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Universal Blockchain Assets
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AI
DOI：10.1007/978-3-032-00495-6_5.png)
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Abstract
En 中文
We present a novel protocol for issuing and transferring tokens across blockchains without the need of a trusted third party or cross-chain bridge. In our scheme, the blockchain is used for double-spend protection only, while the authorisation of token transfers is performed off-chain. Due to the universality of our approach, it works in almost all blockchain settings. It can be implemented immediately on UTXO blockchains such as Bitcoin without modification, and on account-based blockchains such as Ethereum by introducing a smart contract that mimics the properties of a UTXO. We provide a proof-of-concept implementation deployed on Bitcoin SV and Ethereum, and a worked example of a cross-chain transfer. Our new approach means that users no longer need to be locked into one blockchain when issuing and transferring tokens.
Keywords:
Blockchain
Bitcoin
Ethereum
Tokens
NFTs
Interoperability
Privacy
Journal
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