public blockchains is going to follow in the not-too-distant future.