How does PlotBridge work?
PlotBridge is a blockchain application that builds a bridge between various plot-based blockchain networks (PoST networks like Chia, Chives, etc.) and mature smart blockchain networks (Binance Smart Chain, etc.). We called PlotBridge. It can be used to wrap native coins like Chia(XCH), Chives(XCC) into corresponding tokens like PXCH, PXCC, and, of course, unwrap tokens back into corresponding native coins.
Currently supported coins:
- Chia(XCH)
- Chives(XCC)
Currently supported smart chains:
- Binance Smart Chain (BSC)
Now allow me to introduce the detail how it works.
Issue
PlotBridge issues tokens on blockchain by smart contract. On Binance Smart Chain(BSC), it isseus standard BEP20 tokens by the rate of 1:1 according to the amount of deposited coins. The initial issued amount is 0.
Source code for contracts is open and can be found in BSC block explorer website.
Address Binding
You need first create a wallet on BSC(e.g. MetaMask wallet). Then connect wallet to PlotBridge. After that, a deposit BEP20 addresses is generated and stored in BSC chain with the contract of token.
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Withdraw address of coin is always obtained from user input. When user bind the withdraw address, the relationship between BEP20 address and the withdraw address are then stored in BSC chain.
Mint & Burn
Mint process increases tokens on the bridge, and burn process decreases tokens.
The amount rate of native coins and tokens on the plotbridge is strictly at 1:1. In order to ensure this correspondence, the mint and burn processes are strictly controlled according to the amount of deposited and withdrawn.
When the user deposits the original coin and the bridge system detects that the coin is deposited and reaches a certain number of confirmations (e.g. 10 confirmations), the mint process is triggered. According to the number of coin deposited, a new BEP20 token of the same amount is minted on the BSC chain.
When the user withdraws native coin, the bridge system monitors that the user receives the native coin and reaches a certain number of confirmations (such as 10 confirmations), triggers the burn process, and sends the corresponding number of BEP20 tokens to the burning address on the BSC chain for destruction.
About Security
- The bridge system does not collect customers’ personal data to ensure customers’ privacy security;
- All stored tokens are stored in the independent wallet of the bridge system, and the wallet key is fully secure;
- The wallet address of the bridge system can be disclosed on the block browser, and the contract code is open to fully receive public supervision;
- The bridge processing system is completely isolated from the web server and protected by a secure firewall to ensure the security of the core data from being stolen and damaged by hackers.
