The new and updated protocol allows users to complete the cross-chain transactions which mean that the value can be transferred between various blockchains such as Ethereum and Bitcoin.
The open source technology of these transactions is known as the Open Federated Gateway Protocol, or OFGP for short. On Wednesday, 24 October, the first federated blockchain is to be built by using this protocol is launched and has been developed by iBitcome and DEx.top. it is accompanied by a block explorer that enable the users to examine the flow of the assets and check up on the transactions whenever they please.
The iBitcome also says that every person is totally free to build their own gateway by using the OFGP that give emphasis on its open source nature. With the passage of time, it is hoped that other federation such as Mallow will start to be developed by creating healthy competition in the market place that gives crypto enthusiasts choice and also minimizes the importance of the centralization.
A new digital asset storage and trading experience
As per the reports of iBitcome, the collaboration of it with the DEx.top, a decentralized exchange provides “security and transparency” because transactions are settled on the blockchain. The website of the startup adds that instant transactions are possible thanks to a mechanism known as ROC which is short for Replayed On Chain.
The partnership also paves the way for trading on the move and through smartphones, as the exchange can be accessed directly from the crypto wallet. Through the iBitvome crypto wallet, users can easily access the DApps and get high benefits from the digital ID system that enable them to maintain the full control over their identity and prevent from fraud.
As its gateway protocol is introduced to the public, and iBitcome hopes to establish connections in between the public blockchains that may have suffered from the isolation otherwise.
Safeguarding crypto transactions
In present, iBitcome has already launched a crypto market, which is easily available by any user to download on iOS and Android and along with it the company says that it is “committed to providing secure and convenient payment services.” The startup also says that its multi-crypto wallet support the likes of Tether with the Bitcoin Cash, Bitcoin, and Ethereum and it also adds that the users get benefits from “AES-128-CTR encryption algorithm” and a infrastructure where they do not have to store their private key.
Further, the company hopes that Mallow’s launch will enable existing iBitcome users to complete transfer of assets more effectively between side chains and main chains. The OFGP also utilize the Byzantine Fault Tolerant Raft in order to get consistently fast and secure transaction speed. In time, it is also hoped that the asset collateral certification on the public blockchain will pave the way for providing complete support to “more complex applications and faster payment.”
iBitcome also says that tackling an issue of interaction and scalability between the public chains is one of its main priorities.