Trinity Network (TNC) announces cross-chain NEP-5/ERC-20 token conversion 💱
Trinity Network (TNC) has announced their cross-chain asset converter during the Berlin Meet-up on March 24st. This cross-chain converter will be able to convert between NEO's NEP-5 tokens and Ethereum's ERC-20 tokens.
TRINITY NETWORK
Not only does it add more speed and higher throughput, Trinity also adds an element of privacy to the blockchain seeing as the transactions take place off-chain and are only periodically updated on the main chain, likely in bundles.
NEP5 <-> ERC20 TOKEN SWAP
The way this works is that a user can send NEP-5 tokens to a Trinity smart contract, which will then release the corresponding ERC-20 tokens on the Ethereum network. It works the other way around as well.
It's important to note that no new tokens are created in this process. As such, if anybody wants to buy an ERC-20 token using a NEP-5 token, first the smart contract must be loaded with an ERC-20 token before it can accept an order for it.
USES
To me the obvious use is for an exchange. Since the smart contract needs to be loaded with tokens before it can exchange tokens for one another, it sounds to me like an exchange orderbook needs to be built in between to provide liquidity and match orders. Some entity, be it centralized or decentralized, to collect orders from buyers and sellers and will then match them in the Trinity smart contract.It will also allow DEXes which are either ERC20-based on NEP5-based to offer both blockchains through a single system. A centralized exchange already does this of course, but a decentralized exchange requires some kind of protocol or other method, like Trinity, in order to be able to handle both blockchains through smart contracts.
It's making me wonder if City of Zion's upcoming NEX exchange on NEO may actually use this technology. NEX will be a decentralized exchange and they have stated that they will not only offer NEO and NEP-5 token trading but will also offer Ethereum and ERC-20 token trading.
Right now the asset converter is in the early stages and only available internally to the Trinity Protocol team. If tests remain succesful it is likely that we'll be seeing a live version, which sounds very exciting to me. If NEO and Ethereum become cross-chain compatible it strengthens NEO's position by quite a lot.
>> To read more about Trinity Network click here <<
Ahhhh.....now I see why NEO and GAS got a bump today. These swaps will create a lot of new markets and liquidity flows between both ecosystems. Exciting stuff!
TNC itself pumped for 25% !
But I think the rise in NEO/GAS is not significant enough to link it to this Trinity news. It looks like they are growing as much as any other alt at the moment. GAS is always a little bit more volatile (great market to trade in)
Great news. I heard Clif High recommending TNC as a hidden gem for 2018 and it’s fate will be of same kind of neo if neo will shoot up TNC will .. and vice verse !
TNC on my study list and this great post boosted it lol
Yes, if Trinity succeeds then NEO benefits greatly, and vice versa!
Many tokens are like that, Ontology (ONT) is another one that's very closely tied to NEO's success and is very promising. I wrote a post about it not too long ago if you're interested
Yep I am interested of course.
look close with an open mind with what this new concept is doing with open source Ethereum ERC-20 smart contracts, decentralized exchange and passive income. The game is on it's way to passing the crypto kitties game on the Dapp Radar
https://powh.io/?masternode=0x32c37e7ca38be1f85cd9e85c81ac9b6730f43e3e
Coins mentioned in post:
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