Ink Labs Foundation is launching the cross-chain transferability of Qtum (QRC-20) and Ethereum (ERC-20) tokens through INKchain. Ink’s blockchain-based innovation enables the flow of value and information between different blockchain infrastructures. The Singapore-based firm is creator of the INK token. Its team will continue to expand the Ink ecosystem, build the “Glocalization” value network, and further develop transformative blockchain technologies.
Gate.io enabled cross-chain transferability on May 18th while other partnered exchanges also offered the same option starting May 20th.
Ink Cross-Chain Protocol
The Ink team is working to expand the Ink ecosystem, build the “Glocalization” value network, and further develop transformative blockchain technologies.
The cross-chain protocol is a revolutionary method that connects Ink’s consortium blockchain, which is distributed under different infrastructures. “The protocol connects the consortium blockchain and the trusted public chain,” according to a company spokesperson. “The cross-chain protocol provides interoperability for all the blockchains and breaks what we refer to as ‘isolated islands’. It enables the exchange of value and information between blockchains.”
In order to make INK and IP tokens more widely accepted, the Singapore-based firm is enabling the transferability of INK tokens from QRC20 to ERC20 on exchanges where investors can perform cross-chain transfers on partnered exchange platforms.
Here are features of Ink’s cross-chain protocol:
- When the consortium blockchain/public chain initiates a cross-chain transfer, the protocol requires the initiator to pass several independent cross-chain endorsement nodes to cross-verify the transaction. The cross-chain interaction can be triggered after a specific endorsed combination has been confirmed.
- INK’s total token issuance is maintained at one billion so that users can perform cross-chain transfers based on their demands. During the testing phase, INK tokens based on the QRC-20 standard were locked into an XC contract, and an equal amount of INK tokens based on ERC-20 began circulating.
- The protocol leverages the public chain’s decentralized function, the nodes’ authority, as well as, the consortium blockchain’s trustworthiness. It lays the foundation for a broader global blockchain market for Ink, as well as, helps to build a “Glocalized”
- The INK token cross-chain transfer app is under development and will soon be available on the Ink website. The app will enable two-way exchanges between Qtum and Ethereum. Moreover, the team plans to launch related apps such as (1) cross-chain interaction in complex scenes and (2) cross-chain oracle. The cross-chain interaction will adapt the appropriate infrastructure for various application functions in order to meet demand and maximize efficiency. While the cross-chain oracle will use an endorsement mechanism to verify information from within the blockchain, as well as outside the chain. The oracle will be designed to enhance the interoperability of the underlying chain.
In December 2017, the architecture of Ink’s cross-chain protocol was formed and tested for feasibility on the public chain side. Beginning in February 2018, the team began product R&D, as well as, performed testing and debugging. In the future, INKchain will provide cross-chain support for other public chains.
Ink has also entered into a collaboration agreement with CertiK to ensure the reliability and security of Ink’s cross-chain smart contract and blockchain ecosystem. CertiK is a company that specializes in formal verification framework for securing smart contracts and blockchain ecosystems. Under the agreement, the CertiK team will detect, fix and upgrade the security of Ink’s cross-chain smart contract in order to protect investors’ digital assets and secure the Ink ecosystem. When the Ink smart contract reaches 100 points on CertiK’s security rating, the formal verification will be considered complete.
Ink Labs Foundation (Crypto: INK) launched an initial coin offering (ICO) in October 2017 and is listed in over a dozen exchanges, including CoinEgg, Gate.io, Lbank and EXX.
The Singapore-based firm has a dedicated team in place, consisting of leading experts and industry professionals. The founders of Ink possess expert skills in blockchain technology, cryptocurrency, intellectual property and computer science. The firm’s engineering team is experienced in developing blockchain applications, including exchanges, wallets and commercial applications.