Cross-chain technology refers to interoperability between one blockchain to another blockchain. The cross-chain protocol enables the user to simultaneously exchange ETH for BTC between the buyer & seller wallet. Alternatively, you can make an agreement with the counterparty, and trust the other party to send you BTC as soon as you send ETH. Of course, the world is very untrustworthy so this only happens in special use case like localbitcoin, or people you know.
Why is cross-chain so important?
The crypto-space fundamentally lacks robust cross-chain technology. Exchanges essentially provide a “secure” environment to make this exchange possible. However, majority of exchanges use single key signing, and single database to record transactions which increases the risk of losing all of customers funds.
At QUANTA, we developed cross-chain technology to remove the risks and limitations of a centralized exchange architecture. Many benefits include:
- Secure transfer to token from block-chain.
- Fast deposits & withdrawal processing.
- Unlock multiple assets from one wallet key.
- Privacy and anonymity.
How does it work?
Current solutions are based on centralized architecture, which means central point to store private keys, transactions records, and user passwords, exposing as a central point of attack. Our QUANTA cross-chain decentralized private key signing on multiple nodes with multisig key. Each node verifies deposits from external blockchain, then write into the QUANTA PoS blockchain. User signs with their QUANTA wallet key, to unlock for withdrawal. The sum benefit is a more secure, decentralized system to store tokens, authorizing deposits & withdrawal.
You have the added advantage of transparency where you can monitor all the transactions on the cross-chain: http://explorer.quantadex.com/mainnet/crosschain/node1/1 . Every transaction has a from tx and to destination matching.
How do I use it?
We’ve built the deposit/withdrawal similar to the exchange you’re used to. Go to exchange -> wallets to generate your deposit address and sends funds over.