How to make cross chain transactions on EOS
How to make cross chain transactions on EOS
Blockchain

How to make cross chain transactions on EOS

By Alfredo de Candia - 4 Jul 2020

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One of the problems that affect blockchains is being unable to do cross chain transactions to move a token to another blockchain, however, it is now possible with EOS.

Over time, various stratagems have been employed to transfer tokens to other blockchains, emulating their supply.

Examples include all tokens pegged to Bitcoin (BTC) that can be found on the Ethereum (ETH) blockchain, but also other tokens such as those of the pTokens protocol that can also be found on EOS.

Despite the fact that some blockchains share the same consensus protocol, for example PoW (Proof of Work), this does not allow full interoperability. 

However, if several blockchains originated from a single system and adapted to its needs, it would be easier to achieve interoperability because all commands and code would be identical.

The EOS blockchain, in particular, has several sister chains based on almost the same code and therefore it is easy to make them interoperable. 

This way BOS Chain, with its IBC protocol, allows transferring not only EOS but also any token created on one of these sister chains like WAX, Telos (TLOS), BOS and so on.

How to make a cross-chain transaction on EOS?

There are several tools and platforms, as well as wallets, that have already implemented cross-chain transactions of this kind.

In this guide the alcor.exchange platform will be used.

To make a cross-chain transaction with EOS it is first necessary to launch the wallet and connect it to the platform.

Next, simply go to the “Markets” section and from there click the “IBC Deposit” button.

In the next window, the user has to choose which blockchain to transfer the token to (depending on which blockchain he/she is connected to) and enter the recipient’s address as well as the amount.

cross chain eos

At this point, all that remains is to press the deposit button and confirm the transaction.

How to trade tokens?

If a token has been created on one of these sister chains then BOS comes to the rescue and provides a form to register the token in the appropriate contract.

As a result, all the necessary information can be provided so that a new token can be integrated allowing it to be exchanged and transferred to any blockchain.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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