æLink

github: https://github.com/aebtg

Who are we

We are the team behind Assetify, a DeFi project using æternity blockchain to enable financial institutions start accepting blockchain assets as loan collateral.

Inspiration

Within Assetify we are using the advanced features provided by æternity like smart contracts, oracles and events, but as Assetify is working with other currencies like Bitcoin and Bitcoin Gold we clearly feel the need of aeternity features in bitcoin-like currencies. That is why we have developed the concept of æLink. æLink will enable many DeFi projects and crowdfunding and many other different ideas to find the technology they need in æternity but also to have the variety to pick the currency that they want to use on æ blockchain.

Our project

æLink enables more than 100 blockchain currencies to execute smart contracts and perform all kind of functionalities on æ blockchain by providing the front-end, back-end and blockchain technology in a single product. Our implementation is robust, flexible and open-source.

The implementation

For our proof-of-concept implementation we decided to use Bitcoin Gold (BTG) because of it’s compatibility with Bitcoin and most of the Bitcoin-like currencies, the low network fees for making transactions and responsive development community. Our proof of concept is on https://aebtg.com and it supports the following functionality:

  • Integration with SuperHero wallet
  • Transferring coins from BTG networks to æBTG which is working on the æternity blockchain
  • Transferring coins from æBTG to BTG
  • Sending transactions in the æBTG network using æternity network.

Our product consists of 3 main parts:

  • Front-end - user facing component which is using SuperHero wallet for transaction signing and on-chain operations
  • Backend - handling the communication and transactions between BTG and æternity
  • Æ Contract - handling the operations on the Æ network and being used as a dependency for smart contracts which are using æBTG functionalities.

3rd party services:

  • Blockbook - blockchain explorer originally developed by Trezor
  • aeternal - middleware & blockchain explorer for aeternity blockchain

Development state

æLink is a fully functional on https://aebtg.com working with the testnet of æternity and BTG. We’ve made sure that the product is reliable by sending more than 5000 transactions in the last 24 hours to proof that it is stable. Moreover the liquidity moved using æLink on æBTG is about 12000 BTG for executing all our tests.

Features Implemented

  • SuperHero wallet integration
  • Convert BTG to æBTG and vice versa
  • Send æBTG transactions to æternity addresses
  • Support for æ name spaces
  • All actions for æBTG are executed on æternity blockchain using a smart contract
  • æBTG smart contract may be imported in other smart contracts so æBTG is used by these smart contracts.
  • Support for tips on aebtg.com using SuperHero

Future development

  • æ State channels to be able to communicate with Bitcoin’s Lightning network
  • Create a module for crypto exchanges to ease the conversion process and improve the adoption
  • Implement Oracles to fetch information about the BTG balance in the wallets. If there is a difference between the amount æBTG issued and the deposited coins in the service wallet block the execution of transactions until the contract owner verifies that everything is ok.
  • Split the wallets to hot wallet and cold wallet for improved security
  • Implement support for hardware wallets
  • Add parameters in the config files for easier switching between Bitcoin Gold and the other compatible technologies

Links to smart contracts and addresses:

FAQ

Q: Is the platform scalable

A: Yes, it is as scalable as the blockchain technologies it is linking.

Q: Who pays the transaction fees:

A: the TX fees are paid by æLink only for the BTG->æBTG conversion for executing the transaction in the smart contract. The rest of the fees are paid by the users.

Q: Who contains the coins after they has been converted to æBTG

A: æLink works in a similar way to a liquidity provider, the coins are collected initially by the backend and then they may be sent to multi signature wallets that are controlled by a decentralised authority.

Q: Is the platform decentralised

A: Yes it is. It can be deployed by the community and all the transactions that are executed are completely transparent. Moreover the exchange framework can be used by any exchange at any time to provide faster transactions and smart contract executions.

Q: Does the technology support Oracles

A: Yes it does. It is supporting all functionalities that æternity supports.

Q: How easy is to migrate the code to another bitcoin-like currency

A: The implementation is using Blockbook explorer by Trezor, BitcoingoldJS and æpp-js-sdk therefore if the currency has Blockbook and compatible with BitcoinJS framework, it may happen for less than an hour.

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