A gateway transaction is the process of transferring a token from one public chain to another. iBitcome and Dex.top wanted to solve the existing problem of cross-chain transactions with a completely decentralized solution. To do this, they have developed the Open Federated Gateway Protocol (OFGP). The OFGP could allow users to transfer value between different public blockchains, such as Bitcoin and Ethereum.
A new era for cryptocurrencies: direct conversions carried out by the owners
iBitcome believes it
the use of a blockchain of the consortium to start a cross-chain application is the most valid technical solution at this stage.
The company will allow users to create their own gateways using the Open Federated Gateway Protocol. At the same time, they are working to build new ports and add more options to the protocol.
We hope to open the door to cross-party cooperation through an open and transparent block of the consortium. Let users choose the consortium gateway they trust and promote healthy competition in the consortium's blockchain to provide a safer, faster, and cheaper gateway service.
The first blockchain of the federation based on the Open Federated Gateway Protocol, called Mallow, was launched on October 24th. It should allow users to perform cross-chain transactions between Bitcoin Cash (BCH) and Ethereum (ETH) chains. Users will perform these transfers using a token called WBCH, which has the value of 1 BCH.
Better efficiency and transfer speed
According to the white paper, OFGP uses Byzantine Fault Tolerant Raft technology. Allows constant constant speed for transfers between blockchain. Furthermore, this technology will help Mallow's protocol scale up as its developers add more functionality and cryptocurrencies in the future.
iBitcome and Dex.top underline the open source nature of their protocol. Organizations offer users the freedom to build their own doors and encourage competitors to find similar solutions.
They believe that Mallow will open a new era in digital commerce. The protocol guarantees transparency in the transfer process. Thus, there will be a larger number of transactions on and among public blockchains.
A Cryptocurrency portfolio for various digital assets
Before the launch of Mallow, iBitcome created a digital wallet for cryptocurrencies. It is available for both iOS and Android mobile phones. The portfolio supports a wide range of tokens, such as Tether and various cryptocurrencies: Bitcoin, Bitcoin Cash and Ethereum.
The iBit cryptographic portfolio includes an AES-128-CTR encryption algorithm and a decentralized structure. These features have the role of protecting the private keys of the user against theft and hacking.
The iBit's cryptographic portfolio is compatible with the Mallow protocol. Users will be able to make quick transfers between cryptocurrencies that they keep safely in their wallets.
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