Bridge to a Universe of Possibilities
Navigating one’s way through the world of potential use cases of blockchain technology can, at times, be a daunting perspective. Crypto currencies, smart contracts, the link between the two, how to apply them, which ones to pick… it can be a veritable minefield when attempting to approach it. Not to mention the issues that might occur either with a lack of interoperability between certain networks and technologies, or the hurdles that might present themselves in terms of transaction costs of time and effort.
Well, no more. Enter – æLink.
One Network – Unlimited Options
æLink is brought to you by the team that stands behind Assetify – the DeFinitive DeFi platform which uses the almighty æternity blockchain to enable financial institutions to accept blockchain assets as loan collateral. The entire process is vetted and secure and uses multisignature wallets to store and secure funds, enabling a trustless link between the borrower and the lender, all the while ensuring that collateral can be tracked and is locked until the loan is completed. The æternity blockchain lends is power to providing greater functionality to DeFi applications while delivering higher scalability than other blockchain networks – with fees 100 times cheaper than the Ethereum blockchain!
And now, these guys are onto something amazing.
æLink, in a nutshell, allows users to create smart contracts on the æternity network – that are linked to and use other cryptocurrencies! It allows for a link to any Bitcoin-based coin out there, and lends its users all of the cool amazing features æternity blockchain has to offer, all the while enhancing the liquidity and usefulness of the crypto currency it’s linked to.
The team behind Assetify has already been using all the advanced features that the æternity blockchain ecosystem offers, like smart contracts, oracles, and events, so they decided to expand their reach. æLink invites and lets in all those who use currencies such as Bitcoin or Bitcoin Gold – or any BTC-based coin, like BCH, LTC, EC, and the like – and enables them to take full advantage of everything the æternity ecosystem has to offer.
æLink will enable a wide plethora of DeFi projects, crowdfunding endeavors, and all other different ideas imaginable to find the exact technology they need in æternity’s ecosystem – all the while having complete freedom in choosing the currency they wish to use on the æternity blockchain.
What’s Under the Hood?
First developed in the æternity blockhain-powered HumanDeFi Hæck late last year, æLink enables more than 100 blockchain currencies to execute smart contracts and to perform all kind of various functionalities on the æternity network by providing a fully-encompassing product which consists of front-end, back-end, and blockchain technology, all in one! It’s robust, it’s flexible, and best of all – it’s open source.
What æLink is offering to its users, as of right now, is: full integration with the SuperHero Wallet, the ability to transfer coins from, for example, a BTG network to æternity blockchain-placed æBTG which operates fully in the æternity ecosystem, the ability to transfer æBTG back to BTG, and to execute transactions with æBTG within the æternity network. Smart Æ contracts handle all of the operations on the æternity network and are used as a dependency for smart contracts that are using æBTG functionalities. Furthermore, æBTG smart contracts can be imported in other smart contracts so as to have them use æBTG as well. The number of potential applications grows exponentially!
The kind folks from Assetify have vetted æLink fully and say that its reliability has been thoroughly tested by performing more than 5000 transactions in a time span of just 24 hours. The liquidity moved in testing, using æLink on æBTG, was about 12,000 BTG for all of the tests ran. And the best part of æLink is that it is completely and fully scalable – as much as the blockchain technologies it links are.
All of the transaction fees associated with the conversion on the BTC – æBTC level are covered by æLink, while all of the other fees are covered by users. æLink works in a similar way to liquidity provider, with the coins being initially collected by the backend and are then sent to multisignature wallets controlled by a completely decentralized authority.
The platform itself is also completely decentralized and can be deployed by the community – all of the transactions are totally transparent! What’s more, the exchange framework can be used by any exchange at any time to provide faster transactions and smart contract executions.
æLink is an huge step forward solely for its ability to lock any Bitcoin-based coin and to issue an equivalent æBTC token on the æternity network which reduces transaction costs dramatically. But the development team behind it has no intention to stop there.
In the future, the team plans to implement æState channels to be able to communicate with Bitcoin’s Lightning network. Additionally, a module for crypto exchanges is planned, which would ease the conversion process. The team also plans to implement Oracles to fetch information about the balance in the wallets and to, if there is a difference between the amount of æBTC issued and the deposited coins in the service wallet, block transaction executions until the contract owner verifies that everything is ok. And so much more!
This is the first post about the last Human DeFi Haeck winners, stay tuned for more info about the exciting projects that came out of the Human DeFi Haeck!